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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Friday, May 02, 2003 ::
Union Chiefs Made Millions At Ullico, Investigators Say Mr. Georgine and other directors and top officers had a unique opportunity to make money on privately traded Ullico shares because of the fluctuation in the value of the privately traded stock, which soared in the late 1990s because of an early investment in Global Crossing Ltd. The stock was priced only once a year, and special purchase and sales opportunities were provided to board members and officers but not to the institutional shareholders.
Mr. Georgine and the firm's legal counsel, Joseph Carabillo, "bear responsibility for the defects" in the stock offer and repurchase plans, the report says. It continues: "A forceful argument exists that certain senior officers of the Company, principally Georgine and Carabillo, violated their duties of loyalty and care to the company."------------------------------------------- posted 7:34 AM :: reference link ::
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