Word: ceos
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...Mark Cuban have a duty to Mamma.com? That question will take center court as the Securities and Exchange Commission (SEC) sues Cuban, an Internet entrepreneur and owner of the Dallas Mavericks basketball team, for selling his stake in the Web company after the CEO slipped him nonpublic information about an additional stock offering. Cuban, known for his outsize personality, has come out swinging against the SEC and what he calls its "win at any cost ambitions," promising to keep the case - and the murkiness of insider trading law - in the public spotlight in a way not seen since Martha Stewart...
...case against Cuban comes down to whether or not he had a duty that he breached to Mamma.com, its CEO and its shareholders. That potential duty, one of "trust or confidence" in legal parlance, revolves around a phone conversation Cuban had in 2004 with Mamma.com's then CEO after the executive e-mailed Cuban to call as soon as possible. When Cuban did, he found out about the company's pending financing deal that would dilute existing shareholders. He promptly got rid of his shares before the information was made public...
...that he still agreed to hear it. But the day after charges were filed, Cuban's attorney posted an entry on Cuban's blog bluntly saying, "There was no agreement to keep information confidential." The post also included a partial transcript of an exchange between Mamma.com's former CEO and Cuban's lawyer in which the ex-CEO said he didn't remember Cuban agreeing to confidentiality. That account is completely at odds with the conversations and e-mails presented in the SEC complaint, including a version of the phone call that ended with Cuban saying, "Well...
Rick Wagoner, CEO of General Motors, the automaker in most imminent danger of failure, gave lawmakers three reasons Chapter 11 isn't an option. First, the special financing that usually tides companies over through reorganization is so scarce right now that GM might not be able to get enough to keep functioning. Second, the stigma of bankruptcy would deter consumers from buying GM cars. Third, GM is already in the midst of a dramatic reorganization that will pave the way to a profitable future...
...Ford CEO Alan Mulally could be forgiven if he thought, The heck with this - don't give us any money, as he and fellow auto bosses Rick Wagoner and Robert Nardelli took a beating from unfriendly Senators at a hearing in Washington on Tuesday...