New Steve Jobs stock worries
p2pnet.net news:- Adding fuel to the ongoing forged records scandal, Apple boss Steve Jobs is in, “even deeper hot water than before,” says Apple Insider, quoting The Wall Street Journal.
Jobs, “signed a job contract for Pixar’s chief creative officer John Lasseter which gave the premier film director a questionable stock option bonus,” says the story, continuing.
“The options grant, part of a 2001 employment contract reached between Pixar Inc. and noted animated-film director John Lasseter, carried the lowest share price of the previous year - on a date more than three months before the employment contract was actually signed. Mr. Jobs, then Pixar’s chairman and chief executive, signed the agreement on behalf of Pixar,” says a WSJ teaser paragraph.
Says Apple Insider, “The ten-year contract, finalized in March 2001, saw Lasseter granted one million shares whose initial value was dishonestly backdated to a date three months before the deal had been completed - coincidentally, the same day Pixar shares had been at their nadir in December of 2000. The terms effectively guaranteed that Lasseter would turn an immediate $6.4 million profit the day his new employment took effect, even before he received his first paycheck.”
While Jobs’ name on the paper, “implies tacit endorsement of the dubious grant,” Jobs himself may not have actually chosen the date,” says the story, adding:
“Still, an intense level of legal scrutiny is bound to follow the often controversial chief. Both the federal government and Pixar’s parent company Disney (on whose board Jobs sits) are said to be actively investigating the studio’s handling of stock options. And as always seems to be the case these days, Jobs is under the close watch of the government for irregularities in stocks at his very first company, Apple.”
Also See:
forged records - Steve Jobs meets DoJ, SEC, January 24, 2007
Apple Insider - Steve Jobs implicated in Pixar stock option dust-up, February 10, 2007
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