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Did Archon Get Found Out? 2005-06-29
The board of directors of the Archon Corporation has decided to reprice options arranged to executives Christopher, and David Lowden. The price settled was $20.50 per share, from the earlier $1 per share. This exchange will cut the value of 150,000 share options. Each Lowden, who made more that $4 million, will now make more that $1 million, based on the midday share price of Archon at $29.50.
This change was followed by a complaint letter from major shareholders, questioning why Chief Executive of Archon Paul Lowden’s family got bigger grants, at this time. The follow up letter to the complaint was filed with the Securities and Exchange Commission, yesterday. Shareholder D.E Shaw, and Co. never said if they would take legal action against the company on this policy.
Shaw believes these things are manor development camouflaged as reparations. In a proxy, both executives were not mentioned other than their titles, and operations. It looks bad, but at the moment no legal action is being taken.
(By Sammy)