Here are excerpts on Leach from the Unistar prospectus:
Notice that he is the same James G. Leach as with American Safety Insurance.
Also note the excessive salaries that the Unistar principals pay themselves.
Leach's salary seems excessive considering that he is also running Interstar, and who knows what else.
I wonder what is meant by "Mr. Leach is a General Securities Principal with series 7, 63 and 24 licenses." I'm not familiar with this. Are these licenses from the NASD?
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JAMES G. LEACH joined the Company as Vice Chairman, General Counsel and Director in August, 1998. He was previously Senior Vice President and General Counsel for certain American Safety Insurance Group companies since 1993. He was a reinsurance intermediary for American Safety from 1990 to 1993. Mr. Leach has held numerous executive insurance and securities positions since 1975. He holds degrees in Physics and Economics, an M.B.A. in Finance and accounting, an M.I. in Insurance, and a J.D. He also holds a CPCU and CLU designation, and is a licensed Insurance Agent and Broker in several states. Mr. Leach is a General Securities Principal with series 7, 63 and 24 licenses.
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Name and Principal Position 1998 Salary(1)
--------------------------- --------------
Marc A. Sparks
(Chairman and Chief Executive Officer) $510,000
F. Jeffrey Nelson
(President, Chief Financial Officer 465,000
and Treasurer)
James G. Leach
(Vice Chairman, General Counsel 230,000
and Secretary)
Kerry A. Sebree
(Executive Vice President and 340,000
Chief Operating Officer)
Victor L. Horne
Vice President 160,000
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NUMBER OF SHARES PERCENTAGE OF CLASS
SHAREHOLDER BENEFICIALLY OWNED BENEFICIALLY OWNED
Directors and Executive Officers:
Marc A. Sparks(1) .......................... 2,365,000 9.7%
F. Jeffrey Nelson(1) ....................... 1,198,000 4.9
James G. Leach ............................. 200,000 0.8
Kerry A. Sebree ............................ 15,000 0.1
Morris Belzberg(2) ......................... 822,222 3.4
Brent Brown ................................ 5,000 0.0
Noelle Hill ................................ 0 0.0
Leonard Feldman(1) ......................... 2,055,555 8.4
Patrick Rastiello .......................... 10,000 0.0
Victor L. Horne(1) ......................... 310,000 1.3
All directors and executive officers
as a group (ten persons) ................. 6,980,777 28.6%
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