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Politics : Ask Michael Burke
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To: Don Lloyd who wrote (76342)2/21/2000 4:34:00 PM
From: Michael Bakunin  Read Replies (1) of 132070
 
Don -

You're probably tired of hearing from me (I would be), so I'll keep it short. An unhedged ESOP is a liability. WB would have analyzed the cost of retiring the ESOP and replacing it with a cash bonus plan, which is his pattern.

When WB hears his target's plan has been retired, he'd change his valuation by the difference between $100 million and the previously calculated cost of retiring the plan. When he hears about the 10% salary boost, he'd adjust based on the difference between the expense of the cash bonus plan he'd modelled and the 10% raise.

-mb
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