I've got to admit, this gives me a bit of a tingle as well:
In February 1998, the executives, who each earned $100,000 or more, took out
personal bank loans averaging $1 million each (minimum investment was $276,000),
resulting in each executive holding an average of 58,000 shares, then valued at $17
each (adjusted for a stock split). The execs did not receive discounts and had to
hold the shares for at least a year.
Bank One's predecessor, First Chicago NBD, loaned the money to the executives.
With Comdisco shares in a nosedive since then--the stock closed Monday at
$1.20--the $1 million average investment is now worth about $70,000. |
