Thanks,
In December 2000, the former owner was terminated by the Company.
Subsequently, the former owner notified the Company in writing of his intention
to exercise the options on the remaining 12,000,000 shares of restricted stock.
If exercised on the termination date, the stock options would be valued at
$2,952,000. This amount is based on valuing the stock on the termination date
using its averaged simple traded value over a defined period, less a 15%
discount because of its restricted nature.
On December 31, 2000, the Company has instituted legal action to void
the employment contract and issuance of the 12,000,000 option shares. In the
opinion of management and legal counsel the Company will prevail in their legal
proceedings against the former employee and the employment agreement and
associated stock options will be voided.
Owner or employee? Not very consistent, are they?
That RB thread is not possible to read any more, I just happened to pick out a few posts tonight. |
