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Technology Stocks : WCOM
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To: paul t who wrote (11343)7/19/2002 3:08:21 PM
From: Oeconomicus  Read Replies (2) of 11568
 
... and especially the board have a long luxurious life ahead of themselves.

1. The BoD and management still have a fiduciary duty to protect the interests of shareholders, even though they now owe a duty to creditors as well.

2. Three of the directors still own over 14 million shares - Sidgemore @ 5.5 million, Kellet @ 6.2 million being the biggest.

Sidgemore can gain a lot from salvaging value in his current ownership that, in the current environment, may not be easily accomplished through executive comp.

Other directors don't even have the possibility of salary and bonuses to make up for stock losses and they also are not in a very good position to expect big board option grants given what happened on their watch.

So, not only are they legally bound to look out for all holders of WCOM securities, they have a big economic interest in doing so.

Just offering another perspective,
Bob
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