The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Sr K who wrote (91362)	10/7/2007 1:10:06 PM
From: Lizzie Tudor	of 306849

more on this CFC backdating thing. I think they won't get anywhere with this, because the funds are looking at executive option grants which is what everybody wants to find as fraudlent. The problem is, the executive grants have been expensed for a long time at every company. Its the employee grants that are not expensed and backdated for new employees starting in the quarter to the low. The judge here is already telegraphing a lack of interest in this. The only way you can get an executive in one of these cases if IF the execs happen to lump their plans in with the employee grant dates like Apple did. But many like Brocade did not. Thats why Brocade was convicted for employee options only. If they want to get CFC they have to go after the employee plan- but of course thats not as big of a win with the public. Countrywide Financial Corp., the largest U.S. mortgage lender, must provide a shareholder with limited access to its financial records as part of a probe of possible manipulation of stock option grants to executives. "The court is far from convinced," based on evidence presented, "that any wrongdoing actually did occur at Countrywide," Judge John Noble in Wilmington said in an opinion last week granting limited inspection rights to the pension fund. delawareonline.com Brocade case: alleging that the two routinely backdated stock option grants to give employees favorably priced options without recording necessary compensation expenses. regularly caused Brocade to grant “in-the-money” options (i.e., the exercise price is below the stock’s market price on the day of grant, giving the recipient an immediate paper gain) to both new and current employees between 2000 and 2004, sec.gov

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