As you requested.
Cendant CEO Silverman's Options Worth $250 Million, Down From $1.2 Billion
Bloomberg News
July 17, 1998, 12:22 a.m. PT
Parsippany, New Jersey, July 17 (Bloomberg) -- Cendant Corp.
Chief Executive Henry Silverman's more than 46 million stock
options are now worth about $250 million, down from almost $1.2
billion in early April, the on-line edition of the Wall Street
Journal reported, citing no sources. The value of Silverman's
options, which at almost $1.2 billion represented one of the
largest options positions ever amassed, has declined as Cendant's
share price fell following revelations of accounting fraud at its
CUC International unit, the paper said. Silverman, who has
exercised options netting him about $106 million over the past
two years, said of the decline in his options' value, ''I can
tell you, it doesn't feel good,'' the paper said.
Cendant, which was formed last year through the merger of
CUC and HFS Inc., this week said accounting irregularities at its
CUC unit ran deeper than previously disclosed, forcing it to cut
1997 earnings twice as much as expected.
(WSJ 7/17 www.wsj.com)
--Julie Crust in the London newsroom (44 171) 330 7368/pg |
