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To: yard_man who wrote (111819)	7/9/2001 10:53:00 PM
From: patron_anejo_por_favor	Respond to of 436258

HO HO HO! This guy will be living in the WebVan by the river for sure.... thestreet.com Maybe George Shaheen didn't get one over on Webvan (WBVN:Nasdaq - news - commentary) shareholders after all. Some investors were rejoicing Monday after the online grocer said it would shut down and file for bankruptcy. While the Chapter 11 filing will render the e-tailer's stock worthless, it also derails the well-chronicled CEO gravy train that stood to pay Shaheen millions of dollars as the company hemorrhaged and investors lost their shirts. Plenty of investors have lost money in Foster City, Calif.-based Webvan, which was briefly worth as much as $10 billion after its late 1999 IPO. (Shares last traded for 6 cents on Friday, valuing the company at $29 million.) Now joining their ranks is Shaheen, who left the company in May with a sweet severance deal that was to pay him $375,000 a year for life. But now the executive will see little of that money as Webvan wends its way through bankruptcy court, lawyers say. Standing in Line Shaheen, who left his $4 million-a-year job running Andersen Consulting in September 1999 to head Webvan, will now stand in line with other unsecured creditors, such as vendors and landlords, as the courts dismantle the company, lawyers say. Unsecured creditors stand ahead of shareholders, who typically get nothing. But Shaheen is unlikely to receive anything close to the money owed him. Steven Abramowitz, a partner at Vinson & Elkins in New York who is knowledgeable in bankruptcy law, says the best unsecured creditors can hope for is pennies on the dollar. "He's not likely to get a hundred cents on the dollar," says Abramowitz. "He will have an unsecured claim like any other creditor." The fate of Shaheen's severance package was bandied about by shareholders on Internet message boards Monday. "Bankruptcy renders the financial package worthless. ... Thank God!!!!!" read one message.