Wednesday, November 03, 2010

Citadel backs off

A few weeks ago I posted a story about a lawsuit filed against Citadel CEO Farid Suleman and the entire Citadel board for the brazen stock grants they gave each other after the company emerged from bankruptcy. (Farid was to get $55 million after nearly destroying the company).

Well, yesterday, Citadel backed off on that plan (under pressure from the judge) and agreed not to award that obscene amount of money. From Tom Taylor's column this morning at Radio-Info.com...

"U.S. Bankruptcy Court Judge Burton Lifland “called parties to his chambers ahead of the hearing” – and things started happening. Citadel says management and the board will forego their stock grants “to enable the company to focus on those business matters that will maximize value for its shareholders."