At the Friday night dump…

May 26, 2009

While there may not be any guarantees in life, it’s pretty much a given that the Friday before a long holiday weekend will be a busy one. So while you were off enjoying the weekend, Sonya and I were chained to our laptops digging through SEC filings. Cue the sympathetic music! And, perhaps more importantly, please consider a donation to support the site.

So instead of focusing on one pearl today, we thought a list might be more helpful to go through a brief list:

At 5 pm on Friday, Yahoo (YHOO) put out this 8K that noted that outgoing CFO Blake Jorgensen would get $1.8 million in severance. What’s odd here is that while Jorgensen’s planned departure was announced back in February and while the 8-K had some details of the payments, the actual separation agreement was MIA. Perhaps we’ll have to wait until the July 4 holiday weekend for that one!

Over at Evercore Partners (EVR) there was the announcement that former BlackRock (BLK) and Lehman executive Ralph Schlosstein would be taking over as president and CEO from Roger C. Altman. Left out of the press release and all of the coverage that I saw (including this WSJ article) was the $6.1 million signing bonus that Schlosstein will get under the employment agreement filed with the 8-K.

At Hampton Roads Bankshares (HMPR), a company we footnoted back in January for its taxpayer-financed signing bonuses (one of the recipients — D. Ben Berry — took off almost as soon as the check cleared), there was this agreement for outgoing CEO Jack Gibson. Among his goodies is a $1.3 million payment for consulting and continued reimbursement for his membership at the Greenbrier Country Club.

Finally, as it turns out, Friday night dumps aren’t just limited to public companies. At 4:23 pm on Friday, this press release announcing changes in the way that SEC employees can trade crossed our desk. Among the new rules is a requirement to pre-clear transactions and requiring employees to certify that they don’t have access to non-public information. As the WSJ reported over the weekend, the new rules follow the controversy over an investigation by the SEC’s Office of Inspector General.

Leave a Reply