Better start shopping…

May 19, 2004

Father’s Day is still a month away but hopefully two sons that have benefitted from their dad’s corporate ties have already begun to start shopping for a truly special gift. Gary Green, whose father, Stephen, is chairman of SL Green Realty (SLG) saw a nearly 40% spike in revenues during the first quarter of 2004 at his cleaning company, which provides services to buildings owned by dad’s Manhattan-based company. The younger Green also has 2 other companies — a security firm and a messenger service — that also saw a nice spike in dad-related revenues during the quarter, according to the company’s recent Q. Last year, the cleaning firm rang up $4.3 million in revenues from SL Green, compared with $3.4 million in 2002, a 26% increase. The security firm rang up $3.7 million, compared with $3.2 million a year earlier. And in Texas, Patterson-UTI Energy (PTEN) paid a trucking firm owned by the son of its president and COO $740,000 last year, more than twice what it paid the firm in 2002, according to the recently filed proxy. Clearly, both of these dads deserve something nice in return

Posted in: Disclosures, Perks

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