Closing in…

September 30, 2005

A month ago, I wrote about T-3 Energy Service (TTES) which had an interesting disclosure in an 8-K that gave CEO Gus Halas a hefty bonus if he was able to find someone to buy the stock at $20 a share by the end of this year.

Though no buyer has surfaced yet, the stock, which was trading at around $12 a share at the end of August, is now trading at around $17.

Of course, Halas, who is on target to collect over $5 million in a “transactional bonus” wins either way. If no buyer surfaces, he can always fall back on his options: last year he received 50,000 at $6.98 a share.

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