Slog - Comments on Some Local Morning News: McGavick Sued Over $28 Million Golden Parachute http://slog.thestranger.com/2006/08/some_local_morning_n Emma Schwartzman, a great great granddaughter of a SAFECO founder, has filed a suit against GOP U.S. Senate candidate Mike McGavick claiming that his $28 million stock option and severance package "resulted from a fraudulent transaction between McGavick and the Board of Directors; breached defendants' fiduciary duties to shareholders and constituted corporate waste; and violated federal securities laws by concealing the magnitude and extraordinary nature of the payout." (The Democrats have also denounced the deal, and have a complaint pending with the FEC arguing that the $28 million constitutes an illegal campaign contribution.) McGavick says the lawsuit is politically motivated.... Copyright 2007 Wed, 02 Aug 2006 09:30:51 -0800 Wed, 02 Aug 2006 13:27:07 -0800 http://www.movabletype.org/?v=3.34 http://blogs.law.harvard.edu/tech/rss Comment by Dave Coffman I say good on her... more and more of these shareholder lawsuits should expose these golden parachutes for what they are-- payoffs due to the cozyness between boards and senior management. I wonder what Gary Locke has to say...

]]> Dave Coffman http://slog.thestranger.com/2006/08/some_local_morning_n#c440075 http://slog.thestranger.com/2006/08/some_local_morning_n#c440075 News Wed, 02 Aug 2006 10:43:51 -0800 Comment by M_L_P_O_D quote:

"expose these golden parachutes for what they are-- payoffs"

or in this case a shady backdoor campaign donation.

]]> M_L_P_O_D http://slog.thestranger.com/2006/08/some_local_morning_n#c440104 http://slog.thestranger.com/2006/08/some_local_morning_n#c440104 News Wed, 02 Aug 2006 11:26:13 -0800 Comment by Geni Of course it's politically motivated. That doesn't mean he isn't guilty of malfeasance. Just because a lawsuit has less than pure motives for its filing doesn't mean the suit itself isn't based in fact. McGavick is a typical corporate crook.

]]> Geni http://slog.thestranger.com/2006/08/some_local_morning_n#c440169 http://slog.thestranger.com/2006/08/some_local_morning_n#c440169 News Wed, 02 Aug 2006 12:36:06 -0800 Comment by Will in Seattle Did they backdate the options illegally as well?

]]> Will in Seattle http://slog.thestranger.com/2006/08/some_local_morning_n#c440211 http://slog.thestranger.com/2006/08/some_local_morning_n#c440211 News Wed, 02 Aug 2006 13:27:07 -0800