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Casual Articles - How Steve Jobs Personally Benefited from Options Backdating at Apple Computer
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Overall, since the current proxy disclosure rules started in 1994, Apple made 15 rounds of options grants through their September, 2002 fiscal year. If you look at the price of those grants compared to the annual range of the stock for the six months prior
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I think that’s wrong, or at least expresses a lot more certainty than any outsider could know. The other, quieter announcement was that Steve Jobs has “decided” that he needs to hire his own attorney to deal with the SEC and the Justice Department from now on. Up to now, he has been represented by the company’s outside law firm.
One of the big advantages of being in and around Silicon Valley for 25 years is the d?j? vu effect. I have seen this before. CEOs usually don’t hire their own counsel until the company counsel tells them that the company’s interests and the CEO’s interests have diverged. In other words, if Apple’s counsel has seen enough to believe the company was hurt and the CEO was involved in it, they have the potential of representing the company in a lawsuit against the CEO, and therefore have to advise him that they can no longer represent him..
Now that the company has admitted Jobs knew about the backdating, I think the next announcement we will see is that Steve Jobs has been notified he is the target of a criminal investigation, and then the Board will have a very difficult time doing anything other than suspending him until the investigation is over.
I think these things because I have been through the numbers, including what I believe is the largest stock option grant ever, to Steve Jobs in January 2000.
Overall, since the current proxy disclosure rules started in 1994, Apple made 15 rounds of options grants through their September, 2002 fiscal year. If you look at the price of those grants compared to the annual range of the stock for the six months prior
There are experts in all walks of life, you will see experts every day on the TV, Radio or in your daily newspaper, experts are like tourists on a sunny Yorkshire day – they are EVERYWHERE!But how did they become experts and what benefits are there in becoming an expert?The experts you will see on the TV will have no doubt studied for years and years on their chosen subject to become an expert in the field. Over the years they become respected experts that everyone wants to know, their word is gospel, when they speak people listen!Imagine if Sir David Attenborough walked into the room now and told you that a new species of Rhino had just been discovered, I can guarantee that you would listen to his every word and that’s the most important part of this article. I think I will make it bold just to emphasize it a bit more!When experts speak, people listen!That’s great but what does this have to do with you? More than you would think actually, on a les
I think that’s wrong, or at least expresses a lot more certainty than any outsider could know. The other, quieter announcement was that Steve Jobs has “decided” that he needs to hire his own attorney to deal with the SEC and the Justice Department from now on. Up to now, he has been represented by the company’s outside law firm.
One of the big advantages of being in and around Silicon Valley for 25 years is the d?j? vu effect. I have seen this before. CEOs usually don’t hire their own counsel until the company counsel tells them that the company’s interests and the CEO’s interests have diverged. In other words, if Apple’s counsel has seen enough to believe the company was hurt and the CEO was involved in it, they have the potential of representing the company in a lawsuit against the CEO, and therefore have to advise him that they can no longer represent him..
Now that the company has admitted Jobs knew about the backdating, I think the next announcement we will see is that Steve Jobs has been notified he is the target of a criminal investigation, and then the Board will have a very difficult time doing anything other than suspending him until the investigation is over.
I think these things because I have been through the numbers, including what I believe is the largest stock option grant ever, to Steve Jobs in January 2000.
Overall, since the current proxy disclosure rules started in 1994, Apple made 15 rounds of options grants through their September, 2002 fiscal year. If you look at the price of those grants compared to the annual range of the stock for the six months prior
If you are considering opening a dollar store one of the thoughts that may be going through your mind is to buy an existing store. You are thinking that you can just reopen that store under your own business name and the money will soon be rolling in. However there is more to it than that.While purchasing an existing store can save much time and trouble the old adage warning that the buyer should beware comes to mind. Be sure that you enter the purchase with your eyes wide open and only after conducting thorough due diligence in advance. The last thing you want after opening a dollar store is to find a long list of surprises and unexpected problems.Be sure that you consult with an attorney and a CPA before signing any paperwork and contracts. Make sure that they are up to speed on the retail industry. Consider these professionals to be an investment in your future success after opening a dollar store.In most cases there will be a specific reason for the sale. It may be
Now that the company has admitted Jobs knew about the backdating, I think the next announcement we will see is that Steve Jobs has been notified he is the target of a criminal investigation, and then the Board will have a very difficult time doing anything other than suspending him until the investigation is over.
I think these things because I have been through the numbers, including what I believe is the largest stock option grant ever, to Steve Jobs in January 2000.
Overall, since the current proxy disclosure rules started in 1994, Apple made 15 rounds of options grants through their September, 2002 fiscal year. If you look at the price of those grants compared to the annual range of the stock for the six months prior
You've researched your keywords, written great ads, set your budgets and bids, and have embarked on what promises to be a really butt-kicking PPC campaign. But wait… you’re not seeing the conversion numbers you expected. So you go into crisis mode… you check the conversion code, you test the campaign by actually clicking on your own sponsored search (or PPC) ad; and your results show that everything is right and perfectly implemented. So what is the problem? Building your Landing Page Before you throw more of your budget at the search engines, or spend needless time looking at keywords and what users are searching for, take a look at your landing page. Is it telling users what they need to know? Is it friendly and good looking? Or do you arrive at a page loaded with information in a font or format that is hard on the eye? Are you able to immediately see the relevance of the page to the information you searched for, or do you have to wade thr
Now that the company has admitted Jobs knew about the backdating, I think the next announcement we will see is that Steve Jobs has been notified he is the target of a criminal investigation, and then the Board will have a very difficult time doing anything other than suspending him until the investigation is over.
I think these things because I have been through the numbers, including what I believe is the largest stock option grant ever, to Steve Jobs in January 2000.
Overall, since the current proxy disclosure rules started in 1994, Apple made 15 rounds of options grants through their September, 2002 fiscal year. If you look at the price of those grants compared to the annual range of the stock for the six months prior
A good small business to start from home should represent a balance between your income potential, personal interests, and cash available for investment.If you have limited funds available for startup costs, or do not have a background in business management or startups, I highly recommend you explore the multi-level marketing business opportunities first.I like to take a no-holds-barred approach to business. That means when I see an opportunity, and decide it offers a low risk and high payoff potential, I jump in. I've been burned a few times in my over-zealousness, but an occasional failure is part of the game. Over the years I've learned you either play the game, and accept the risks (it helps to understand the risks going in), or you don't play. In my opinion, life is too short to waste time on the sidelines. I rode the bench in high school football and hated every minute of it. The publication you now hold is an expression of my "play the game" business philosophy. Be a
Overall, since the current proxy disclosure rules started in 1994, Apple made 15 rounds of options grants through their September, 2002 fiscal year. If you look at the price of those grants compared to the annual range of the stock for the six months prior to the grant and the six months following the grant, all 15 should average somewhere around the 50th percentile of the annual range. Some grants made right before the stock declined would be in higher percentiles, while others made right before the stock shot up would be in lower percentiles. But averaging all 15 rounds together, it seems reasonable to expect the 50th percentile if no funny business was going on.
Apple’s grants average in the 15th or 16th percentile. That is powerful evidence that a company backdated, or at least granted options right before they had reason to believe the stock was going to jump. Of course, Apple has now admitted that they backdated options, and Jobs knew about it
There are three transactions the SEC and Justice Department probably are looking at for backdating. One was on July 11, 1997, when Apple repriced options and executives turned in old options with a $7.44 strike price for an equal number of new options with a $3.31 strike price. There were only two other days in the 1997 fiscal year when the stock closed at a lower price. On August 6, only 26 days after the repricing date, the stock jumped 33% and then added another 11% on August 7. The question is whether someone decided on August 8 that July 11 would have been a great day to make the repricing effective.
A second case was January 17, 2001, when four top officers (not including Jobs) got options totaling two million shares at $8.41 a share. A few months before, on the last business day of the 2000 fiscal year, September 29, AAPL was cut in half when they preannounced an earnings shortfall. It kept dropping
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