AOL-TW Execs Accused of Insider Trading (Turner,Case,Parsons,Levin, Pittman named)

Reuters ^ | Mon April 14, 2003 | Derek Caney

[Liz]

The complaint alleges that the defendants reaped nearly $1 billion by selling shares while using "tricks, contrivances and bogus transactions" to inflate the company's shares, according to a statement issued by Milberg Weiss, the law firm representing the (University of California and Amalgamated Bank's Longview Collective Investment Fund).

Not philanthropic Ted Turnip? Please, say it isn't so.

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[PianoMan]

The title of this article is sensationalistic (not meant to criticize the poster of the article). The SEC needs to accuse them of insider trading for this to have any criminal implications. Now that would be a big deal, not that this civil suit will be anything other than a major headache.

[TenthAmendmentChampion]

I think it's a fairly standard procedure to name top executives in lawsuits of this type. We'll see if TT gets the same treatment that Ken "Enron" Lay got in the press.

[AmusedBystander]

That's probably why Turner recently moved his residence to Florida where he can keep his house in case of bankruptcy or civil judgements.

[big bad easter bunny]

If my portoflio manager put that much of my money in one company I would have his ass in court!

[eureka!]

Bump

[Uncle George]

Martha and Ted should have Hitlery introduce a bill to get them off the hook, huh. (Like comics are for the kids)

[T Lady]

I wouldn't hold my breath. Remember how the Media reacted to Terry McAuliffe's connection to Global Crossings?

-Regards, T.

[Mo1]

Well this should be interesting to see the outcome

BTW .. Reuters is very misleading in it's headline

[tuna_battle_slight_return]

"You've got lawsuits".

The only executive more terrible than Steve Case is Michael Dell. Dell's F- customer service is a joke. Good product; awful service.

[Gasshog]

OMG!

Does this mean we'll lose Cartoon Network, Ted?

Say it isnt so!

[ken5050]

Notice where the suit was filed: California State Supreme Court....

[BurbankKarl]

The State of CA will own AOLTW when this is over...

Because CalPers invested and lost a ton of money, municipalities are having to contribute higher percentages of salaries now to the retirement system.

Of course, Warner Bros. employee got the biggest screwjob, since all their bonuses were turned into stock when AOL took over....most have seen their retirements disappear since the pre-AOL days.

[unspun]

"This is a part of the IT gods' strategy to release Mozilla and Netscape from the clutches of AOL."

Joe Bits
Internet Geek

[Liz]

Nice take.

[ken5050]

TW employees saw all their options immediately vest at the merger...and many sold, so your statement isn't quite correct...the guy who should be shot is Levin..because he did the deal WITHOUT a collar......really stupid....bu8t he got his comuppance to an extent..becuase he never sold a share..he lost a fortune..he's close to broke....awww...

[Prince Charles]

I said goodbye to AOHell in 1997 and haven't looked back.

Cheers.

[Liz]

The State of CA will own AOLTW when this is over... Because CalPers invested and lost a ton of money, municipalities are having to contribute higher percentages of salaries now to the retirement system. Of course, Warner Bros. employee got the biggest screwjob, since all their bonuses were turned into stock when AOL took over....most have seen their retirements disappear since the pre-AOL days.

Lookie here. Calpers is really in the news today.

(Burbank Karl, have I got a link for you. See below.)

[Liz]

That is interesting.