Posted on 10/25/2012 7:31:05 PM PDT by Red Steel
CANTON, Mass. — Mitt Romney testified under oath in 1991 that the ex-wife of Staples founder Tom Stemberg got a fair deal in the couple’s 1988 divorce, even though the company shares Maureen Sullivan Stemberg received were valued at a tenth of Staples’ stock price on the day of its initial public offering only a year later.
At the time the Stembergs split, Romney suggested, there was little indication that Staples’ value would soon skyrocket.
Romney’s testimony in a post-divorce lawsuit brought in 1990 by Sullivan Stemberg was unsealed on Thursday in Norfolk Probate and Family Court at the Globe’s request. Sullivan Stemberg sued unsuccessfully to amend the couple’s financial agreement after Staples went public in 1989 and closed its first day of trading at $22.50 per share, 10 times the value she had received.
Stemberg left his wife in February 1987, and the divorce was finalized in July 1988. Before the official split, the couple negotiated an agreement in which Sullivan Stemberg got 500,000 shares of Staples stock, which Stemberg valued at $2.25 per share.
Sullivan Stemberg also kept the couple’s Dedham home, worth $690,000 at the time, and in February 1988 sold 175,000 shares of Staples stock at $2.25 per share to pay off the mortgage. She sold another 80,000 shares two months later, at $2.48 per share.
“In my opinion, that’s a good price to sell the securities at,” Romney, now the Republican nominee for president, testified in June 1991.
(Excerpt) Read more at boston.com ...
Staples was a turn-around, i.e., on the verge of bankruptcy (stock worth zero), so what’s the big deal?????
I’ve had the same thoughts about a “like” button.
I read your post again. I misunderstood what you were saying. My Bad. You are not a troll.
Welcome to Free Republic
“In my opinion, that’s a good price to sell the securities at,” Romney ... testified.
Oh my goodness! Not only did Romney offer an opinion on the price of the stock that this woman sold prematurely, but he ended a sentence with a preposition!!!!
Oh, stop the presses! This man is not fit to wash Obama's shorts, much less take his job! Where's Matthews on this?
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