Boston Globe: Romney vouched for low price on Staples stock

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http://bostonglobe.com/news/politics/2012/10/25/mitt-romney-vouched-for-low-price-staples-stock-that-traded-times-higher-year-later/zO60zp3qcdviHqvHZ2pDpJ/story.html


Romney vouched for low price on Staples stock

By Callum Borchers
| Globe Correspondent
October 26, 2012

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.
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