Boston Globe: Romney vouched for low price on Staples stock

[deminks]

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

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.

(snip)

But on April 28, 1989, barely a year after Sullivan Stemberg sold more than half of her shares on the premise that they were worth less than $2.50 apiece, the company made its initial public offering at $19 per share and ended its first day at $22.50.

The closing price made Staples, which operated 23 stores at the time, worth more than $200 million. Stemberg, holding 567,000 shares, claimed $12.8 million in company stock.

Sullivan Stemberg’s 245,000 remaining shares were worth $5.5 million, but she had lost out on millions more by accepting low sale prices in 1988.

(end snip)

The article talks about the argument over the gag order. The judge only told her it would take a separate motion. She said she would file one. The RW noise machine took this to mean she was "shut down'. Au contraire, Faux Snooze.

Swiss Mitt described Staples as "dysfunctional at the time — a place with “surly” employees and slow checkout times"

[tbennett76]

1. Quick

who can get an investor prospectus showing Bain's opinion of Staples from that era? If it conflicts, it pretty much shows Romney invented a new class of transfer stock specifically to screw Maureen.

[WillyT]

2. HUGE K & R !!!

Apparently you can rape somebody without touching them.

FUCK YOU, Mitt !!!

[ItsTheMediaStupid]

3. This might not put him in jail

But it can't be good for his credibility.

[nc4bo]

4. So is this still considered perjury or has it moved into different territory?

Like fraud?

#MittLIES.

[ItsTheMediaStupid]

5. With adequate evidence, I'd say both

NT

[elehhhhna]

6. bet he undervalued it JUST LIKE HE DID TO THE IRS

when he put the magically multiplying IRA contributions in there. That's how he has a 100 million dollar "IRA".

[TeamPooka]

7. k+r!

[Wednesdays]

8. K & R

[avaistheone1]

9. If she held on to that stock not only would she have had a hell of a lot more money, more

importantly as a major stock holder she could have influenced the direction of the Staples Corporation.

I think BOTH Mitt Romney and her husband wanted her to sell those shares ASAP so that she would have no or little control of Staples. AND I think that was not only helpful to her husband's own purposes, but to Mitt Romney's purposes as Mr. Stemberg is Mitt's friend, Mitt's business partner and Mitt's benefactor.

[amborin]

10. K&R

[Wellstone ruled]

11. Bain Shorted the

shit out of this stock. This is their MO,did the same damn thing to a company our family had a large holding in. This is perfectly legal,rig stock bidding on the ask and bid side. This crap is happening every day in America. Why do think SEC is interested in rig bids for companies. Watch the big suit in Boston,going on since 2007.

[mercuryblues]

12. read pgs 74 & 75

rMoney valued Tom Stemberg shares at 10 cents.

[avaistheone1]

13. Read pgs 74 & 75 of what?

[mercuryblues]

14. the link in the OP.

There is a difference in the pricing of the shares.

Common shares were valued at 1.50 to 2.90. rMoney valued Tom's shares at 10 cents because rMoney said they were "restricted" which made them basically worthless - "no one would want to buy them"

As the article points out she sold her shares, but they do not say if they were Tom's restricted shares or if she recieved the common shares in the settlement. Either way she was embezzled because of his testimony. It is just a matter of how much.


oops sorry. I thought this was the thread with the link to the testimony. Here it is:

http://tmz.vo.llnwd.net/o28/newsdesk/tmz_documents/1025_romney_2.pdf