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AyaK 10426 desperate attention whore postings DAW Level: "Playboy Centerfold"
10-31-12, 02:41 AM (EST)
137. "RE: Silence from Allred."
No. Romney and Thomas Stenberg agreed to unseal Romney's testimony from the hearing on Staples' valuation. Turns out that the advice Romney gave was also the advice that he followed: he didn't buy all the shares of the stock that he could, and he sold half of them before the IPO.
Even some lefties realized that there was no story there. For example, here's a description of the testimony from the hack Boston Glub:
At Stemberg’s request, Romney testified in 1991 about what the value of Staples shares had been in early 1988, when Stemberg and Sullivan Stemberg reached a separation agreement.
Romney described Staples as dysfunctional at the time — a place with “surly” employees and slow checkout times. His testimony portrays the early days of Staples as rocky, riddled with operational problems and contentious board fights that left Romney angst-filled and pessimistic about the company’s prospects.
Bain Capital had bought into Staples at 80 cents per share in January 1986. When Staples sought prices of $2.10 and $2.90 per share on second and third rounds of investment, Bain Capital hesitated before making smaller investments. Staples was growing too slowly, and Stemberg was on thin ice with investors, Romney said.
“We were obviously proved wrong, ultimately, but the price we thought was high at that stage, given the company’s performance,” Romney testified.
Romney explained that he had been asked by Stemberg in 1990, at the beginning of the lawsuit, to retroactively appraise Staples shares at the time of Stemberg’s separation from his wife.
As a reference point, Romney said, he used the $2.90 price on preferred shares Staples had sold to investors in December 1987, the most recent sales period.
The shares awarded to Sullivan Stemberg were worth less than $2.90, Romney argued, because they carried fewer benefits. For example, Romney said, owners of the shares purchased in December 1987 would have received more money than a buyer of Sullivan Stemberg’s shares if Staples failed and its assets were liquidated.
Such protection is valuable to investors, Romney said. He put the fair market value of Sullivan Stemberg’s shares at about $1.75 apiece. In getting $2.25 and $2.48 per share in sales, Sullivan Stemberg had done well, Romney testified.
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