Re: Infor buy SSA => lawsuit

On 6/5/06, Al Mac <macwheel99@xxxxxxxxxxx> wrote:

Stockholder Steven Fisch alleges mis-management, stock manipulation,
conflict of interest.  The lawsuit seeks class action status, on behalf of
other minority stockholders.

I think this is trolling for another buck or two per share for the
minority shareholders.

I don't have any insider info, but the case seems pretty baseless.
SSAG went public in May 2005 at $12 and climbed to $20 in early
December, but had been in slow, steady decline since.

That said, I would not be surprised if the case is negotiated away and
quietly dropped in a few weeks.

Greenough gets $ 44 million from the deal.
He became SSA CEO in May 2001.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=20857

From the article:
"Mr. Greenough's package is more than 3% of the deal's value.

"
This is arithmetic; he owned 3.3% of the company, so he gets 3.3% of
the proceeds of it's sale.  3.3% of $1.36 Billion is $44 million.  It
is hard to argue that he didn't serve the shareholders; the company
was bankrupt when he started; he had 3.3% of nothing and grew it to
3.3% of $1.3 Billion.  One could argue that perhaps the 3.3% ownership
was generous, but again, Greenough came on board when the company was
worthless.

I wonder when Mr. Fisch bought?