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A three-judge appellate panel Tuesday upheld a lower court's dismissal of a civil securities-fraud case against Michael Shanahan Jr., a former director of Engineered Support Systems Inc.If you've forgotten about the options-backdating scandal, it surfaced back in 2006 when the Wall Street Journal highlighted an unusual pattern: At a lot of companies, executives seemed to receive their stock options on especially favorable dates.
Louis-based defense contractor to go unchecked for years. Louis unveiled indictments that accuse ESSI co-founder and chairman Michael F. Bush, who served on ESSI’s audit committee, is the uncle of U. A fourth official, former ESSI controller Steven Landmann, has pleaded guilty to making a false statement in connection with the case. ”When you have that amount of lack of independence on key committees, “There’s no monitoring, and often you get very bad results from that,” said Joe Carcello, co-founder of the University of Tennessee’s corporate governance center. For example, on July 17, 1999, Landmann wrote a note detailing how Gerhardt instructed him to reissue option awards to take advantage of a lower price on July 1.
The latest twist in the ESSI saga came on Thursday evening when the U. The criminal indictment says the initial award was backdated, too. then signed letters sent to senior executives, including himself, advising them that earlier options priced at $12.94 a share were being replaced with ones priced at $11.75.
Engineered Support, a military contractor based in the St. "The court was very clear that there was no evidence that he had any intent of doing anything wrong or trying to deceive anybody," said Martin, who is with the Armstrong Teasdale law firm.
Louis suburb of Cool Valley, was among the companies that fit the pattern. "The ruling of Judge Hamilton and this affirmation by the 8th Circuit clearly show that Mike Jr.
Waxman (D-Los Angeles) has asked Defense Secretary Donald H.
NEW YORK, July 20 (Reuters) - The indictment of former senior officials at Engineered Support Systems Inc. sometimes operated like a one-man compensation committee, overseeing option grants that benefited his father more than anyone else. The company’s general counsel was brother-in-law to Shanahan Jr., and ESSI’s board had other ties to the Shanahan family. Louis lawyer who was a long-time director, is a friend of Shanahan Sr. Criminal indictments accuse the Shanahans and ESSI’s former chief financial officer, Gary C. Soaring profits and stock prices insulated executives from scrutiny and bolstered their case for big-ticket paydays. From 1995 to mid-2005, ESSI shares soared nearly 900 percent. retired, one of his last employment contracts gave him 10 weeks of vacation.
In October 2001, while Schroeder was CEO, one backdated grant created more than 5 million in potential paper profits for scores of employees.
Re "Bush's Uncle Earned Millions in War Firm Sale," March 23 President Bush's uncle, William H. Bush, profits .7 million from stock options and the sale of his war-profiteering company, Engineered Support Systems Inc., which was awarded contracts on a no-bid basis. Bush, he is the second Bush family member whose name has surfaced in stock options scandals this month. In a letter sent to Rumsfeld on Thursday, Waxman asked for copies of all military contracts awarded to Engineered Support Systems Inc. This will gratify some people and astonish the rest." The Iraq war helped bring record earnings to St. "Bucky" Bush, uncle of the president and youngest brother of former President George H. Bush, cashed in ESSI stock options last month with a net value of nearly half a million dollars.
Federal prosecutors swooped in and eventually obtained guilty pleas from Comptroller Steven Landmann, Chief Financial Officer Gary Gerhardt and, most prominently, Chief Executive Michael Shanahan Sr., a civic leader and former owner of the St. In exchange for Shanahan Sr.'s guilty plea, prosecutors dropped criminal charges against his son, but the Securities and Exchange Commission pushed its civil case until U. should never have been charged." The appellate ruling cites some evidence that Shanahan Jr.