Word: monacos
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...deal was a major success for Legacy: the offer price of $6 a share gave the struggling software house a market capitalization of more than $14 million on a fully diluted basis. Perhaps the biggest winner was an obscure Monaco company called EBC Trust. Some months before the deal, EBC provided a loan to Legacy to keep it going, and is now one of the company's biggest single stockholders, with millions of dollars in paper profits...
...behind EBC? Legacy's prospectus states that EBC is owned by Monaco-based businessmen Michael Woolf and Richard MacLellan. TIME has learned that MacLellan is apparently no stranger to Irving Kott: the two men were co-defendants in a suit filed in California last year accusing them of having misappropriated shares of a Canadian company. (The suit was settled, and TIME has no evidence of wrongdoing by any of the defendants...
Peter N. Madras, a transplant surgeon at Deaconess and associate professor of surgery, who along with Sahyoun is an instructor in the class that Monaco directs, said the hospital's actions are incomprehensible...
...Monaco is an outstanding, internationally-recognized transplant surgeon," said Madras. "There's no credible reason in the world for him to be displaced, and he's fighting the displacement. It's not as if anyone has come up with any charges of incompetence or inadequate patient care...
...said, however, that he didn't think the merger had much to do with Monaco's case...