Word: option
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Dates: during 1970-1979
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Biaggi and his lawyer were stunned by this turn of events. They still have the option of appealing the judge's decision to a higher court, before Biaggi's 1971 grand jury testimony is released today. Biaggi has argued against full disclosure because he says innocent people are involved and their reputations would be sullied. However, it seems that such third parties would be amply protected by the simple deletion of their names. If Biaggi appeals Palmieri's decision today, it will look as if there is something else he wants to hide...
...Maintaining an employee stock-option plan or, more and more often, launching a long-term bonus incentive program (see following story...
...Redeeming bonds and warrants that can be converted into common stock at an investor's option. If it did not buy up its own stock for that purpose, a company would have to issue new shares, thus diluting the equity of present shareholders...
Performance shares are intended to replace once popular stock-option arrangements, which grant an executive the right to buy shares in his own company at a constant price over a period of years. Stock-price declines often take away the incentive for conscientious work that options offer; in bear markets, many an executive whose own performance had been outstanding found himself holding options that had become worthless, because the price of his company's stock had declined below what he would have had to pay to buy it. Performance shares carry no such drawback; whatever the stock is worth...
...Sixty of them," he said later in admiration. "Do you know how much roses cost?" When one of the helicopter pilots who had helped fly him all over the world retired and took a job with IBM, Nixon's parting words were: "Well, good luck, get a stock option." The President's small coterie of social friends literally numbers a majority of millionaires. Nixon is not in the same financial league as his pals, but certainly by now his private investments and his $200,000-a-year salary as President are edging him toward the millionaire class...