Word: stockings
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...Starr's lawyers argue that the case rests on documents that were drawn up in 1970, around the time AIG became a public company; there appears to be no requirement that Starr use the stock as part of an AIG bonus program forever. In fact, the program had to be renewed every two years...
...Starr disputes that, saying the beneficiary of the shares was always a charitable trust and that the company, which has Greenberg as its chairman, can use the stock as it pleases...
...Wells told the court that Greenberg in the past has acknowledged in AIG financial filings, speeches and other documents that the stock was meant to be used to benefit employees. "You stated to the participants that the stock was being preserved for future AIG employees," Wells said to Greenberg. "Was it just a coincidence that you said that again and again?" Wells pointed to a "Statement of Commitment" that Greenberg and other Starr directors signed in 1992 pledging that Starr would maintain its investment in AIG despite "unforeseeable" changes in the future...
...That [selling the AIG stock] was not a breach of our fiduciary responsibility," Greenberg replied. He maintained that Starr - which was long operated as if it were a private subsidiary of AIG - is an independent company with the right to end the compensation plan as well as the right to sell its shares...
...shares of the new company. Controlled by AIG executives, Starr was given the shares as a defense against hostile takeovers of the insurance giant. Five years later, Starr set up the disputed long-term compensation plan that for many years rewarded AIG executives from Starr's trove of company stock when the insurer's profits increased...