WCG Shareholders Fume at Bonuses
TULSA (AP) -- Williams Communications Group shareholders, whose more than $2 billion in equity was erased in the company's bankruptcy, are angry that executives' stock losses were softened by bonuses.
On Jan. 18, the Tulsa-based broadband wholesaler agreed to forgive $13 million in top executives' outstanding loans. The loans, made with company shares as collateral, were used to buy more company stock. Shareholders have called the bonuses a "free lunch," and several have filed complaints with the Oklahoma Department of Securities. The department on Friday launched an investigation into WCG's spinoff from Williams Cos. and related financial transactions.
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Publication information: Article title: WCG Shareholders Fume at Bonuses. Contributors: Not available. Newspaper title: THE JOURNAL RECORD. Publication date: May 3, 2002. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.
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