I see from the proxy that Fitzpatrick and the other insiders got a bunch of stock options last year and they all vested because of the merger. Fitzpatrick alone got 45000 options! Did he get these while he was negotiating the merger with BB&T? Does anyone know?
It looks like Fitzpatrick got his 45,000 options at $37 per share on 12/17/2002 along with the other insiders. According to the proxy, negotiations with BB&T got started around October 2002 and the Board approved it on January 17, 2003. So when he got the options, he must have known that the deal was close if not real close. Is that legal or ethical?