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Verizon Communications Inc. Message Board

  • drains47 drains47 Oct 4, 2006 1:00 PM Flag

    CEO dumps shares

    The CEO just sold 285K shares. Must be a good time to dump. Funny, the price of the options was just about as low as Vz has ever been. Interesting how that works.

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    • If you're able to visit other sites besides this message board, check out http://en.wikipedia.org/wiki/Stock_option to see how stock options work.

    • "The CEO just sold 285K shares."

      No he didn't you tard... He excercised 285k OPTIONS that were about to expire... Big difference... Let me guess, you would've let them expire, and forfeit the money right? Tool...

    • >>The CEO just sold 285K shares.
      No, he exercised his options on 285,000 shares, he never outright owned the shares

      >>Must be a good time to dump.
      No, his options were about to expire anyway

      >>Funny, the price of the options was just about as low as >>Vz has ever been. Interesting how that works.

      This strike price was set 10 years ago at the price of stock when they were granted. That's how it works.

    • Shithead, the lowest Verizon has ever been was about $26.00 in July of 2002.

    • AP
      Verizon CEO Exercises Stock Options
      Wednesday October 4, 12:53 pm ET
      By Bruce Meyerson, AP Business Writer
      Verizon CEO Seidenberg Exercises Soon-To-Expire Options for $1.8 Million Gain


      NEW YORK (AP) -- Verizon Communications Inc. Chairman and Chief Executive Ivan Seidenberg exercised 285,000 soon-to-expire stock options this week at a profit of almost $1.8 million, the New York-based telephone company disclosed in a filing.


      The options, granted nearly 10 years ago in January 1997, carried a strike or exercise price of $30.92 per share, according to Tuesday's filing with the Securities and Exchange Commission.

      Seidenberg exercised the options at that price on Monday. He then sold an equivalent number of shares, nearly all at $37.22, to leave his holdings in Verizon stock constant at 285,464 shares.

      Last year, Seidenberg was paid $2.1 million in salary, a $4.1 million bonus, $11.3 billion in restricted stock and $1.8 million in other compensation, for a total of $19.3 million, according to Verizon's most recent proxy statement. He held roughly 4.53 million exercisable options and 476,000 unexercisable options at the start of 2006.

      Verizon's stock is up more than 20 percent this year after sliding in 2005 amid worries that Seidenberg's hefty investment in a project to rewire the company's copper phone network with fiber-optic cables might not pay off.

      Last week, Verizon put a price tag on the "FiOS" initiative for the first time, estimating it will spend $22.9 billion to rewire more than half its network by 2010 so it can sell cable TV and superfast Internet connections. The company also estimated it will save $4.9 billion in operating expenses with the network upgrade, and issued more bullish subscriber forecasts, predicting the project will generate positive operating income beginning in 2009.

      Verizon's stock was up 9 cents at $37.56 in afternoon trading on the New York Stock Exchange, trading about half a dollar below a 52-week high set last week.

 
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