Goodbye Mr. Cayne
Chuck Ponzi March 17th, 2008
Last year, Jim Cayne was one of Fortune’s top 400 richest men in the world with a net worth of approximately 900M; which was calculated when BSC was valued at approximately $150/shr and would have been more than 90% of his net worth.
He held 5.6M shares of BSC as of December 2007.
With the buyout today, that holding is now worth about 11.2M.
Not bad.
Until you consider that this amount was formerly worth about 840M.
Unfortunately, his net worth decreased 151M on Friday and another 140M today. That’s a spicy meatball.
Hope he got a good golden parachute from BSC. We won’t be seeing him on the Forbes list anymore unless he sold short… which might arouse the suspicions of some federales. As we say… what happens in Vegas, stays in Vegas.
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I wonder if his decision to retire as chief executive officer on January 8, 2008 also coincided with stock dump. Just curious…
I believe he’s still the chairman of the board. I don’t think he dumped any stock.
Chuck
That’s just bad news anyway you look at it. Poor guy. He’s still rich but that’s a huge loss – Bear Sterns all over again.