Anshutz called before Congress on insider trading concerns

[Jimbo]

See the link: http://qw2001.quicken.com/investments/news/story/?story=NewsStory/dowJones/20020926/ON200209262034000914.var&p=Q

Anshutz is being called to testify in Congress on Friday about whether he profited from insider trading of Qwest stock. Doesn't look to good for St. Phil.

[FootyMundo]

If he did have a pre-existing contract in place and can demonstrate this fact, then there should be no issue. The contract would need to have specified the price at which to sell shares and would have needed to have been entered into when he was not in possession of MII. The article indicates that he had such an arrangement in place. The question then becomes whether that is true.

Of course given the witch hunt mentality presently in place he may still suffer significant reputational damage. But if such an arrangement was in fact in place he has committed no crime.

[chayes]

Originally posted by Jimbo
See the link: http://qw2001.quicken.com/investments/news/story/?story=NewsStory/dowJones/20020926/ON200209262034000914.var&p=Q

Anshutz is being called to testify in Congress on Friday about whether he profited from insider trading of Qwest stock. Doesn't look to good for St. Phil.

Sweet... Maybe I'll go try to meet him.

[CrewDust]

Congress needs to stop wasteing time on these minor issues and get to the bottom of the NJ and DC Stadium issues.

[Sandon Mibut]

Well, at least we should get some more up-to-date picture of St. Phil!

[Jimbo]

Not so fast. Anschutz was interviewed by staffers on Friday over the phone. Afterwards, committee chair Billy Tauzin said his committee wouldn't haul in Anschutz to testify. They were satisfied with Anschutz's explanation of stock sales made in May and June. BTW, he still owns 18% of Qwest, or 301 million shares, after selling 6.1 million shares for $213.5 million. Qwest closed at $2.26 Friday. It was over $40 per share a year ago. He's lost a ton of money on paper.

[BenReilly]

Originally posted by Jimbo
Not so fast. Anschutz was interviewed by staffers on Friday over the phone. Afterwards, committee chair Billy Tauzin said his committee wouldn't haul in Anschutz to testify. They were satisfied with Anschutz's explanation of stock sales made in May and June. BTW, he still owns 18% of Qwest, or 301 million shares, after selling 6.1 million shares for $213.5 million. Qwest closed at $2.26 Friday. It was over $40 per share a year ago. He's lost a ton of money on paper.

Yes, the Anschutz case is vastly different. He has pretty much gone down with the ship.

[FootyMundo]

See my explanation. I do this stuff for a living. THAT is the reason he was left alone. He merely put a contract in place and it was triggered. Perfectly legal.

[deejay]

The Denver Posts says that Anshutz is cleared of all suspicions of insider trading.

That should be the end of this story.

[FlashMan]

Originally posted by deejay
The Denver Posts says that Anshutz is cleared of all suspicions of insider trading.

That should be the end of this story.

Hallelujah.

(Though I'm generally no fan of profittaking, pension stealing, corporate dogs.)

[Detective40oz]

Yep saw in the USA Today that he will not be called in to testify...MLS lives on to see another day...now about these playoff attendances..WC Boost? ;)

[nancyb]

Well, but I haven't heard that the NY Atty General is dropping his 1.5 billion suit against Anshutz, Ebbers, McLeod, et al.


http://www.washingtonpost.com/wp-dyn/articles/A24921-2002Sep30.html

[jmeissen0]

bottom of that article says they are going after phil for 4.8 million and 1.4 billion

he is being asked to repay the most

[nancyb]

that's going after the deep pockets system. Dang, I didn't get to the bottom of that thang.

[CTfan]

an update on St. Phil's situation:

http://money.cnn.com/2002/10/08/news/companies/qwest.ap/index.htm

"Congressional investigators plan to interview Qwest Communications founder and director Philip Anschutz a second time about his role in the company's day-to-day affairs"

[FlashMan]

Originally posted by CTfan
an update on St. Phil's situation:

http://money.cnn.com/2002/10/08/news/companies/qwest.ap/index.htm

"Congressional investigators plan to interview Qwest Communications founder and director Philip Anschutz a second time about his role in the company's day-to-day affairs"

I take back my "hallelujah" and replace it with a "oy vey".

:(