Sunday, March 18, 2012
This can't be right
Gerald Ford (not the dead former president) who was the chief stockholder in my bank, having in 2010 bought up 91% percent of the shares of Pacific Capital, my bank's parent company, for the munificent sum of 20 cents a share, will receive $46/ share for his stock in a merger deal under which Pacific Capital Union Bank is acquired by a Union Bank, which is in turn owned by Japanese holding company. That's got to be a typo, right? Nobody's entitled to a two-year return of 2500%. Right?