- 19 -
in November 1999, and petitioner redeemed the common shares owned
by Mr. Glickman and Mr. Zeeman’s estate on November 30, 1999,
paying him and the estate $97,286.59 a share for the stock, plus
accrued interest from May 31, 1997. On November 30, 1999,
petitioner purchased the preferred shares that previously had
been owned by Mr. Glickman and Mr. Zeeman at a price equal to the
sum of those shares’ redemption value of $1,000 a share, plus
accumulated accrued dividends as of May 31, 1997, plus accrued
interest from May 31, 1997.
After November 30, 1999, Mr. Wechsler owned all 160
outstanding common shares of stock in petitioner. Following
petitioner’s redemption of Gilbert’s 1,055 preferred shares on
December 7, 2000, discussed supra, Mr. Wechsler owned all the
outstanding preferred shares of stock in petitioner.
Compensation Paid to Upper Level Managers and Employees in the
Financial Industry and Petitioner’s Payments of Compensation to
Mr. Wechsler, Mrs. Wechsler, Gilbert, and Others During Years in
Issue
In the financial industry, upper level managers and
employees at investment and trading companies typically receive a
substantial part of their annual compensation from bonuses that
are based upon their company’s earnings or profits for that year.
In particular, principal managers of companies that enjoy highly
profitable years often may be paid bonuses that are a number of
times the amounts of their annual salaries.
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011