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I voted no, but then wondered if they could give him the $100 million in other non-cash forms? Over time?
If he got Citibank shares that'd be sweet.
C shares have very high upside, that'd probably be too much for Citi to give away, it's be a decent percentage of the company and given that the gov't "technically" can't interfere, would be enough that he'd be able to influence the company after leaving (which he undoubtedly will).
I think they'll have to give him Philbro for free, maybe along with some of the unit's capital, because they'll clearly lose in court, but can't stand the bad press of paying him. So, they can rid themselves of a "controversial" firm, cost themselves and us more money, but at least Andrew Hall won't get screwed over. It would probably seal my decision to leave this country if his contract gets abrogated.
I think he will ultimately get the cash, but he may have to sue/depose Citi to get it. They have no valid legal reason for not honoring the contract. A similar situation happened to my father (different industry) and the judge said the company had no way to withhold the money from him. Citi will no doubt make up some BS reason for not paying him...But there are only two results from this...either he sues, gets the $, and leaves or he gets the money and stays. Wherever he goes alot of Phibro's talent will no doubt follow, Phibro will die, Citi will be destroyed because Phibro is propping up most of their profit. I don't see why Citi would not pay him, survival vs. losing face. The populist rage is still out there, showing us that that a lot of Americans hate what they don't understand. Citi is probably already hated and I doubt that this will ultimatly hurt their public image. But they will have to sell off units/take more money from the government if Hall leaves.
So what do you do? -I work for an investment banking firm. Oh okay; you are like my brother, he works for Edward Jones. -No, a college degree is required in my profession
Awful lot of faith in our judicial system there MM. I used to believe in the rule of law, before the government started abrogating contracts and putting unsecured creditors ahead of senior secured bondholders. But, the people's will be done...