Joined: Feb 21, 2006 Posts: 4196 Location: Sanford, Fl
Posted: Wed May 26, 2010 3:21 pm Post subject: Disney Employee Arrest for Insider Trading... ABC For Sale?!
First, news came out earlier today that the assistant to a Disney Exec were arrested today for insider trader. The assistant (and her boyfriend) offered to sell company financial secrets:
Disney Secretary Arrested in Secret-Selling Plot
Executive's Assistant, Boyfriend Accused of Offering to Sell Financial Secrets to Hedge Funds, Investment Firms
An assistant to a top executive at Walt Disney Co. was arrested Wednesday along with her boyfriend on charges that they offered to sell secrets about the company's financial picture to investment companies, authorities said.
Bonnie Hoxie, who had been a secretary to Disney's head of corporate communications, was accused of conspiracy and wire fraud along with Yonni Sebbag, also known as Jonathan Cyrus.
Hoxie, 33, and Sebbag, 29, were awaiting an initial appearance Wednesday in federal court in Los Angeles, where they reside. It was not immediately clear who would represent them in court.
U.S. Attorney Preet Bharara said the case demonstrated that "the integrity of the securities exchanges can be compromised not only by top executives, but also by anyone entrusted with material, nonpublic information."
Disney said in a statement that it "has been fully cooperating with this investigation."
Prosecutors said Hoxie, who had been employed at Disney since Dec. 18, 2007, obtained information such as Disney's quarterly earnings before the results were publicly released and fed the information to Sebbag, who tried to sell the tips to at least 33 investment companies.
The government said the pair arranged for anonymous letters to be sent in early March to dozens of hedge funds and other investment companies, many of which were located in Manhattan, offering to sell secrets.
And on the heels of that, it is being reported by CNBC that the accused has stated that Bob Iger is looking to sell ABC. This is part of the information that the accused has been trying to sell. Right now this part of the sorid affair is just speculation and Disney has so far denied the allegation. For more info: http://www.cnbc.com/id/37357342/
Unless Disney got an offer that was WAY TOO GOOD to pass up, I doubt they would be trying to get rid of ABC. The Disney companies are so tied together, it would be extremely difficult to split them up and would probably cause more problems and cost more money than it would be worth... _________________ Up or Down North, South, East, or West An Adventurer's Life is Best!
I did not really see anything in the article that stated that Disney is selling ABC, it seemed that the article was more along the lines of "if they did sell ABC" and discussed the selling/buying of other cable & network outlets... Since nothing from Disney other than denials, from what I've seen... _________________ Up or Down North, South, East, or West An Adventurer's Life is Best!
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