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Former exec sues over options

Monday, April 3, 2000 | 10:52 a.m.

Martin S. Winick, a former senior executive for a securities brokerage firm, who alleged he was engaged in 1993 to help convert Paul-Son into a publicly traded company, said Paul-Son's late chairman, Paul Endy, agreed in 1995 to award him 300,000 option shares of Paul-Son stock over a three year period for his consulting services.

Winick -- who alleged the restructuring efforts he led helped Paul-Son to "report its most profitable annual earnings in fiscal year 1997" and "its stock price to climb to a record high of $26 a share in September 1997" -- accused Eric P. Endy, the trustee of the Paul S. Endy Jr. Living Trust and Laurence A. Speiser, the company's legal counsel, of conspiring to strip him of his alleged rightful compensation.

Winick said Eric Endy -- who he said took over his father Paul's interest in the Endy Trust's shares of Paul-Son stock after Paul Endy's death on April 10, 1999 -- took Winick's stock options as part of his plan to sell Paul-Son stock in order to raise money to meet a substantial estate tax liability.

Peter Bernhard, the defendants' attorney, declined comment.

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