Julian Ivan-Alexander

WSJ: Steve Jobs May Have Helped Pixar Director With Suspect Options Grant

Paul,

yawn.. the WSJ haven't done anything. All they've done is run an old story from last August as if it was news, without adding anything new to the mix. Its the media whoring for hits, as usual.

Repeat after me: backdating was not illegal, backdating was not illegal, backdating was not illegal

WSJ: Steve Jobs May Have Helped Pixar Director With Suspect Options Grant

I've copied this from an AAPL discussion board. Some of the points are better made than others, and some more relevant than others, but considering this matter dates back to last August, and there is no new information here, and no new developments, the WSJ is in my opinion guilty of basically whoring for hits by trying to centre their non-story around more Steve Jobs bashing:

WSJ: "Steve Jobs helped negotiate an employment contract with a top film director that included a large stock-options grant with an especially well-timed date, according to a person familiar with the matter."

*** Who is this person that is familiar with the matter ? Why did this person disclose the information to the author ? What did the reporter do, go out and find an ex employee who worked with Pixar at the time and probe them ? Was this person, possibly a clerk in the legal department. ?

WSJ: "It remains unclear what role, if any, Mr. Jobs played in selecting the prior grant date of the agreement's stock options. "

*** Then why drag Mr. Jobs into it? The author, without question, is blaming Mr. Jobs.

WSJ: "In November, Disney Chief Executive Bob Iger said that "we aren't aware of any basis under which stock options that were issued by Pixar would have a material impact on our financial statements." Prosecutors are awaiting the conclusion of the Disney probe.

*** If they are awaiting Disney's probe, then why is the "person familiar with the matter" and the writer not doing the same ?

WSJ: On March 21, 2001 SJ signed an employment agreement with Lasseter, essentially extending his existing employment agreement due to expire in 2004. The new agreement will not expire until 2011. He received a 5 million signing bonus and a 2.5 million salary.

*** The following is very unclear. "In connection with the Employment Agreement, Mr. Lasseter was previously granted an option to purchase 1,000,000 shares of our common stock at the fair market value on the date of such grant," according to Pixar documents filed with the SEC. This implies Mr. Lasseter already had the options from the previous employment contract. Those options which he already had under the previous employment agreement, were dated Dec. 6, 2000, carrying a strike price of the stock's close the day before.
Now the question becomes, did Mr. Lasseter actually receive them on Dec. 6, 2000 or did he receive them on the signing of the new contract ?

*** The questions as to when he actually received them are what is being investigated. According to Mr. Lasseter's filings with the SEC he received them on Dec. 6, 2000 as that is the way they were dated to be vested.

However, according to Pixars filings, the options vested as though they were issued in the March extension of his employment agreement.

My guess, the options were granted in Dec. 2000, then those options were renewed as part of the new employment agreement in March of 2001. In other words he already had those options and they were included in the new agreement.

Since Pixar was responsible for reporting to the SEC they showed the options vesting in April as they became renewed in march as part of the new employment agreement. According to Lasseter they began vesting in January 2001 as, in his mind, he already had them. My take is this is a technicality they are exploiting.

Talk about picking the bones clean, these reporters and the SEC have outdone themselves on this one. Now they are going to turn this back on Job's. Somebody has to stop this type of stuff.

PS: the above is my opinion I am not a lawyer.

WSJ: Steve Jobs May Have Helped Pixar Director With Suspect Options Grant

Lol!!

WSJ: Steve Jobs May Have Helped Pixar Director With Suspect Options Grant

*******Tue Aug 29******, 2006 1:02 pm
briefing.com
AAPL Apple Computer: Valid concern with Pixar's options granting activities, continue to see this as potential overhang on AAPL shares - AmTech (66.98 ) -Update-

AmTech says they believe there is valid concern with Pixar's options granting activities, their analysis of SEC filings dating back to 1996 indicates that the co's compensation committee is run by an independent board who are not current or former employees of Pixar.

**********More importantly, contrary to recent speculation, they do not see any indication that Steve Jobs was ever a member of the compensation committee at Pixar, nor has he been a recipient of options********.

They do not view Pixar's options activities lightly and continue to see this as a potential overhang on AAPL shares. They recommend buying on weakness as they believe AAPL's competitive advantages and growth prospects remain among the strongest in large-cap tech.

WSJ: Steve Jobs May Have Helped Pixar Director With Suspect Options Grant

This was reported late last summer. No new facts. No new developments. No news. More "Steve Jobs FUD" in other words. More WSJ regurgitating old news as new news hysteria, whoring for hits by jumping on the same ol' bandwagon.

Silence is Not Golden -- Steve Jobs' Quiet Over Options Backdating at Apple, Pixar is Disconcerting

How do you expect SJ to comment on this matter until the external, independent investigation has been concluded? He can't pre-empt the report for crying out loud! Don't be so absurdly naiive. I can't even believe you suggested he should "frankly and openly discuss the scandal if for no other reason than to assuage the legitimate fears of investors," before the investigation is over.
Get real, or get a job that doesn't involve writing about matters you seem not to comprehend.