IP: Money Grab

[David Farber <dave () farber net>]

> Date: Mon, 04 Jun 2001 09:43:17 -0400
> To: farber () cis upenn edu
> From: Randy Barrett <barretone () patriot net>
> Subject: Money Grab
>
> Hi Dave: Thought this would be of interest to the list.
> Regards,
> Randy Barrett
> News Editor
> Interactive Week
>
>
> Money Grab
> By Randy Barrett
> When the tech bubble burst, all that money didn't just disappear. In the 
> ensuing stock slide, a good deal of it went into the pockets of the 
> executives of now-failed Internet companies.
>
> It flowed to people like Arvind Relan, former vice president at Webvan 
> Group, the ailing online grocery company whose stock is now trading at 16 
> cents per share. Starting in July 2000, when he was still a Webvan 
> employee, Relan steadily dumped shares and, by October, was $6 million richer.
>
> Relan didn't do anything illegal. In fact, by all measures of financial 
> prudence, he did just the right thing: sell when the going was still good. 
> But the going got very bad shortly thereafter. Webvan was overextended 
> with millions of dollars worth of empty warehouses, and it is now doubtful 
> the company will survive. As for Relan, one thing is certain - he got 
> rich. Investors got burned.
>
> SNIP
>
> http://www.zdnet.com/intweek/stories/columns/0,4164,2767097,00.html



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