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Shake-up At SonicBlue

Posted by ryuzaki0 on from the battle-to-the-financial-finish dept.

InfoMinister writes "Good story at SiliconValley.com. The lead tells the tale: "In a boardroom drama rivaling its courtroom battle with Hollywood, SonicBlue's chairman and chief executive, Kenneth Potashner, was ousted Thursday after he demanded board members repay more than a half million dollars in loans they gave themselves to buy stock in an affiliated company.""

1 of 221 comments (clear)

  1. just wanna know one thing... by Maditude · · Score: 4, Interesting

    Potashner, who also received a $261,232 loan in December 1999 to purchase RioPort stock, said the board members voted last December to make their loans ``non-recourse,'' an accounting term that meant the directors would not be personally liable if they failed to pay.

    How do I get one of these loans? Sounds an awful lot like free money...