Darwin deason back dating
Playing host to his friends on the boat, Deason liked to smoke marijuana and drink the unthinkable concoction of Diet Coke and Kahlua out of a large brandy snifter.
The passengers on that particular voyage, besides the captain and crew of four, included former Cowboys punter Mike Saxon and his wife Suzanne; Dallasite Carter Abercrombie and his wife Angie; and Deason. Having recently divorced his fourth wife, he was traveling without a companion.
An investigation into options backdating at Affiliated Computer Services Inc.
unearthed a handwritten note in which ACS Chairman Darwin Deason discusses the practice of “always” picking the “lowest” prices “so far” in the quarter to award stock options.
Super PACs — which emerged after the 2010 Supreme Court Citizen’s United decision, are forbidden from coordinating with presidential campaigns, but few have been left with such significant sums on hand after their favored candidate has dropped out.
He began yelling at the chef, Vinny Feola, who locked himself in his quarters.News of the note’s contents comes at a sensitive time for Mr.Deason, who earlier this week joined with Cerberus Capital Management of New York in a .9 billion offer to take ACS private. –the Journal includes a small box giving the background of the story: “Some have asked whether Chairman Deason is trying to scoop up ACS at a bargain price.” At first the connection between the backdating revelation and the buyout was lost on us but then we remembered you have to think like a criminal prosecutor to understand the Wall Street Journal’s backdating coverage.But I never expected to see all three of these woes afflict a single company at the same time, yet that is exactly what has happened to Affiliated Computer Services, which finds itself and several of its officers the target of an unusual lawsuit brought by give not-quite-former outside directors as part of a veritable conflagration of accusations between management, the company and its independent directors.The starting point for this story is ACS’s larger-than-life founder and Chairman, Darwin Deason, a four-times married former Arkansas farm boy who reportedly drinks the heinous combination of Diet Coke and Kahlua to self-treat an acknowledged drinking problem and who either did or did not threaten to kill his personal chef on his yacht in September 2001.“Austin is just being cautious to make sure it is all done properly and legally.We appreciate that he is.” Asked about his family’s involvement in a Republican nomination fight without Perry, Deason added, “We are going to sit back and let things shake out a bit before we choose another candidate.” The remnants of Perry’s super PAC present a relatively untested phenomenon in presidential politics.The note raises questions about the company’s prior assertions that Mr.Deason, its founder, knew nothing about widespread options backdating at the company.As the last second, thought, Plano-based EDS raises its hand and shouts “Four hundred and sixty-five million! Five months later, with 18 of his top 22 executives from MTech on board, he launches ACS.Having formed ACS from the remnants of a failed MBO in which he was outbid by a competing bidder, it may well be supposed that Deason was determined not to permit himself to be similarly outbid in his attempted buyout of ACS itself.