Both printed confirmations correctly reported the net amount of money owed on the trade. See Defendants' Notice of Motion, Exhibits H and J. Following their regular practice, the two companies produced printed confirmations of the trade and mailed them to each other. ("DG Meyer") sold to Paine Webber Real Estate Securities ("PWRES") a Federal Home Loan Mortgage Corporation bond for an agreed upon price of $7,680,155.53. Because the statute of limitations has run on any meritorious action arising out of that event, I grant defendants' motion for summary judgment and dismiss the complaint. McVann, Jr., Westhampton Beach, NY, for defendants.ĭefendants move to dismiss, or in the alternative for summary judgment, in this action arising out of a May 1985 overpayment by plaintiffs' clearing agent to defendant. Joseph D'Elia, Huntington, NY, for plaintiff. For UBS, PaineWebber’s massive brokerage sales force was the most valuable asset PaineWebber had to offer.PAINE WEBBER REAL ESTATE SECURITIES, INC., Plaintiff,ĭ.G. “Nevertheless, the threat of brokers leaving the newly combined firm presents a major challenge to executives in their efforts to make the $10 billion deal work. And UBS’s global reach could allow PaineWebber brokers to sell a broader variety of investments, including derivatives.” UBS has a much bigger investment-banking presence. In the past, the firm has had a small investment-banking unit, so brokers largely were deprived of selling initial public offerings of stock to their clients. “To be sure, there are reasons why PaineWebber brokers might want to stick around as the UBS deal takes shape. in 1994 then, it offered some brokers a retention package of stock and cash totaling about 40% of their trailing 12-month production, according to people familiar with the matter.” And it mirrors the move PaineWebber made when it bought Kidder, Peabody & Co. “This would ‘lock in’ brokers for long enough to make the deal a success, a PaineWebber official says. But PaineWebber brokers say they have heard the firm will offer a package in which they will receive as much as 40% of their total production for a year in stock, payable over around three years.” “A PaineWebber spokesman declined to comment on specifics of the retention plan neither Mr. UBS has set aside a $875 million retention pool to help keep talent from fleeing to other firms.” ![]() As early as Thursday, PaineWebber President Joseph Grano and Mark Sutton, its brokerage chief, plan to unveil a retention package in a bid to persuade brokers to stay. ![]() ![]() “So PaineWebber officials plan to act quickly. ‘There’s an awful lot of anxiety there.’ “ ” ‘If brokers want to leave, there’s nothing in this deal to make them stay unless they see in the next few months that the new firm is a much better investment firm-and that has yet to be answered,’ says Rick Peterson, a brokerage recruiter in Houston. This means PaineWebber risks having its brokers bolt to rivals if firm officials can’t provide additional incentives for them to stay.” “But under the terms of the UBS-PaineWebber deal, the shares vest when the deal closes in November (such vesting is common in mergers).
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