Former Caesars exec sues Harrah's
National (litigation) - Wally Barr, former chief executive of Caesars Entertainment, has filed a class-action lawsuit against Harrah's Entertainment, saying the world's largest gambling company owes him and potentially hundreds of other former Caesars' employees millions of dollars for their stock options. Harrah's bought Caesars last summer in a $9 billion deal. In the suit, Barr said Harrah's refused to pay employees and executives who held options to purchase Caesars' stock at the price they were entitled to...Barr said Caesars option holders covered by a 1998 incentive plan should have received the highest share price paid for Caesars' common stock in connection with the merger -- $23.76. Instead, they received $21.85...At the time of the merger, Barr held options to purchase 2.15 million shares of Caesars common stock, the suit said. At $21.85 a share, he would have been paid more than $47 million. The $1.91 discrepancy would give him an additional $4.1 million...If all 55 million options were granted, Harrah's would owe other former Caesars employees more than $105 million.
(Dead link: http://www.nj.com/business/ledger/index.ssf?/base/business-1/1130302875264530.xml&coll=1)
National (litigation) - Wally Barr, former chief executive of Caesars Entertainment, has filed a class-action lawsuit against Harrah's Entertainment, saying the world's largest gambling company owes him and potentially hundreds of other former Caesars' employees millions of dollars for their stock options. Harrah's bought Caesars last summer in a $9 billion deal. In the suit, Barr said Harrah's refused to pay employees and executives who held options to purchase Caesars' stock at the price they were entitled to...Barr said Caesars option holders covered by a 1998 incentive plan should have received the highest share price paid for Caesars' common stock in connection with the merger -- $23.76. Instead, they received $21.85...At the time of the merger, Barr held options to purchase 2.15 million shares of Caesars common stock, the suit said. At $21.85 a share, he would have been paid more than $47 million. The $1.91 discrepancy would give him an additional $4.1 million...If all 55 million options were granted, Harrah's would owe other former Caesars employees more than $105 million.
(Dead link: http://www.nj.com/business/ledger/index.ssf?/base/business-1/1130302875264530.xml&coll=1)