Ex-AIG Chairman Maurice Greenberg’s $2.2 Billion Stock Transfer To His Wife


Ex-AIG Chairman Maurice Greenberg Transfers
$2.2B In Company Stock To His Wife Before Retiring

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Documents that former American International Group, Inc. (“AIG”) CEO Maurice Greenberg recently filed with the SEC show that on March 11, 2005, he transferred 41,399,802 shares of his AIG shares to his wife, Corinne P. Greenberg, just prior to resigning from his position as CEO of the insurance company, American International Group, Inc.


Documents:

A) Greenberg’s Form 4 Statement of Changes in Beneficial Ownership of Securities (filed April 12, 2005)

B) Rider 1 attached to his Form 4  (filed April 12, 2005)

Lawyers Involved
  • Maurice Greenberg’s Lawyer
  • N.Y. Attorney General Eliot Spitzer
  •   1.      Mr. Greenberg is a trustee of the C.V. Starr & Co., Inc. Trust (the “StarrTrust”). Mr. Greenberg may be deemed to be the beneficial owner of, and to havea pecuniary interest in, shares of AIG common stock held by the Starr Trust. Mr.Greenberg disclaims the beneficial ownership of, and any pecuniary interest in,the shares of AIG common stock held by the Starr Trust.

      2.      Mr. Greenberg owns 17.112% of the outstanding common stock of C.V. Starr &Co., Inc. (“Starr&4dquo;). Mr. Greenberg may be deemed to be the beneficial ownerof, and to have a pecuniary interest in, the shares of AIG common stock ownedby Starr. Mr. Greenberg believes that any pecuniary interest he may have inthe shares of AIG common stock held by Starr does not exceed the percentageof his common stock ownership of Starr. Accordingly, Mr. Greenberg hasreported only his proportionate interest (i.e., 17.112%) of the transactionsby Starr in AIG common stock. Mr. Greenberg disclaims the beneficial ownershipof, and any pecuniary interest in,the shares of AIG common stock owned by Starr.

    Related Links
  • SEC’s Protective Order Issued Against Greenberg
  • Corporate Governance
  • Securities Law
  • Insurance Law
  •   3.      Starr has 1984, 1989 and 1994 Employee Stock Option Plans (the “Starr SOPs”),under which certain key employees of Starr are granted options with respect toshares of AIG common stock. As discussed in footnote 2 above, Mr. Greenberg maybe deemed the beneficial owner of, and to have a pecuniary interest in, theshares of AIG common stock held by Starr, including those held by Starr whichare used to satisfy exercises under the Starr SOPs.

         As discussed in footnote 2 above, Mr. Greenberg believes that his pecuniaryinterest in the shares of AIG common stock held by the Starr SOPs is limited to17.112%, and Mr. Greenberg disclaims beneficial ownership of, and any pecuniaryinterest in, the shares of AIG common stock held by Starr which are used tosatisfy exercises under the Starr SOPs.

      4.      Starr maintains a 1972 Employee Stock Purchase Plan (the “Starr PurchasePlan”), under which employees of Starr are given the right to subscribe forshares of AIG common stock. As discussed in footnote 2 above, Mr. Greenberg maybe deemed to be the beneficial owner of, and to have a pecuniary interest in,the shares of AIG common stock held by Starr, including the shares held by Starrwhich are used to satisfy rights under the Starr Purchase Plan.As discussed in footnote 2 above, Mr. Greenberg believes that his pecuniaryinterest in the shares of AIG common stock held by the Starr Purchase Plan islimited to 17.112%, and Mr. Greenberg disclaims beneficial ownership of, and anypecuniary interest in, the shares of AIG common stock held by Starr which areused to satisfy rights under the Starr Purchase Plan.

      5.      Mr. Greenberg is a trustee of certain trusts for the benefit of his childrenand grandchildren. In addition, ownership of shares of common stock held by Mr.Greenberg's wife may be attributed to Mr. Greenberg. This transactionrepresents a gift of 41,399,802 shares to Corinne P. Greenberg. Mr. Greenbergdisclaims the beneficial ownership of, and any pecuniary interest in, theshares of AIG common stock held by these trusts and by his wife.  (emphasis added)

      6.      Mr. Greenberg is a partner of various limited and general partnerships.Beneficial ownership of, and any pecuniary interest in, the shares of AIG commonstock held by these partnerships is disclaimed.


    Source: U.S. Securities and Exchange Commission



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