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Boston Scientific
Boston Scientific Comments on Involuntary Selling of Its Stock by Co-Founders
October 25th, 2008
Yesterday saw heavy trading in Boston Scientific's (NYSE:BSX) stock, with approximately 38 million shares traded. This trading included involuntary sales of approximately 13 million shares beneficially owned by Boston Scientific's co-founders Pete Nicholas and John Abele or held, directly or indirectly, by a trust for the benefit of Mr. Abele's children. The recent turmoil in the financial markets -- combined with an inability of the co-founders and the trust to immediately access assets due to the bankruptcy of Lehman Brothers -- triggered automatic share selling related to collateralized loans of Mr. Nicholas, Mr. Abele and the trust. There may be...
Source: Law & Health Weekly (2008-10-25)
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