Charlie is buying the farm, well maybe stealing it!

birkoff

SatelliteGuys Family
Original poster
Aug 21, 2004
94
5
March 10 (Bloomberg) -- EchoStar Communications Corp., the No. 2 U.S. satellite-television company, may have improperly booked transactions with suppliers and made suspect consulting payments to a friend of Chairman and Chief Executive Officer Charles Ergen, said people familiar with an internal probe of the company's accounting. The investigation by EchoStar's audit committee was prompted by KPMG LLP, which uncovered evidence of potentially illegal conduct while auditing the company's 2004 accounts, the people said. The U.S. Securities and Exchange Commission also has opened an inquiry into Ergen's role in EchoStar's accounting, said two of the people, who declined to be identified.

The situation threatens to weaken Ergen's grip on the company he founded in 1980 and still controls, with 91 percent of the shareholder votes and stock valued at about $7 billion. Once the audit committee presents its findings to Ergen, 52, KPMG must then decide whether EchoStar is going far enough to address the failings or refuse to sign off on the company's accounts, said three of the people familiar with the matter.
 
korsjs said:
this would be a great question to ask charlie on the charlie chat.
No it wouldn't. CC have become useless lately with questions like "How do I change the batteries in my remote" and "What channel is the time channel going to be on?". We don't need to get financial information during the CC too. This would be a good thing to bring up in a quarterly conference call.
 
91%?? Where does Bloomberg get their info?

Didn't 'chucky' sell off a bunch of stock in May of 2003?

I remember seeing something about 'x' billion dollars in shares sold or something like that.

(time passes)
Looked it up on yahoo:
http://finance.yahoo.com/q/mh?s=DISH

Insider Holder Shares Reported:

Name - Shares - Date Reported

DEFRANCO, JAMES - 4,765,202 - 14-Dec-04

MOSKOWITZ, DAVID K. - 542,954 - 10-Feb-05

ERGEN, CHARLES W. - 245,648 - 10-May-04

KELLY, MICHAEL 151,010 - 29-Aug-03

CARTWRIGHT, HESABI SORAYA - 134,406 - 30-Jan-04

Charlies holdings:
http://biz.yahoo.com/t/23/341.html

So maybe charlie is just DeFranco's puppet since he only has 5% of defranco's holdings. How Bloomberg comes up with 91% of the shareholder votes I have no idea. He does own about $7 billion. At least they got that right.

I don't know anything about stocks and finaces, so take my info for what its worth..... 'nuttin' ;)
 
Charlie owns super shares. They carry more votes than regular shares. Do a search for 'dual class shares', 'super voting shares', etc.
 

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