May 14, 2006
The Breaking News column by Cox, Cyran, Wade & Ford, reports that the author of the "Magna Carta of Shareholders Rights", Mario Gabelli, who railed against supervoting shares has established a company, Gamco Investors, with, you guessed it, supervoting shares. The company went public in 1999 with two classes on common shares. Gabelli controls the company's Class B stock, each with 10 votes. The Class A shareholders hold 25 percent of the equity and have only 3 percent of the vote. The effect? Gabelli could pay himself $55 million last year when assets under management fell 7 percent, stock price slide 10 percent, and profits were flat.
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