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Two will say no to PhilEx merger

Article Abstract:

Two board members of the Philadelphia Stock Exchange say they will vote against the planned merger with the National Association of Securities Dealers and the American Stock Exchange. John J. Egan Jr. and Leon Schochet pledged to oppose the merger proposal because of questions about taxes, governance, and competition. Schochet worried that Philadelphia members would have little voice in the merged exchange, and that its tax-free status might be lost. Backers of the merger, however, say the majority of PhilEx's 22-member board will vote in favor of the sale. If the board votes in favor, PhilEx's 505 members will vote on the finished agreement in Feb 1999.

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Two board members of the Philadelphia Stock Exchange pledge to vote against merger with American Stock Exchange

Author: DiStefano, Joseph N.
Publisher: Philadelphia Newspapers, Inc.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
Abstract, National Association of Securities Dealers Inc.

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Philex board accepts most of sale offer

Article Abstract:

The Philadelphia Stock Exchange's board of directors gave their approval to the majority of the conditions set for the sale to American Stock Exchange of the oldest stock market in the US. The board's vote was a compromise one. The board eliminated two important provisions and retained the power to renegotiate the agreement. A provision that would have binded terms to talks with American Stock Exchange in the future was eliminated by the board. Another provision that would have cost the exchange $750,000 if the deal were to be turned down by members in the winter of 1998 was also terminated.

Author: DiStefano, Joseph N.
Publisher: Philadelphia Newspapers, Inc.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
Asset sales & divestitures

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PhilEx to settle class-action suit for $2.8 million

Article Abstract:

A class-action lawsuit by options investors against the Philadelphia Stock Exchange has been settled for $2.8 million. The stock exchange, which has been targeted for investigation by the US Justice Department, has a $44 million annual budget.

Author: DiStefano, Joseph N.
Publisher: Philadelphia Newspapers, Inc.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2000
United States, General services, Security and commodity exchanges, Securities Exchanges, Exchanges

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Subjects list: Pennsylvania, American Stock Exchange L.L.C., Philadelphia Stock Exchange Inc.
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