A reader clipped the following from a recent Las Vegas Sands 10-Q. The passage in question refers to a disputed $400,o0o worth of work performed on Venetian President Rob Goldstein‘s pied a terre. No wonder Mr. Goldstein lined up on Sheldon Adelson‘s side of the recent power struggle within Sands — if he’s got a CEO who’s willing to make shareholders eat $400K in personal expenses that were not carried out “in an appropriate manner.” Where can the rest of us find bosses like that?
| ITEM 5 — | OTHER MATTERS |
Transaction with an Executive Officer
As previously disclosed, during 2008, a subsidiary of the Company performed work at a home owned by Robert G. Goldstein, the Company’s Executive Vice President. Mr. Goldstein believed, and the Company acknowledged, that some of the work was not performed in an appropriate manner. The matter was referred to an independent expert, who concurred about the quality of the work and concluded that Mr. Goldstein should not be obligated to pay the $0.4 million incurred by the Company for costs and overhead on the job. These findings have been accepted by the Company and Mr. Goldstein.
Do you read 10k and 10Q filings from other industries? Things like this are a dime a dozen burried deep in the filing.
I work in the financial reporting field, you’d be amazed at what all those little footnotes say if you took time to read them.