X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
An ex-New York Stock Exchange seat holder is suing the exchange and its chief executive John Thain, asserting that she never would have sold her seat if Thain had not allegedly hidden the existence of the pending NYSE/Archipelago Holdings Inc. merger. Allison Wey sold her seat in March for $1.54 million after her husband was allegedly told by Thain in February that there were no plans to take the company public. Wey claims that less than two months later the seat would have been worth at least a million dollars more. Her suit was filed in New York State Supreme Court. Wey’s lawsuit follows on the heels of other recent actions against the NYSE by longtime seatholders. William Higgins sued in May to stop the deal, saying the agreement’s $3 billion valuation of the exchange was too low. Higgins then filed a second suit against the NYSE seeking a full list of seat holders, or owners of the not-for-profit exchange so he could contact them about the merger. Last month Robert Dill and Michael Quinn filed suit claiming that the proposed merger is grossly unfair as currently valued, and they want the NYSE to open its books and records for all information related to the deal with Archipelago. The NYSE stunned the trading world when it struck a surprise agreement in April to merge with upstart electronic communications network Archipelago and become a publicly traded company named the NYSE Group Inc. A number of seatholders are nonetheless uneasy about the deal, saying the 213-year-old exchange plans to give eight-year-old Archipelago too much control. Under the deal, seat owners would receive about $300,000 apiece and would divide among them 70 percent of the merged company’s stock. Archipelago stockholders will receive the remaining 30 percent. Copyright �2005 TDD, LLC. All rights reserved.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.