American International Group (AIG), Greenberg and Smith Settle Disputes
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American International Group, Inc. (NYSE: AIG), its former Chairman Maurice R. “Hank” Greenberg, its former Chief Financial Officer Howard I. Smith, C.V. Starr & Company, Inc., and Starr International Company, Inc. announced today that they have entered into an agreement to settle all disputes between AIG, on the one hand, and Greenberg, Smith, C.V. Starr and SICO, on the other.
Under the terms of the settlement, the parties have agreed to release each other from all claims, including any claims by Greenberg and Smith against AIG for indemnification of future legal fees and expenses or settlement costs. The parties have further agreed to submit to an independent third party Greenberg’s and Smith’s claims for past legal fees and expenses for a determination of which of those fees (up to a $150 million cap) AIG is legally obligated to pay under AIG’s charter and by-laws and Delaware law.
The details of the settlement are set forth in the November 25, 2009 Memorandum of Understanding attached to AIG’s Form 8-K filing dated November 25, 2009.
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Does Greenberg want his comapny back?
N.B on Nov 27, 2009 08:52 AMWith the settlement, the question now remains if Hank wants his company that was stolen from him by Spitzer's political intentions(which we all know later blew up in his face). I think that Hank is disgusted with the fire sales that the government is trying to force, and now that the settlement is in is going to start doing something about it. Why settle now? What was the motive? Hank has been pushing the government for months to renegotiate loans to AIG. Stay tuned, I think something may be in the works. By the way isn't Starr Holdings still the largest shareholder, outside of the gov't that is? I personally would like to see Hank back as Chairman of his company, if he was there AIG would never had collapsed with credit default swaps. Insurance is still his business, so what better way to get back on top of this industry where he belongs and sat for a long time before Spitzer. I like Hank and AIG to renew vows and force a gov't divorce from his gal. I have and still am an AIG buyer and supporter for disclosure.