Tuesday, August 31, 2010

The Price of Honor: Opening Bid US$430 Million


The National carries the story of Mr. Peter Barker-Homek, once CEO of Taqa, now dismissed and in court in Michigan to assuage the insult to his honor with a US$460 million lawsuit in the State of Michigan. Of which US$430 million is for pain, suffering, reputational damage, etc.

 In case you're wondering his claim is for approximately 21% of the Company's net worth at 30 June 2010 (excluding minority interests and shareholder/government loans).   Or 2.11 x the net income for the first six months of 2010.

4 comments:

Laocowboy2 said...

And I assumed that smoking "substances" was banned in the State of Michigan.

Abu 'Arqala said...

LC2

Here's an apt quote attributed to the famous US jurist, Oliver Wendell Holmes, Jr.

"This is a court of law, young man, not a court of justice."

Anonymous said...

Pain and suffering? He lived in a $15 million home in Dubai and hob knobbed with the Emeratee elite. All benefits bestowed on him. He was treated like family.

Had his ego been a a man of more modesty, he would not have been bitten by the real estate bubble. This is really about his bad investments, and walking away from the Emirates with nothing but sand in his pockets.

Anonymous said...

Poor Peter, who only boasted of making TAQA a $60 bn company. What he did not where the money come from and who pays it back.

Its fortunate that Abu Dhabi is the richest of the Emirates because they maw well require the wealth to erase the fiscal legacy Peter Barker Homek left.

THe Arabs are too quick to judge a person by the words he speaks, ignoring the contrary actions to which no one speaks but cause discomfort to all.