Peter Paoli, president and CEO of Altria subsidiary the U.S. Smokeless Tobacco Co., exercised options to buy 6,740 shares for $10.09 per share or a total of $68,000. Paoli owns more than 213,000 shares of Altria stock.
The Brink’s Co.
The company announced that it has cut off funding to its Brink’s Belgium S.A. subsidiary and thereby has exited the cash handling market in Belgium. The subsidiary has been unprofitable for many years, the company said, including a loss of $7 million through the first nine months of the year. The Belgian arm filed for bankruptcy in that country and Brink’s said it expects to record a fourth-quarter non-cash charge of $15 million to $20 million related to the move. Brink’s will continue to operate in Belgium through its Global Services unit, which provides secure transport of diamonds, jewelry, precious metals, banknotes and other commodities.
Brink’s granted restricted stock unit awards to its top executives, including 5,797 shares to President and CEO Michael T. Dan.
Keith Browning, executive vice president of finance, exercised options to buy 50,000 shares for $17.20 per share or $860,000. He then sold those shares at market price for $33.83 per share or $1.69 million. Browning still owns 122,000 shares of CarMax stock.
President and CEO Thomas Folliard disposed of 950 shares as gifts. He still owns more than 373,000 shares.
The company named a new executive, William E. Roller who is now executive vice president and principal operating officer at Colfax Fluid Handling.
Colfax also said it was unable to file its full third quarter financial results by the mandatory deadline. The delay is related to restatements the company plans to make due to $15 million to $25 million overstatement it recently discovered related to its pension liability for one of its subsidiaries.
Eastern Virginia Bankshares
About a dozen of the company’s executives and directors acquired shares for $3.58 per share through a dividend reinvestment and stock purchase plan.
The drug maker said in its third quarter financial report that it continues to fight a legal battle in New York against a woman who formerly was using Insmed’s IPLEX drug. The woman filed suit in federal court in New York seeking money damages and a court order requiring Insmed to support her in an application she filed with the FDA to gain permission for continued access to the discontinued drug. The plaintiff in the case had been participating in a drug trial for patients with type 1 myotonic muscular dystrophy. She claimed she was seeing positive results from IPLEX. However Insmed concluded the drug was not an effective treatment and did not continue the trial. She also claims she was fraudulently induced into entering the trial. Insmed said the allegations are without merit and it will “continue to vigorously defend this action.”
James River Coal
COO Coy Lane Jr. sold 9,720 shares for approximately $184,000. Lane still owns more than 125,000 shares.
Vice Chairman Steven Markel sold 4,000 shares for $364.80 each, a sale worth $1.45 million. He then sold another 4,000 shares for $365.65 per share, or $1.46 million. He also disposed of an additional 15,000 shares as gifts.
Douglas Eby, a director, sold 100 shares for $359.54 per share or $35,954.
Ten of the company’s executives each were able to acquire and then sell hundreds of shares through the vesting of previously awarded restricted stock units. Included among them was CEO Don Blankenship who was able to sell his 2,866 converted restricted shares for $226,000.
President and CEO Marshall Morton received 430 shares of phantom stock as part of a deferred compensation plan. The shares will convert to cash whenever Morton leaves the company. CFO John Schauss also received shares of phantom stock.
Owens & Minor
Executive Vice President E. V. Clarke III sold 4,000 shares for $29.06 per or $116,240. He still owns nearly 30,000 shares.
Chairman, President and CEO George Freeman III disposed of 350 shares as gifts. He still owns more than 69,000 shares.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]