Alice in Plunder-land
by March 3, 2003 12:00 am 77 views
If Cannon did give way to a buyout, its primary stockholders would stand to make substantially less than even a year ago. The company’s stock topped $15 per share in late 1994 but hasn’t traded above $1 since April 2002. It’s been in the 30-cent range since late 2002.
Dean G. Cannon and wife Rose Marie Cannon, founders of the company, own 60 percent of the firm at 1.93 million shares ($580,345 at 30 cents each). Bruce Jones, appointed CEO of Cannon in August 2002, has 13 percent with 500,000 shares ($150,000). Jones is also president of CFOex Inc., a Knoxville, Tenn., corporate consulting firm that has been hired to resurrect Cannon, and the former CFO of J.B. Hunt Transport Services Inc.
Alice Walton, daughter of Wal-Mart Stores Inc. founder Sam Walton, has 9 percent of the firm with 283,289 shares ($84,987).