The Wall Street Journal
is reporting that the shareholders plan to meet
in New York City Monday, with former AIG chief Hank Greenberg likely to be
among those represented. One of AIG's largest shareholders, Greenberg may have
lost more than $3 billion as the insurance company's stock slid over
the past two months.
The Federal government took control of
AIG last week, as it looked as if the insurance giant would have to
file for bankruptcy. Terms of the deal included an $85 billion
federal loan and warrants for 79.9% of AIG's equity. The initial terms
called for the deal to be put to a vote, but with the company having
some breathing room, opposition to the takeover has mounted. Possibly
looking to head off a standoff with shareholders, the Fed filed a
new description of the bailout on Friday that made no mention of
warrants or a shareholder vote.
- George WhiteSee WSJ storySee story on AIG on TheDeal.comSee Crisis on Wall Street Dealwatch
