Ex-Kmart CEO wants to overturn verdict in SEC case

[louis-t]

Source: Associated Press

ANN ARBOR, Mich. – With millions of dollars at stake, lawyers for the former head of Kmart Corp. urged a judge Wednesday to throw out a verdict in a civil trial that centered on what investors should have been told before a bankruptcy filing in 2002.

A jury said in June that Charles Conaway misled Wall Street about the retailer's health. As a result, the Securities and Exchange Commission wants to wrest $22.5 million from the former CEO.

Conaway, 49, testified that he didn't write or read the report and relied on his chief financial officer and others. He said it never crossed his mind that he was withholding critical news.

The jury, however, found that Conaway acted "with intent to defraud or with reckless disregard for the truth." Delaying payments to vendors was a "material liquidity deficiency," the jury said, and should have been publicly reported.

Read more: http://news.yahoo.com/s/ap/20090812/ap_on_bi_ge/us_sec_kmart_ceo

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It's all about you, isn't it Chuckie?

[PatSeg]

1. They only take credit for the successes, never the failures

[Fritz67]

2. I worked for K-Mart while this asshole was CEO

He drove it into bankruptcy, then got an $8 million Golden Parachute when the board got rid of him (yeah, I know, par for the course when it comes to corporate kleptocrats, right?)