Biggest insider stock trading story I've seen all day belongs to designer Ralph Lauren.
Is this another fake charity a la Clinton?
https://www.dailymail.co.uk/news/article-6874735/Ralph-Lauren-selling-assets-charity-wife-Ricky-transferred-100MILLION-stock.html
Spring cleaning: Ralph Lauren selling off all assets from his charity a week after wife Ricky transferred $100MILLION of stock to the designer and company appoints new COO
There have been some major shake-ups at Ralph Lauren Corp over the past month, including a $100 million stock transfer from wife Ricky to the designer
On March 13, Ricky gave 750,000 shares from a trust ion her name to a trust in her husband's name, bringing his total shares to 11,499,906
Court papers were also filed last week seeking approval to sell off all assets from Ralph Lauren Center for Cancer Care and Prevention to MSKCC
On Monday, the company's Chief Financial Office Jane Nielsen began her expanded role serving as Executive Vice President and Chief Operating Officer
Court papers and recent SEC filings reveal that changes are afoot at Ralph Lauren.
On March 21, the Ralph Lauren Center for Cancer Care and Prevention submitted a petition seeking the court's approval to sell off all remaining assets to Memorial Sloan Kettering Cancer Center.
One week prior, Ricky Lauren transferred 750,000 shares of her stock to a trust in her husband's name.
As of Monday afternoon, those shares have an approximate value of $100 million.
Also on Monday, Chief Financial Officer Jane Hamilton Nielsen stepped into her new roles as Executive Vice President and Chief Operating Officer.
he Ralph Lauren Center for Cancer Care and Prevention began the process of selling of its assets in March of last year.
Those assets were valued at $2,292,000.00, and it is stated in the legal filing that no one at either RLCCCP or MSKCC will profit from the sale.
Once those assets are transferred to MSKCC, the RLCCCP will dissolved 17 years after it was founded as a joint venture between Lauren's Polo Ralph lauren Foundation and MSKCC.
Its homepage, which is still online, states: 'Since 2003, our sights have been set on one goal: providing high-quality care and support to everyone affected by cancer.'
Neither Ralph or his wife are on the board from RLCCCP, but their son David is one of the members.
On March 13, Mrs Lauren's ownership was nearly cut in in half to 879,044 shares while leaving Mr Lauren with 11,499,906 shares of stock in the company he founded back in 1967.
That translates into $1.5 billion of stock owned by Mr. Lauren.
An SEC filing obtained by DailyMail.com shows that there is also a third trust which contains 4,289,028 shares that was established for the benefit of Mr. Lauren's issue, with Mrs. Lauren operating as a trustee.