Special Dividend Makes For InsiderWindfall At Fidelity National
JACKSONVILLE, Fla. - (12/28/04) -- Several insiders at FidelityNational Financial Inc. will reap multi-million dollar paydays as aresult of the company's one-time $10-a-share dividend, announcedearlier this month as part of the company's recapitalization plan.The biggest winner will be Chairman and CEO William Foley, whostand to reap as much as $80 million from the 5.5 million sharesFidelity share he owns and as many as three million more he plansto acquire through outstanding options, according to documentsfiled with the Securities and Exchange Commission. Other bigwinners will be: Vice Chairman and former President Frank Willis,$15 million; Daniel (Ron) Lane, a director, $14 million; PresidentRaymond Quirk, $1.1 million; and Vice President Ernest Smith$600,000. But the biggest winners will be Alltel Corp., the LittleRock, Ark., that sold Fidelity its financial services operationlast year for $1 billion. Alltel will reap $110 million on the 11million Fidelity shares it received in the deal. While Barclay'sGlobal Investors will receive almost a $140 million payout for its13.9 million Fidelity shares. Fidelity plans to finance the $1.7billion special dividend with $500 million earned from the sale of25% of its financial services unit; and $2.8 billion inborrowings.