While Margaretten Financial's sale to Chemical Bank for $25 a share is making investors very happy, few are likely to be as pleased as Felix Beck and David Frank.

That's because both Mr. Beck, the chairman, and Mr. Frank, the president, stand to cash in handsomely on shares of Margaretten accumulated over the years, many of them as part of their compensation packages.

Mr. Beck, one of highest-paid heads of mortage companies, will tender about 369,000 shares of Margaretten common, worth a little more than $9.2 million.

Mr. Frank owns and has options on almost 320,000 shares, an amount that will yield about $8 million.

As Mr. Beck pointed out in a recent interview, his numbers do not represent pure profit.

Accumulation Under Primerica

A large number of his shares were accumulated at about $10 a share in the days when Margaretten was owned by Primerica.

But a large number were also from grants at about $19 a share previous to the company's public offering in 1992.

Mr. Frank has been with Margaretten since the Primerica days, too, but most of his shares are apparently of more recent vintage.

When Margaretten was sold to public investors at $20 a share, the stock quickly dove well below the offering price.

Nonetheless, the situation for the top executives is a lot rosier today than it was early this year, when Margaretten Financial stock was hovering at about $13 a share and thousands of their options to purchase were effectively worthless.

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