IStar Financial's Sugarman paid most but known least

Elstein, Aaron
June 2004
Crain's New York Business;6/21/2004, Vol. 20 Issue 25, p19
Real estate lender's chief Jay Sugarman, reaps reward on contract gamble and a couple of perks. iStar, a commercial real estate finance company that specializes in high risk deals shunned by most lenders, has grown exponentially since it went public in 1998. The story of Sugarman's booty goes back to March 2001, when he entered into a contract that offered him up to 2 million iStar shares if he could move its stock price to $37 per share from about $24, its worth at the time. Sugarman's reward amounted to 728,000 shares and iStar picked up the tab for taxes involved in lieu of delivering all 2 million shares.


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