Michael Gartenberg has an amusing take on the Google stock fiasco (warning, BIG file) that’s coming to light today:
Hmmm… let’s see. You own options on Google at $.30 a share but Google might have given them to you illegally, which is a wee bit of a problem for them. Fortunately for Google, they can fix this problem and they’ve offered to give you the $.30 a share in a buy back and call it even… plus interest. You could help them out and agree to this idea or you could hold the shares and sell them post IPO for a gazillion dollars…. Which would you do?
The especially difficult thing about Google’s situation is that many of the folks involved here are employees (the others are former employees and consultants). We’re talking a maximum of 1184 people here (Some enumerated in the various stock option grants detailed in its filing are likely duplicates). This is not the way to engender employee love of Google, and the last thing any company needs, especially during the uncertain pre-IPO time, is internal dissent.