This company just bet $288,000,000.00 on an Obama victory
Daniel Smith is the CEO of Sycamore Networks. He has approximately 1.65 million shares of his own company. Recently SCMR announced the special dividend of $10/share payable in October of this year. Notice this is right before a likely Obama victory and therefore the prospect of a raise on all dividend taxes. In total the 28.8 million shares outstanding will total a $288 million payout. This from a company with a market cap of approximately $455 million. Now this might not be politically motivated and I could be all wrong. However, if I'm right, I think many other CEO's need to examine the possibility of special dividends since this 15% rate might be at risk. Daniel is not only looking out for himself but in turn looking out for his shareholders.