Mntsnow
03-12-2004, 7:05 AM
ImClone Systems Inc. sued founder and former Chief Executive Samuel Waksal, a longtime friend of Martha Stewart, for $26 million on Wednesday, saying it was forced to pay federal, state and city income taxes that Mr. Waksal owed but failed to remit.
ImClone, a biotechnology manufacturer, says in court papers that in 1999 and 2001 Mr. Waksal cashed in $63 million in warrants and stock options he received as compensation. The company says it didn't withhold taxes because it expected Mr. Waksal to take care of his own tax obligations.
Read more (http://money.cnn.com/services/tickerheadlines/djh/200403101844DOWJONESDJONLINE001096.htm)
ImClone, a biotechnology manufacturer, says in court papers that in 1999 and 2001 Mr. Waksal cashed in $63 million in warrants and stock options he received as compensation. The company says it didn't withhold taxes because it expected Mr. Waksal to take care of his own tax obligations.
Read more (http://money.cnn.com/services/tickerheadlines/djh/200403101844DOWJONESDJONLINE001096.htm)