Hello YouTube, Todd Ault here, and Welcome to Wall Street Words! Today's Wall Street term is "Greenmail"
"Greenmail", now similar to blackmail, let's say you're a trader and you buy a stake in a public company and that company doesn't want you as a shareholder. Under Delaware law and many laws, they can buy you out with a negotiated transaction. Of course, you as the reader have to approve the transaction. Where you sell your stock back to the company, so you go away. They're effectively paying you to go away or "Greenmail". Now, usually it's at the higher price and it excludes the other shareholders. This is a controversial tactic used by Ron Perlman, Carl Icahn and me Todd Ault. I'll tell you a story about "Greenmail". I bought a company called SNFCA in Utah. I bought a large stake in the company, went to meet with management and a couple of days later, they said, "we'd like to buy your shares and have you go away". Now, I signed a standstill agreement that said I wouldn't buy more stock for four years. I had bought that stock for about three bucks. They paid me six. The stock went to nine. The stock they didn't buy from me, I sold it at a tidy profit. The other stock at six was a double. Today's word is "Greenmail". It's used by companies to get rid of shareholders they may otherwise not want to be shareholders. [00:00:04][0.0]
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Wall Street Words word of the day = Greenmail
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