Million Dollar Shares for Divorce Settlement

Million Dollar Shares for Divorce Settlement

In a partial divorce settlement with Maureen Daly, David Dunkel, Chairman and CEO of Kforce Inc, has transferred 361,263 shares of Kforce stock worth (approximately 1.2% of the total shares) $8.18 million based on closing price of the company’s share as of March 18th. The same has been filed at the U.S. Securities Exchange Commission on March 20, 2015.[1] This award is made partially as against a pending hearing by the trial court to which an appeal has also been filed. The final judgment is likely to increase the final settlement award, which will require David to transfer an aggregate of 682,115 shares totaling around $15.4 million, as of the closing date of the first transfer. This transfer has eventually made Maureen the fifth largest individual shareholder at Kforce Inc.

The couple was married in 1999, got separated in and around April 2012 and subsequently a divorce petition was filed at the Hillsborough County court in July 2012 by Maureen. Maureen alleged that husband David subjected her to spiritual abuse as directed by his “discipler” to gain financial control.

A separate filing at the U.S. Securities Exchange reported that David still holds control over 1.6 million shares in an irrevocable trust adding to it another 76,448 shares of restricted stock.[2]