It's been a pretty tough year for overbuilder RCN Corp. and its
shareholders, but chairman David McCourt nevertheless received $2 million in
restricted stock.
The shares, which can be sold in three chunks over three years, were given in
lieu of the $2 million cash bonus McCourt received in 1999.
RCN shares have dropped about 90 percent in the past year, and the
company acknowledged that it was becoming overextended and is cutting back plans
to construct new cable/telephone networks.
McCourt got his shares Feb. 21, a day when they were valued at $8.37
each. RCN's stock closed at $6.06 Friday.
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