But for what?  

Today the Boston Globe reports they they succceeded in getting the Norfolk Probate and Family Court to unseal a 1991 post-divorce financial lawsuit brought by  Maureen Sullivan Stemberg against Tom Stemberg, former owner and CEO of Staples.  The Boston Globe dropped  the action to remove the gag order to confidentiality agreement the parties signed in the case to the displeasure of Ms. Stemberg’s attorney Gloria Allred (corrected.  

The background for those unfamiliar with the facts:

Tom Stemberg separated from his wife in February 1987.  The Stembergs reached a financial settlement and their divorce was finalized in June 1988.  Sullivan-Stemberg received 500,000 shares of Staples and the house with a large mortgage.  Mr. Stemberg retained 567,000 shares of Staples.  The private company stock for purposes of the divorce was valued at $2.25/share and on that basis the major asset split between the Stembergs would appear to be 50/50.  Sullivan-Stemberg sold 175,000 shares for $2.25/share and a couple months later sold an additional 80,000 shares for $2.48/share.

The Staples’ IPO took place in April 1989 with an initial offer price of $19.00/share.  That subsequent event led to Sullivan-Stemberg’s 1990 lawsuit and Mitt Romney testifying on behalf of Stemberg that the 1988 stock valuation was fair and reasonable.  The Stembergs reaching an agreement in the lawsuit  may or may not have said anything about the 1988 stock valuation, and therefore, neither confirmed nor disputed Romney’s testimony which appears to have been an opinion based on Bain Capital’s investments in Staples beginning in January 1986.

So, once again, what has the Boston Globe been digging for in this this post-divorce lawsuit?

Evidence of Bain finanacial activities on behalf of Staples that valued the stock at more than $2.50/share?  Or documentation of the IPO in preparation before the Stembergs property settlement agreement?  Or simply 1987 evidence refuting

Romney described Staples as dysfunctional at the time — a place with “surly” employees and slow checkout times.

Do hope this gets more interesting.    

[Update] What I said above about the divorce division of the Stemberg’s stock in Staples isn’t accurate. Boston Globe now reports that Sullivan Stemberg received 500,000 shares of Class D stock that was issued at the request of Stemberg to facilitate his divorce. AP reports a slightly different version of the transaction:

…
Under a plan approved by Romney and other board members in 1988, Maureen Sullivan Stemberg was given 500,000 shares of Staples common stock, then awarded a special “D” class of stock in exchange for those shares. …

The details of the special “D” class stock aren’t currently available. However, based on what is known nothing nefarious can be read into this transaction. There could be any number of valid reasons for such a transaction that had no impact on Sullivan-Stemberg’s financial share of Staples.

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