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The Court considered the construction of the whole policy and held that the exclusion clause took effect on the backdated date chosen by the parties.
Although backdating is generally permissible under the common law, a court will not give effect to backdating where the parties backdated the contract to mislead a third party.
However, to the company's disappointment, these employees were not hired until after the company's current employees filed their application to unionize, making the new employees unable to participate.
To cure this deficiency, the company, and their solicitor, backdated the contracts of the newly hired employees to a date before the application to unionize.
For example, in the Ontario Securities Commission found that RIM engaged in improper backdating practices when certain high ranked individuals backdated options to a price that was "in the money".
The turnaround was masterful; in fact, it's now the subject of business-school case studies.But as yet another executive who was once close to Jobs comes under the backdating cloud, one has to wonder: Is Jobs as innocent as Apple Inc. Or is the government afraid to go after one of the most respected leaders of American business? You can put him up there with Bill Gates and Warren Buffett," said Peter Henning, a professor who studies white-collar crime at Wayne State University in Detroit and one of the few legal scholars still paying attention to stock-options backdating."If you are going to put a case against him, you had better be sure it's a strong case." To be sure, regulators have in the past gone after celebrity business leaders.Ironically, Martha Stewart's case surfaced in the early days of disclosures about options backdating, when an anonymous lawyer was quoted by Business Week as saying Brocade Communications Systems Inc.It is common for two parties, particularly in the commercial context, to enter into a contract at one time, but agree to have the contract come into effect at an earlier time. Courts respect the parties' decision to backdate since giving effect to backdating provisions respects the parties' intentions as well as their freedom of contract., 1968 (the date the contract was delivered to the insured).
The practice is illegal if it is not followed by proper disclosure and related expenses are not recorded in financial statements.