Wolf Sells UAL Stock: UAL Corp. Chairman...

Wolf Sells UAL Stock: UAL Corp. Chairman Stephen M. Wolf sold 96% of his stock appreciation rights last May for a $14-million profit, a UAL spokesman confirmed. UAL’s shares were trading at around $150 at the time. Wolf exercised his rights a month or so after UAL’s board agreed to sell the company to the unions at United Airlines for $201 a share--an indication he thought the union bid might fail. The unions now plan to offer UAL’s board a new bid ranging between $165 and $175 a share. The unions said Wolf’s action undermines his argument that their offer is too low, but a spokesman for Wolf said Wolf cashed in his rights because he thought the unions might try to nullify them. A UAL spokesman also confirmed that Chief Financial Officer John Pope sold his stock appreciation rights for a $4.2-million profit.