There was uproar at Storage Technology Corp’s annual meeting when company officials refused to put to a vote a proposal that would have required some officers of the company to place profits from recent stock sales in an escrow account until the company’s stock recovers to the $70 range: the proposal was made by investor Seymour Licht, and rejected by chairman Ryal Poppa, who said the sales were clearly legal and also rejected Licht’s suggestion that the vote on changes in director stock option plans be delayed until it becomes clear that there were no violations of securities laws; the exchange grew testy enough to bring Poppa to swear words, and after the meeting, Licht said he plans to file two lawsuits, including a class action suit and a derivative action, against the officers in Phoenix and Denver courts.
