How much has Chris Whittle invested and lost in Edison, personally?
Edison Schools was saved from bankruptcy in 1995 when Chris Whittle invested $15 million of his own money to keep the company alive. The funds came from proceeds from the sale of Channel One, his controversial daily news program for public schools, and various properties, including Whittle’s lavish apartment in the Dakota building in New York City. Whittle has also benefited financially from his work at Edison, collecting an annual salary near $300,000 in every year except 2002, when he collected $1. Whittle has received loans from the company totaling nearly $7 million, which he used to purchase company stock. The loans are due back in 2004 and 2005. Whittle currently owns about 15 percent of the shares, with options on nearly 2 million shares. The options have an exercise price of nearly $25, but as of June 2003, company shares trade for around $1.50. “His whole portfolio is underwater,” said a former board member who wished to remain anonymous. Whittle is used to the ups and downs.
