Tag: Deutsche Post

William Armsted Robinson founded Document Handling Limited, one of the nation’s first courier services, and sold it for USD57 million last year. Competitors United Parcel Service and Federal Express, which fought the sale, wanted Robinson to testify that he was merely a financial front for the minority owner, Germany’s Deutsche Post. The US Department of Transportation eventually ruled against their claim and allowed the sale. In a transcript of his sworn confidential deposition, obtained by The Associated Press, Robinson said he had no idea how he came up with his USD60 million asking price for the company. But when he was offered $37 million, he said he responded, “Just forget it, we’re going fishing.” He testified he disregarded a financial analysis that valued the company at up to USD118 million _ more than double its ultimate sale price. And Robinson couldn’t explain why he was paid USD51 million for his 55 percent share of the company, while Deutsche Post was paid USD6 million for the remaining 45 percent.