So was the CFO fired or not?

Longview Fibre, a timber and packaging company in Longview, WA, recent announced that Chief Financial Officer Lisa McLoughlin had resigned to "pursue other interests." There was a time when such wording was used to cover a whole of corporate drama. With Sarbox probably in mind, Longview Fibre felt it had to provide a bit more disclosure officially. In a filing with the Securities and Exchange Commission, the company basically said that she "resigned in lieu of termination." Which means what exactly? Apparently there was a lot of rancor within the company over a hostile takeover offer and shareholder pressure. If she faced termination, she can qualify for state aid. But this is an example where the law really hasn't cleared things up for investors. The official announcement and the SEC filing together still paint a confusing picture. The quality of disclosure is critical, and that is hard to legislate.

For more on Longview Fibre:
- read this article from The Oregonian