John Glasgow Letter Shows Strained Relationship Between Dillard's, CDI

by Gwen Moritz  on Thursday, Feb. 28, 2008 5:06 pm  

Missing CDI Contractors executive John Glasgow, seen with his wife Melinda in a photo submitted by his family. Glasgow has been missing since Jan. 28.

In their joint response, Dillard's and CDI said, "Dating from CDI's inception and since the original agreement between the parties was written there have always been buyout provisions. The agreement gives Dillard's the right to purchase Bill Clark's interest from his estate following his death. However, Dillard's and some of the officers and employees of CDI are discussing an arrangement whereby Dillard's would permit these individuals to purchase Bill Clark's interest from the estate and, thus, continue in the partnership with Dillard's."

Those discussions are continuing, the joint response said.

The plan that was emerging, according to Roger Glasgow, called for William Clark to receive roughly half of the Clark shares while John Glasgow and a number of other CDI employees would each buy much smaller shares.

John was deeply involved in CDI's routine year-end audit as well as the valuation of the company, according to his brother, and he represented his fellow executives in talks with Simmons First National Bank for loans to buy shares from the Clark estate. (William Clark was named to the board of directors of Simmons First National Corp. in early January.)

John fully intended to spend the rest of his working life with CDI, Melinda said. But on "the worst day of his life," they took comfort in the knowledge that they would be fine even if his job there ended.

"We talked about that. We're young; we're smart; we have money in the bank. I have a good job; he gets headhunter calls a couple of times a year. We have options," she said. "He was committed to that company, but he knew on an intellectual level that he didn't have to be. And he knew that I was with him no matter what. He knew that too."

Dillard's and CDI, in their joint response, said it was "simply not true" that Glasgow's position as CFO was threatened by the change in ownership structure.

Last Known Movements

On Jan. 26, the Saturday before he disappeared, John Glasgow spent much of the day at the CDI office. According to Roger, he used an electronic key to enter the building, leave for lunch, then come back to work the rest of the afternoon before going home.

John was also at the office much of the day on Sunday, but he entered and left several times - sometimes for a minute or two, possibly to smoke the cigarettes he had found impossible to quit for good. No surveillance camera was trained on the employee entrance he used.

That evening, he and Melinda went across the street for a dinner party hosted by John's older cousin, Richard "Dick" Norton. When he got back home, John fell asleep in front of the television with his favorite cat on a blanket on his lap.

Melinda went to bed upstairs and hasn't seen him since.

 

 

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