Where did Checchi get the stock? NWA.
How did he finance his takeover? NWA operating money.
How did he get paid before he bailed with his stock? Staggering management
fees payed by NWA monies - No, I didn't say profits.

I"m not familiar with the situation but it sounds like he used company
money to buy company stock as leverage? What a beautiful thing. The
only way that works out financially is if the company's assets (cash)
were not being used properly and someone found out that the money was
worth more than the company. The wonderful laws of nature kick in and
someone grabbed the money and moved it to somewhere it could work more
efficiently. That natural laws of nature do not allow companies to hold
assets inefficiently.

-Robert