Whaley (2006) understands that the so-called ‘derivatives disasters’ reported in financial publications are
not a result of a fault in the performance of derivative agreements or of the market in which they were
traded. Therefore, it is possible that the interests and criteria by the company managers themselves that
were part of these ‘disasters’ contributed decisively to this unexpected outcome.
This study can be enhanced by new methods of calculation and research that show the real loss to its
minority shareholders and controlling shareholders, with the sale of the businesses occurred in 2009, as a
result of the facts presented and discussed in this work.