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Golden Parachutes

BUSINESS
August 14, 2001 | Reuters
Lucent Technologies Inc. said it will pay former Chief Executive and Chairman Richard McGinn, who was ousted last fall, a severance package that includes a $5.5-million one-time payment and assumption of bank loans. The Murray Hill, N.J.-based company also said in its quarterly filing with the Securities and Exchange Commission that it will assume $4.3 million in loans that McGinn had with two banks. The three-year loan is fully backed by real estate owned by McGinn, the company said.
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BUSINESS
August 11, 1999 | Bloomberg News
San Diego-based Burnham Pacific Properties Inc., the target of an unsolicited $1.2-billion buyout offer, gave its top five executives "golden parachute" compensation packages that would be triggered if the company is taken over. On June 30, the San Diego-based real estate investment trust agreed to pay the executives a lump sum of three times their annual salary and three times their annual bonus if a takeover occurs, according to a filing with the Securities and Exchange Commission.
BUSINESS
November 2, 1997
The structure of the bankruptcy organized by the Koll Real Estate Group ["Koll Reorganization Includes a Little Something for Execs," Aug. 20] is as close to fraud as the company can stand. The bonuses paid to Don Koll and his officers totaling more than $750,000 are appalling. "Golden parachutes" to reward incompetent officers who created the financial disaster that made the financial reorganization necessary to the survival of the company is simply absurd. This should be a prime target for a shareholder class-action suit.
SPORTS
December 14, 1996 | ROBYN NORWOOD
Let's see, $90 million for Michael Ovitz not to work for Disney? At the Ducks' current payroll of about $17 million, that would pay the entire team's salaries for more than five seasons. It would also pay both of Disney's pro sports teams, the Ducks and Angels, for about two seasons. (The Angels' payroll was about $27 million last season but will go up.
BUSINESS
March 26, 1996 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
BankAmerica Corp. said it adopted a plan providing a generous severance pay package for about 885 executives in the event they lose their jobs in a merger or takeover.
BUSINESS
March 26, 1996 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
BankAmerica Corp. said it adopted a plan providing a generous severance pay package for about 885 executives in the event they lose their jobs in a merger or takeover.
CALIFORNIA | LOCAL
July 28, 1995 | JOHN SCHWADA, TIMES STAFF WRITER
Los Angeles' controversial buyout plan for its Department of Water and Power employees came under fresh attack Thursday when it was learned that the man who has headed Pasadena's utility agency since January qualified for $80,000 in severance pay from the DWP because of an unusual pact.
SPORTS
November 26, 1994
The next time some basketball fan grouses about a baseball player getting paid $5 million to play in 162 games, remind him that James Worthy will be getting paid $12.5 million for not playing in 164. BURT PRELUTSKY North Hills
BUSINESS
October 12, 1994 | From Bloomberg Business News
Magma Power Co. said it beefed up its severance package for executives four days before California Energy Co. offered to buy Magma for $820 million. The severance plan, implemented Sept. 15, calls for each of Magma's six top executives to be paid double their salary and bonuses if Magma is taken over and they are terminated, Magma said Tuesday in a filing with the Securities and Exchange Commission. Four days later--on Sept. 19--California Energy Co.
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