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.
June 21, 1988 |
The Senate voted today to prohibit multimillion-dollar "golden parachutes" for corporate executives who lose their posts in hostile takeovers unless approved by public shareholders. The Senate voted 98 to 1 for an amendment, proposed by Sen. William L. Armstrong (R-Colo.), to legislation tightening regulations on major stock acquisitions, tender offer abuses and insider trading. Sen. William V. Roth Jr. (R-Del.) cast the only no vote. Many large firms are incorporated in Delaware.
June 10, 1991 |
A pilot who bailed out of his disabled airplane en route to Northern California from Santa Monica spent a night in the wilderness, then walked about 12 miles to a ranch near Hollister, where he called his family Sunday afternoon, authorities said. John Castellucci, 48, of Malibu, suffered slight back and leg injuries in the parachute landing, but was in satisfactory condition when he arrived home Sunday evening, said his wife, Linda.
August 11, 1999 |
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.
November 9, 1986
Having witnessed a Bloody Tuesday on the wrong side of a corporate takeover, my reaction to John F. Lawrence's Oct. 26 column (Why Golden Parachutes Are Fool's Gold) is, "right on." The chairman and president of our then-parent company took about $4 million in cash out of the deal. Most of the 200 employees who were fired received one or two weeks' pay plus one week's pay for each full year of service up to eight.
March 19, 2011 |
Just days before investors would have their say on Walt Disney Co.'s executive pay, the entertainment giant changed the contracts of its top executives to remove a generous perk that had come under fire from an influential shareholder advisory firm. The company said it would no longer pay the taxes on any severance package for Chief Executive Robert A. Iger and three other senior executives in the event they lost their jobs in a sale or merger of the Burbank entertainment company.
October 11, 1988 |
William G. Walker, the new U.S. ambassador to El Salvador, fractured his left leg while parachuting and will return to the United States for treatment, U.S. Embassy sources said Monday. Walker, 53, was parachuting for recreation Sunday at the Ilopango air force base, about 4 miles east of the capital, when he hurt the leg while landing, they said. It was his first attempt at parachuting. Walker was reported to be in good condition.
CALIFORNIA | LOCAL
August 8, 1989 |
A suspected drug smuggler eluded federal agents by parachuting out over the Everglades during a night chase and allowing his single-engine plane to fly out over the Gulf of Mexico and crash offshore. Authorities came across the pilot's parachute and some of his clothing during a ground search after the chase Saturday night.
CALIFORNIA | LOCAL
April 20, 1996 |
Members of the Canadian Forces Parachute Team paid a visit Friday to their pen pals at the South Bay Junior Academy in Torrance to talk about their daring canopy formations and what it's like to jump out of an airplane. This is the third year that the Sky Hawks, all members of the Canadian Forces regular or reserve forces, has visited the private school with 170 students in kindergarten to 10th grade. Members of the 17-member team volunteer their time to represent the country by performing parachute demonstrations around the world and to talk about drug prevention.