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Severence Pay

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BUSINESS
January 9, 1992 | From Times Staff and Wire Reports
20% of Baltimore Sun's Editorial Staff to Leave: To nearly everyone's surprise, 100 of the newspaper's 500 newsroom staffers signed up for a buyout by Tuesday's 5 p.m. deadline. The number has more than doubled since Friday, when virtually all reporters and editors on the paper were told whether they would keep their assignments or would be transferred to other jobs.
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BUSINESS
October 9, 2013 | By Stuart Pfeifer
Two former top executives have sued Freedom Communications Inc., owner of the Orange County Register, saying the company has failed to pay them a combined $4.5 million in severance pay. Mitchell Stern, Freedom's chief executive from 2010 to 2012, and Mark McEachen, its chief financial officer during that time, stayed with the company after it was acquired by entrepreneur Aaron Kushner in July 2012. The executives said in an arbitration filing that they agreed to postpone their severance payments - $3.3 million to Stern and $1.2 million to McEachen - because of the company's "precarious finances.
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BUSINESS
March 19, 2013 | By Hugo Martin
American Airlines is defending a plan to pay its departing chief executive a severance payout of nearly $20 million after the airline completes a merger with US Airways. The parent company of American Airlines, AMR Corp., which filed for bankruptcy in 2011, recently submitted a request to a bankruptcy court to make the payment to its chief executive, Thomas Horton. After the merger is completed, Horton will be replaced by US Airways Chief Executive Doug Parker and will take the post of board chairman for the new airline.
BUSINESS
November 27, 1992 | STUART SILVERSTEIN, TIMES STAFF WRITER
Who wants to get out while the getting is good? That's essentially the question many businesses and government agencies are asking their employees these days, particularly their white-collar staffers. Employers who want to avoid or hold down layoffs increasingly are offering early retirement and so-called voluntary severance programs that dangle financial incentives to entice workers to quit.
NEWS
April 9, 1992
An ordinance that would have awarded up to six months' severance pay to several Bell Gardens city employees has been scaled back to allow employees who are fired without cause to collect up to three months' salary. The ordinance covers nine of the city's highest-paid employees. The original ordinance was passed at the final meeting of the former City Council in March, and it promptly drew criticism from supporters of the new council majority that took office last month.
CALIFORNIA | LOCAL
October 12, 1989
Why is the Palos Verdes Peninsula Unified School District school board negotiating a severance pay agreement with former superintendent Jack Price, if he resigned? An employee that resigns of his own free will does not get severance pay. If the school board wants to use public funds to give to Jack Price, they must first admit that he was asked to resign. The public deserves a full explanation of the facts. To pretend that Jack Price resigned because of his recommendation to close Miraleste is an insult to the intelligence of the public.
BUSINESS
November 14, 2001 | JERRY HIRSCH, TIMES STAFF WRITER
Enron Corp. Chief Executive Kenneth L. Lay on Tuesday waived a severance payment of at least $60 million due him when Dynegy Inc. completes its expected acquisition of Enron next year, company officials said. The potential payment, disclosed in a Securities and Exchange Commission regulatory filing Tuesday, would undoubtedly have sparked additional controversy, given Lay's primary role in the sharp fall of Enron's stock and worsening financial condition, which led to the Dynegy deal.
BUSINESS
March 19, 2013 | By Hugo Martin
American Airlines is defending a plan to pay its departing chief executive a severance payout of nearly $20 million after the airline completes a merger with US Airways. The parent company of American Airlines, AMR Corp., which filed for bankruptcy in 2011, recently submitted a request to a bankruptcy court to make the payment to its chief executive, Thomas Horton. After the merger is completed, Horton will be replaced by US Airways Chief Executive Doug Parker and will take the post of board chairman for the new airline.
CALIFORNIA | LOCAL
April 16, 1992 | LEONARD BERNSTEIN, TIMES STAFF WRITER
Moving to defuse a growing labor and financial problem, county Chief Administrative Officer David Janssen said Wednesday he will recoup a controversial $67,500 severance payment to his predecessor through continued vacancies and budget cuts in his office.
CALIFORNIA | LOCAL
August 2, 2012 | By Jeff Gottlieb, Los Angeles Times
The police chief who was ousted after it was revealed that he and other city leaders in Bell were drawing enormous salaries has sued his former employers for severance pay. Randy Adams, who is now one of the highest-paid public pensioners in California, stopped working for the small, working-class city shortly after The Times revealed the high salaries paid to the former chief, as well as to Chief Administrative Officer Robert Rizzo and Angela Spaccia,...
BUSINESS
November 11, 2009 | Bloomberg News
Toyota Motor Corp. may shoulder almost all the costs of closing a California joint-venture plant because the new owner of General Motors Corp.'s 50% stake doesn't plan to fund worker severance pay and other expenses. "Motors Liquidation is not contributing at all" to the closure costs, said Tim Yost, a spokesman for Detroit-based Motors Liquidation Corp., which took over discarded assets from GM as part of the carmaker's bankruptcy reorganization. "We don't believe there will be a requirement for us to do so."
CALIFORNIA | LOCAL
February 10, 2006 | Jason Felch, Ralph Frammolino and Robin Fields, Times Staff Writers
Barry Munitz abruptly ended his controversial eight-year tenure as head of the J. Paul Getty Trust on Thursday, agreeing to resolve "any continuing disputes" by paying the Getty $250,000 and giving up severance pay and benefits that would have exceeded $1.2 million. Munitz admitted no wrongdoing, and the trust did not specify the issues underlying his resignation.
BUSINESS
December 16, 2005 | From Bloomberg News
HealthSouth Corp. founder Richard Scrushy, who was cleared of orchestrating a $2.7-billion fraud at the company, sued HealthSouth for $70 million that he said he was owed in severance pay and bonuses. The lawsuit filed in Jefferson County, Ala., says that under a 2002 employment agreement, Scrushy is entitled to the pay after being acquitted in June of accounting fraud charges, Scrushy spokesman Charlie Russell said. Scrushy was fired from the company in March 2003 and quit the board Dec.
BUSINESS
September 12, 2005 | From Associated Press
Striking mechanics at Northwest Airlines Corp. walked away from contract talks Sunday, refusing to say whether they would return to the bargaining table before Tuesday, when Northwest said it would start hiring permanent replacements. Union officials said they had agreed to wage cuts and layoffs sought by management, but couldn't reach an agreement with the airline on severance packages and work rules. Steve MacFarlane, the Aircraft Mechanics Fraternal Assn.'
BUSINESS
December 2, 2004 | From Bloomberg News
Former Walt Disney Co. President Michael Ovitz's alleged mishandling of $140,000 in expenses didn't provide a way to fire him without paying his $140-million severance, Disney's former general counsel told a judge Wednesday. Sanford Litvack, who resigned as Disney's top lawyer in 2000, testified that personal gifts and meals Ovitz allegedly billed to the company didn't justify denying him severance under his contract.
BUSINESS
June 27, 1990 | From Associated Press
Peter A. Cohen, who was ousted as chairman of Shearson Lehman Hutton Inc. earlier this year, will receive a severance package worth about $10 million, individuals familiar with the pact said today. Cohen, 43, was ousted by American Express Co.'s chairman, James D. Robinson III, as part of an overhaul designed to stem mounting losses and morale problems at the nation's second-largest securities firm. Cohen will receive $2.
NEWS
April 19, 1990
The City Council voted 3 to 2 to increase City Manager Paul Brotzman's severance pay from six to nine months if he is dismissed from his position with the city. The severance protection, part of a benefits package, was granted in part because Brotzman had not requested a pay increase this year. Brotzman was hired by the city in 1985. Councilman Paul Koretz, who voted against the provision, said that nine months severance is "too long."
BUSINESS
April 6, 2004 | From Staff and Wire Reports
Tenet Healthcare Corp. Chief Executive Trevor Fetter, promoted to his post in September to turn around the hospital chain, received $6.12 million in compensation in 2003, the company disclosed Monday. The firm's former CEO was granted a $1.3-million severance payment. Fetter, 44, was paid a salary of $848,539, a bonus of $262,500 and additional compensation totaling $1.28 million, mostly a relocation reimbursement, the Santa Barbara-based company said in a regulatory filing. He also received $3.
BUSINESS
December 24, 2003 | Richard Verrier, Times Staff Writer
Vivendi Universal will pay a $50-million fine and former Chief Executive Jean-Marie Messier will relinquish a controversial $25-million severance package to settle charges that they misled investors about the media conglomerate's financial problems. Under a settlement reached with the Securities and Exchange Commission, Messier also will pay a $1-million fine and former Chief Financial Officer Guillaume Hannezo will be required to pay a $120,000 penalty and return $148,000.
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