BoeingBoy
Veteran
- Nov 9, 2003
- 16,512
- 5,865
No - just when they got the money:Uh huh.
I never mentioned "when" those "hero's" left?...did I?
The DAY OF FILING for BK, the limo making the drive to NY to file CH11 documents made a few stops along the way:
1) Stephen Wolf $15 million dollars (cashiers' check)
2) Rakeesh Gangwal $15 million dollars (cashiers' check)
3) Larry Nagin (General counsel) $5 million dollars (cashiers' check)
THEN, got back on I-95 to NYC to file CH 11 papers.
Since they didn't get the money till they left the company, your characterization that they stopped to pick up their cashier's check on the way to file BK1 is at best misleading. Gangwal left in late 2001, so collected no change of control payout. Wolfe and Nagin collected their change of control money - exiting BK1 with new owners triggered that, not the failed UA merger (You'll notice that I never said that the change of control was triggered by the failed UA merger - only that the change of control language in their contracts was enhanced during that merger attempt).
However, the vast majority of those payouts (all in Gangwal's case) were lump sum payments under their pension plan.
As I said previously, there's lots of words that could be used to describe such large payments but embezzlement isn't one - it was all legal. The only other thing I disagreed with was your timeline for the payouts - that "The DAY OF FILING for BK" and "cashier's check" linkage.
Jim