A 10 a.m. Dec. 14 hearing has been scheduled in U. S. District Bankruptcy Court for the Northern District of Georgia on O'Sullivan Industries' officials' request for a $100,000 pay hike for interim CEO Rick Walters, according to court documents filed Monday.
Walters is filling in for CEO Bob Parker who recently took a medical leave of absence. Both Parker and Walters came to O'Sullivan Industries from Newell Rubbermaid.
Under the terms of the proposed increase, Walters, who was already receiving $250,000 annually, as well as a guaranteed $200,000 bonus, would receive an additional $100,000, bringing his salary to $350,000.
The reasons for the request were outlined in the Nov. 18 Turner Report.
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Another bankruptcy court filing Monday featured a bill for $221,878.96 for a consulting firm which has been helping the company through the bankruptcy process. According to the bill, the company's senior managing director receives $625 an hour. Fortunately, he worked less than a full hour.
On the other hand, a $580 an hour senior managing director billed the company $41,586 and a $560 an hour senior managing director billed O'Sullivan $44,658.
Nice work if you can get it.
1 comment:
All employees received a "Notice of Deadline for Filing Proofs of Claim" in the mail today. Does this mean we need to file for our Profit Sharing too? Vacation Pay? Have you read the motions & orders on www.osullivanrestructuring.com ? I can't see where it sounds very promising. Could be all their money will go to the lawyers and management?
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