Ich denke, es eine gute Nachricht ist. Wenn sie noch so viel in den neuen Mann investieren, haben sie wohl berechtigte Hoffnung auf Rettung!
Dec. 10
— NEW YORK (Reuters) - WorldCom Inc, the telephone company that filed for bankruptcy with $41 billion in debt, said it planned to pay its new chairman and chief executive officer as much as $5 million in salary and bonuses, as well as restricted stock in the reorganized company.
WorldCom proposed paying Michael Capellas a signing bonus of $2 million, $1.5 million in annual salary, plus another $1.5 million in potential bonuses if he meets certain performance targets, according to a bankruptcy court filing.
Capellas also would get $18 million in restricted stock in a reorganized WorldCom upon the company's emergence from bankruptcy. He also will be entitled to other stock options to be determined by the board, the filing said. The company has said it aims to emerge from bankruptcy in mid-2003.
Last month WorldCom tapped Capellas, a former Hewlett-Packard Co. executive with no telecommunications experience, to help distance itself from its accounting scandals and regain Wall Street's trust. Capellas succeeded WorldCom's interim CEO John Sidgmore,
The compensation package, which was filed on Monday with the U.S. Bankruptcy Court for the Southern District of New York, remains subject to scrutiny by the bankruptcy court and Richard Breeden, a monitor appointed by a federal court in Manhattan. A hearing to review Capellas' pay package will be held on Dec. 16.
The Clinton, Mississippi-based company said Capellas' compensation would be "comfortably within the range of compensation paid for executives of companies comparable in size and complexity to WorldCom."
Last year, WorldCom paid its former CEO Bernie Ebbers, who resigned in April as the company's financial and legal problems escalated, $1 million in salary. In 2000, WorldCom gave Ebbers a $10 million bonus. Ebbers currently owes the company more than $400 million for various loans and guarantees.
WorldCom's accounting problems now exceed $9 billion.
Four former WorldCom executives have pleaded guilty to securities fraud and have agreed to cooperate with authorities probing the case. Former Chief Financial Officer Scott Sullivan, who the company fired in June, has been indicted on seven counts of fraud. Sullivan pleaded not guilty.
Separately, The Washington Post reported on Monday that WorldCom board member Judith Areen, dean of the Georgetown University Law Center, resigned from the board.
WorldCom officials were not immediately available to comment.
Copyright 2002 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed
Gruß Cashmasterxx
Dec. 10
— NEW YORK (Reuters) - WorldCom Inc, the telephone company that filed for bankruptcy with $41 billion in debt, said it planned to pay its new chairman and chief executive officer as much as $5 million in salary and bonuses, as well as restricted stock in the reorganized company.
WorldCom proposed paying Michael Capellas a signing bonus of $2 million, $1.5 million in annual salary, plus another $1.5 million in potential bonuses if he meets certain performance targets, according to a bankruptcy court filing.
Capellas also would get $18 million in restricted stock in a reorganized WorldCom upon the company's emergence from bankruptcy. He also will be entitled to other stock options to be determined by the board, the filing said. The company has said it aims to emerge from bankruptcy in mid-2003.
Last month WorldCom tapped Capellas, a former Hewlett-Packard Co. executive with no telecommunications experience, to help distance itself from its accounting scandals and regain Wall Street's trust. Capellas succeeded WorldCom's interim CEO John Sidgmore,
The compensation package, which was filed on Monday with the U.S. Bankruptcy Court for the Southern District of New York, remains subject to scrutiny by the bankruptcy court and Richard Breeden, a monitor appointed by a federal court in Manhattan. A hearing to review Capellas' pay package will be held on Dec. 16.
The Clinton, Mississippi-based company said Capellas' compensation would be "comfortably within the range of compensation paid for executives of companies comparable in size and complexity to WorldCom."
Last year, WorldCom paid its former CEO Bernie Ebbers, who resigned in April as the company's financial and legal problems escalated, $1 million in salary. In 2000, WorldCom gave Ebbers a $10 million bonus. Ebbers currently owes the company more than $400 million for various loans and guarantees.
WorldCom's accounting problems now exceed $9 billion.
Four former WorldCom executives have pleaded guilty to securities fraud and have agreed to cooperate with authorities probing the case. Former Chief Financial Officer Scott Sullivan, who the company fired in June, has been indicted on seven counts of fraud. Sullivan pleaded not guilty.
Separately, The Washington Post reported on Monday that WorldCom board member Judith Areen, dean of the Georgetown University Law Center, resigned from the board.
WorldCom officials were not immediately available to comment.
Copyright 2002 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed
Gruß Cashmasterxx
