I suppose that management and the board felt very guilty about firing Mr. Bramson and, as a goodwill gesture, gave him a consulting contract, an office, a secretary, and other benefits as compensation.
That New York office had been sublet by Sherborne from Ampex since his departure. It was the same leased New York office that he used for many years to keep a close eye on the California operations. Guess what! That sublease agreement expired April 30th, and the sublease agreement has a clause that gives the tenancy and the lease direct to Sherborne. This means that as of May 1st, Ampex has been obliged to pay Sherborne $21,000 a month to house our wonderfully overworked CFO, McKibben, a carpeted sandbox to play in. You know, the sandbox that is just two blocks away from Hillside's official residence. |
