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Politics : Right Wing Extremist Thread -- Ignore unavailable to you. Want to Upgrade?

To: ManyMoose who wrote (29160)	10/15/2002 5:46:58 AM
From: sandintoes	Respond to of 59480

Of course, the US taxpayers pay for it, and China reaps the rewards. Thanks Clinton..another one of your sell your country at any cost, boon doggles! Ex-Global Crossing CEO Demands Rent Paid Monday, October 14, 2002 WASHINGTON — Leo Hindery, former chief executive of now-bankrupt Global Crossing Ltd. wants a court to force his former employer to pay back salary and rent for his $22,000-a-month apartment at the posh Waldorf Towers in New York City. The chief executive who resigned in October 2000, asked on Friday the court overseeing Global Crossing's bankruptcy to force the company to pony up $821,714.39, which includes $113,381 promised in rent and another $708,333.39 in salary. When Hindery stepped down, he agreed to be available to consult with the new CEO for a transition and, in exchange, Global Crossing agreed it would continue to pay for the luxurious 29th floor Park Avenue apartment through Oct. 3, 2002. Other residents in the Waldorf Towers apartments, which soars from the 28th floor to the 42nd floor, include the U.S. ambassador to the United Nations. The building offers homes with up to six bedrooms that include twice-daily maid service, fully-equipped kitchens and access to formal dining rooms. Hindery was also promised almost $1 million annually for staying on as the chairman and chief executive of Global Crossing's Web-hosting unit, GlobalCenter, until it was sold to Exodus Communications, a deal that went through in early 2001 for $6.5 billion. Hindery asked the U.S. Bankruptcy Court for the Southern District of New York Friday to require his former employer to pay rent for Feb. 1, 2002 through June 30 when the lease was terminated and his salary for the period of Jan. 30 to Sept. 30, 2002. He was supposed to receive payments twice a month totaling $41,666.67, according to the filing. His rent rose to $22,378.40 from $22,000 on October 1, 2001. Hindery is currently head of the cable channel that carries the New York Yankees baseball games, YES Network. Global Crossing, operator of a telecommunications fiber- optic network that connects 27 countries, filed for bankruptcy in January succumbing to a huge glut in network capacity, stiff competition and a weak global economy. The company had racked up some $12.4 billion in debt, thousands of employees have been laid off and some $54 billion in shareholder equity has been wiped out since Global Crossing stock is trading for a penny. Since no order has been signed rejecting his employment contract, the agreement, "remains in full force and effect and all obligations due and payable there under are entitled to post-petition administrative priority status," said the request to the court. A hearing before the bankruptcy court to consider the request is set for Oct. 24. A Global Crossing spokeswoman had no immediate comment. Departing corporate chief executives have come under intense scrutiny for their pay packages as they have left foundering companies, including ex-WorldCom Chief Executive Bernard Ebbers, who was promised $1.5 million a year for the rest of his life. WorldCom is now in bankruptcy after improperly booking some $7.7 billion in expenses, reserves and income. The company has said it is reconsidering the payout to Ebbers. Hindery has also come under scrutiny by lawmakers in Congress for a memo he sent on June 5, 2000 to other leaders at Global Crossing warning that the company was not likely to survive and recommended selling off the company assets. Global Crossing is under federal investigation for its accounting practices, including contemporaneous swaps of network capacity. The company recently agreed to sell a majority stake in itself to two Asian firms.