Posted on 12/30/2004 9:17:14 PM PST by MeneMeneTekelUpharsin
Another energy career capped: Mirant (otc: MIRKQ - news - people ) said Chief Executive S. Marce Fuller will resign from the energy company, which is operating under bankruptcy protection. But she won't go empty-handed: According to a regulatory filing, Fuller will take away $3.4 million in severance pay plus other benefits. The filing does not specifically say when she will quit, or step down from her board seat. Fuller had worked at Mirant since 1992, after positions with Southern Company (nyse: SO - news - people ) and General Electric (nyse: GE - news - people ). Mirant has not yet named a successor.
And additonally, from AP:
Mirant Corp. chief executive Marce Fuller will resign from the bankrupt energy supplier and receive $3.4 million in severance pay plus other benefits, according to a regulatory filing Thursday. The filing, which outlines Fuller's separation agreement terms, does not specifically say when she will resign. It says that Fuller will leave on a "mutually agreed" date, and will step down from her seat on the board of directors.
The Securities and Exchange Commission filing says Fuller has agreed to work as a consultant on Mirant's bankruptcy case after she leaves. The Atlanta-based company filed for bankruptcy in Forth Worth, Texas, on July 14, 2003. It has yet to file a reorganization plan. A Mirant spokesman did not immediately return a call seeking further comment. Fuller was appointed Mirant's president, chief executive officer and member of the company's board in 1999. Before that, she worked in several other positions at the company since 1992. Before joining Mirant, Fuller worked in various positions at Southern Company and General Electric Co.
Last month, some of Mirant's shareholders asked the bankruptcy court to order the energy supplier to hold a meeting to oust its board of directors. The investors accused the company of pressing a business plan as part of its reorganization that understates projected revenues. Mirant has said it is proceeding as fast as it can. Thursday's filing says Fuller will receive her severance payment within 30 days of leaving the company. The filing does not say anything about a successor. She also will receive other benefits, according to the agreement.
That Fannie Mae guy lost billions while there and he'll get a taxpayer-financed retirement of more than $100,000 a month.... MONTH. Or so I have read.
I lost a bundle when Mirant went belly up.
Total, absolute, grossly sinful GREED.
I'm not hugely in favor of govt regulation of executive compensation, but I think it would be very difficult to argue against a law that said if you leave a bankrupt company at the VP level or higher, you get no severance whatsoever. I mean, you sure as hell weren't a very good steward, why should you be rewarded?
You read right $1.2 mil a year for cheating on investors by cooking the books just like ENRON and those people are going to jail, there's no reason for the justice Dept. not to procecute this clown I don't care who backs him or what color he is, he's still a crook!!!!!!
Yes, Franklin Raines. He should be in prison. Funny, how the little guy is held accountable for $1 to the IRS, but Raines walks with a veritable million (depending on how long he lives).
Really sorry. Hope you didn't sell out. Looks like in spite of Fuller and her cronies, the common stock holders may get some out of this. We're planning to meet and throw them out sometime around the first part of next year. That meeting at least ought to be some fun.
Good work, if you can get it.
I had to take the the loss this year, but will rebuy when it hits .31 again.
I don't know if it will hit .31 cents again before a Plan of Reorganization is presented. I seriously doubt it. You might get it at .33 or .34. Another huge help would be for a conservative talk show host to weigh in and tell what has been happening in this story and how the big boys are trying to rip of the little guys. I just don't believe they're going to be able to pull it off. We have an UNPRECEDENTED situation of a shareholders' committee basically forming from a Yahoo Finance message board. I don't believe a shareholders' committee has ever formed from solicitations on a Yahoo message board. That has to be a first...but it worked.
We are NOT a bunch of con artists. We are small investors from all walks of life. What we need is a little bit of help to get this story out. I've faithfully tried to post significant events in this bankruptcy here because this forum is widely read. However, I've had little or no success in getting anyone to pick it up and run with it. Nevertheless, I tried. So, can't complain...Jim lets me post here and I'm grateful.
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