Adios to the lying and spinning left wing mediots!
America will be a safer place when lying and spinning left wing mediots no longer have a fishwrap for their lies and spins.
Another dinosaur flouncing about and caught in the tar pits. Check out the comments section.
http://www.news-journalonline.com/NewsJournalOnline/News/EastVolusia/evlEAST11HEAD02052408.htm
May 24, 2008
Cox objects to N-J execs payouts
By JAY STAPLETON
Staff Writer
DAYTONA BEACH — Cox Enterprises has asked a federal judge to toss out severance packages worth more than $13 million for top managers of The Daytona Beach News-Journal.
The motion filed Friday by the newspaper chain and minority owner of the News-Journal comes at a time when the two parties have agreed to work together to sell the newspaper. Cox officials say they did not learn of the severance packages — most completed in November 2004 — until after the selling agreement was reached this month.
The severance packages, Cox contends, could create a $13 million liability for any buyer, lower the value it receives for its 47.5 percent share and create a “management vacuum” if top managers leave the company.
A statement from the Davidson family, which owns the majority of the 80-year-old newspaper company, said they would oppose the request.
“The News-Journal and the Davidson family have a history of putting their employees first,” the statement said. “Indeed; no member of the Davidson family has a severance package to fall back on.”
In the motion to set aside the severance agreements, attorneys for Atlanta-based Cox said the News-Journal Corp. entered into agreements with company officers Georgia Kaney, David Kendall and 27 other top managers.
For Kaney and Kendall, the packages call for six times their annual average gross wages and could exceed $5.4 million total, Cox lawyers said.
For the other 27 managers, who were not named, the packages call for three times their annual average gross wages, for a total in excess of $8 million and an average of $300,000 per manager.
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