When we last left our hero, his employer, SAVVIS Communications, had put him on "uppaid leave." Your humble correspondent speculated that this "leave" time would involve his negotiations with SAVVIS concerning his separation from the company. Today, those terms were released. Our intrepid lap dance fan will receive cash compensation of about $320,000, the company will buy out his company stock for another $300,000, and he will get company health insurance through March 2006. He also has the potential of getting additional bonuses based on company performance. The performance of the company stock will, no doubt, improve after the news of his resignation is released.
In return for the above, Mr. Scores will quit his job as CEO and assume the liability that SAVVIS might have toward AMerican Express for the disputed credit card charges.
So...he gets $620,000 up front. He should (not in the moral or ethical sense, but as a practical legal matter) be able to settle the credit card claim for 80-110K. THis will leave him with low 500K. I predict that, as soon as he puts this behind him, he'll have a comparable job before he ever has to sign up for COBRA. But his next employer will make him agree never to set foot in a strip club..unless his next job is CEO of Deja Vu...
CTL: Please sing after me: "Parachutes are Golden, Golden..... If You're a C-E-O" ( Sung to tune of "Silence Is Golden" by the Trebaloes) (sp??)