Man I hate reading thru these things, Only thing I get from them is the rich managers getting richer and shows us peons how stupid they really are............ Not only with all the Wicks mistakes, you know the $400,000 payment in Jan... Then another $200,000 11 days before he quit.......... But hell we gave him another
$293,832........ For Mr. Wicks, the amount represents a $181,305 reimbursement for loss on sale of his home and a tax gross-up on that amount of $89,858. and Flexible Perquisite Allowance of $22,708 Not to mention
$189,307 value of the stock he was granted, and almost $400,000 in salary........ But with all the millions we paid Zollars for running the f***ing Company, I like the millions we paid the company to advise him...........
Looks like they made out pretty good like around 15 million to and I quote "Assist our CEO"
Agreement with Alvarez & Marsal. On August 20, 2009, the Company entered into a letter agreement (the
“Letter Agreement”) with Alvarez & Marsal North America, LLC (“A&M”) that replaced a December 2008 letter
agreement between the Company and A&M. Pursuant to the Letter Agreement, Richard Williamson, a Managing
Director of A&M, serves as our Chief Strategy Officer, and additional A&M personnel provide services as set forth
in the Letter Agreement. Mr. Williamson and the additional personnel agreed to, among other things, assist our
CEO in the development of restructuring plans and strategic alternatives, generate plans to improve liquidity, and
identify and drive accountability for possible cost reduction and operations improvement opportunities.
Mr. Williamson reports directly to the Finance Committee of the Board of Directors.
The Company agreed to pay A&M $690.00 per hour for Mr. Williamson’s services and to pay A&M
$225.00 to $775.00 per hour with respect to the services provided by the additional personnel. During 2009, the
Company paid A&M approximately $11.9 million for the services of Mr. Williamson and the additional personnel.
Mr. Williamson and the additional personnel are independently compensated pursuant to arrangements with A&M,
over which the Company has no control, and they will not receive any compensation directly from the Company or
participate in any of the Company’s employee benefits. Pursuant to an amendment to the Letter Agreement, the
Company also paid A&M an incentive fee equal to $3.0 million related to the Company’s completion of the
debt-for-equity exchange in December 2009. In addition, the Company agreed to pay A&M for reasonable
out-of-pocket expenses and a $300,000 retainer, which will be credited against any amounts due at the termination
of the Letter Agreement and returned upon the satisfaction of all obligations under the Letter Agreement
