Word: buy-out
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...City Council votes 7-1 to extend until 1993 the contract of City Manager Robert W. Healy, the city's top administrator. The new contract includes a controversial "buy-out" clause, requiring the city to pay Healy even if the council removes him from his post, and several councillors argue that the move gives the city manager too much power...
Because the extension includes a controversial "buy-out" clause that would require Cambridge to pay Healy's salary and benefits through 1993 even if he were removed from the job, they argue the contract weakens the council by eliminating the city's strongest check over its administration--the right to fire Healy...
...without going into detail about the web of financial transactions which makes such staggering deals possible, one point should be made: while stockholders benefit from lucrative buy-out offers for their stock (the largest shareholders usually being company directors), and while buyers make huge amounts of money by breaking up acquired companies and selling them piece by piece or strengthening them before reselling the whole, all the billions of dollars spent, invested and earned in this matter do not go directly to any economic production...
...These are insane times," the vice chairman of a Cleveland-based industrial company was quoted in The New York Times. Stephen R. Hardis with Eaton Corporation explains that loading a company with debt in a buy-out at the expense of expansion or research is simply bad business...
...recent events that led to Ferris' downfall began last April, when the United pilots proposed a $4.5 billion employee buy-out of the airline. The plan called for employees to raise $2.3 billion and assume $2.2 billion of United's debt. The pilots, who earn an average of $85,000, volunteered to give up as much as 25% of their pay and pitch in some $300 million from their pension funds to help make the purchase. Flight attendants and pilots began sporting buttons that read BE UNITED/BUY UNITED. Company management scorned the offer as "grossly inadequate," but Wall Street...