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...cable operator, cable companies have been furious over the beating they have been taking from Eisner & Co. but helpless against it. "Disney is trying to use the leverage they have with ESPN to make up for all the other businesses that may be troubled at this time," complained Pat Esser, COO of Cox Communications, the fourth largest U.S. operator (6.5 million subscribers), as its latest round of fee negotiations with ESPN began. The two sides are still talking, but Esser has argued that ESPN puts an unfair amount of pressure on consumers' cable fees. "They're trying to overcharge...
...Munich court, which said the bank must pay damages to Kirch. If that wasn't bad enough, Deutsche's chief executive Josef Ackermann goes on trial with five others in Düsseldorf this week. The charges stem from the €15 million bonus paid to Klaus Esser, former CEO of telecom and engineering giant Mannesmann, after it was taken over by Britain 's Vodafone. Thus far, investors don't seem put out; the bank's stock is near a 52-week high. But how is the bank supposed to get business done with its boss on trial...
...London conspiracy," as one put it. What did Ackermann and cohorts do that was so wrong? As part of the takeover, the Mannesmann board approved about €60 million in bonuses and severance payments for Mannesmann officials, including a €15 million "appreciation award" for chief executive Klaus Esser. German corporate law allows such payouts only if the amounts are "appropriate" - without giving a precise definition of what that means. State prosecutors allege that these payments were far larger than legally warranted, and that Ackermann and other defendants may have given the board erroneous or incomplete information. Esser and another...
Ackermann and his codefendants vehemently deny the charges, saying that Esser and the others deserved the payouts because they had presided over a huge increase in Mannesmann's market value. "An exceptional performance was being honored," Ackermann told Manager Magazin in June. "Such things are quite natural in other countries, but in Germany you are persecuted by public prosecutors and pre-judged by some of the media." Ackermann says he isn't stepping down even temporarily from...
...CHARGED. JOSEF ACKERMANN, 54, chief executive of Deutsche Bank; with breach of trust after sanctioning more than $100 million in payments to departing executives of Mannesmann, including chief executive Klaus Esser, in the final days of its 2000 takeover by Vodafone Group; in D?sseldorf. According to Ackermann, the payments were awarded as part of severance pay. If found guilty, Ackermann could face up to 10 years in prison...