Word: mergers
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...Health Net's Greaves and QualMed's Hasan formally agreed to merge their companies. The merger triggered a "termination agreement" under which Greaves would receive a lump-sum payment of $1.1 million because technically he had been terminated from his former positions--even though he became cochairman and co-chief executive of the parent of the merged companies, Health Systems International, a job that paid a base salary of $865,000. "I gave up my sole authority as president, chairman and ceo," says Greaves, "and my contract said if that happens you get paid out your contract...
...week after the merger pact was signed, after a bone scan found that Christy had indeed responded to the initial chemotherapy, the deMeurerses signed an agreement of their own with UCLA, promising to pay up front the full cost of the treatment: $92,000, an amount equal to 0.08% of the $11.7 million that Health Net had accumulated in its transplant pool...
Soon afterward, most of Health Net's top executives left the company, seeing little future for themselves in the coming merger with the WellPoint Health Network. But in the new medicine, even leaving a company can prove immensely profitable...
...Hasan, in his Pueblo office--a cavern of polished wood, purple curtains and gleaming chandeliers--concedes that his primary motivation was to force Greaves into a merger, but second, if Greaves still refused, to force Health Net to pay far more into its shadow foundation and thereby reduce the capital it could deploy against QualMed's own California operations. As long as Dr. Hasan pressed the lawsuit, Greaves knew, Health Net had no hope of going public. "It was devastating to us," Greaves says. "My name was in the paper every day as a bad guy, a villain...
...MEDIA-MERGER WALLFLOWER OF THE YEAR: Barry Diller. 1994: Tries for Tiffany Network. 1995: Gets Home Shopping Network. Runner-up: Rupert Murdoch...