tag:blogger.com,1999:blog-4726844761468242273.post8875943024192115159..comments2023-10-07T05:29:20.923-07:00Comments on McClatchy Watch: "Big bucks for failure"Unknownnoreply@blogger.comBlogger10125tag:blogger.com,1999:blog-4726844761468242273.post-27865031768726599402009-07-08T18:27:42.753-07:002009-07-08T18:27:42.753-07:00The McClatchy/Titanic ship is sinking fast. The li...The McClatchy/Titanic ship is sinking fast. The lifeboats are all spoken for already. Pruitt first, Yes-Men second, BOD third, and the other employees are free to find jetsam and flotsam to try and hold their heads above water. <br />Cue: The Rolling Stones music<br /><br />♫ YESTERDAY'S PAPERS ♫ <br />(Jagger/Richards) <br />Who wants yesterdays papers <br />Who wants yesterdays girl <br />Who wants yesterdays papers <br />Nobody in the world <br /><br />After this time I finally learned <br />After the pain and hurt <br />After all this what have I achieved <br />I've realized it's time to leaveAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-11170631441339812792009-07-08T16:55:34.668-07:002009-07-08T16:55:34.668-07:00gary was the right idiot at the right time for mcc...gary was the right idiot at the right time for mcclatchy's demise, totally in over his head along with numerous other corporate managers ! If any other company out there is looking for loser managers and executives look no further than mcclatchy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-54912733338965522022009-07-08T15:32:40.784-07:002009-07-08T15:32:40.784-07:00Pruitt gets $4.6 million and we had to ration toil...Pruitt gets $4.6 million and we had to ration toilet paper at the Distribution Center... Amazing !!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-52590876012276768102009-07-08T13:53:39.919-07:002009-07-08T13:53:39.919-07:001:18 -- as I understand it, Gary Pruitt received $...1:18 -- as I understand it, Gary Pruitt received $4.6 million in total compensation, of which $1.1 million was base salary.Kevin Gregoryhttps://www.blogger.com/profile/04694898785243338105noreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-2237841259081696502009-07-08T13:41:27.455-07:002009-07-08T13:41:27.455-07:00An objection filed with the court, by state Attorn...An objection filed with the court, by state Attorney General Richard Blumenthal and the Central States Pension Fund, charged the scheme was illegal in that it rewarded executives for work accomplished before the company filed for bankruptcy protection and thus was against Section 503 of the Bankruptcy Code, passed in 2005 by Congress.<br /><br />Blumenthal Tuesday castigated the judge’s ruling and left open the possibility of an appeal.<br /><br />“This decision means that bankruptcy is no bar against bloated big-time bonuses. The unfortunate bankruptcy court ruling means that JRC executives will be substantially rewarded more than $1.3 million in blatantly undeserved bonuses for shutting down newspapers and laying off employees,” Blumenthal said.<br /><br />“While most employees lose their jobs for poor performance, JRC executives will be paid extra for failure — causing job losses and shuttering offices.”<br /><br />“My office raised strong objections because the JRC failed to justify the purpose and necessity of these payments, including who will receive them, and how much each executive will receive. While we disagree with the court’s decision, our objections compelled a more stringent and thorough review of the bonus proposal by the court and afforded all creditors and parties the opportunity to review and vote on this plan.<br /><br />“My office is reviewing the decision and will determine whether further action is appropriate.”<br /><br />Gropper did not publish his decision until nearly two weeks after the June 25 hearing.<br /><br />Numerous calls seeking comment placed Tuesday to JRC spokesman Gary Struening and lawyers Shaunna D. Jones and Rachel Strickland of Willkie Farr & Gallagher, who represented JRC, were not returned.<br /><br />Greg Hladky, the Register’s Capitol Bureau chief until he was fired and the bureau eliminated in March of 2008, said in a telephone interview Tuesday that the hatchet bonuses were “a sad but accurate reflection of what the worst of corporate America is doing to the nation.” He called it “a weird point in time for communication companies,” not just JRC.<br /><br />Asked about Conway’s statement that no more layoffs were in the cards, he said managers may believe these promises when they make them, but since these continual promises keep getting broken, it’s “difficult to believe them.”nickhttps://www.blogger.com/profile/16834767619524023545noreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-67103290654972396272009-07-08T13:18:02.049-07:002009-07-08T13:18:02.049-07:00$4.6 million! Was that cash or a mix of things lik...$4.6 million! Was that cash or a mix of things like worthless stock options? How much was cash?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-27553125794816189262009-07-08T13:15:42.221-07:002009-07-08T13:15:42.221-07:00It's looking bad for McClatchy.It's looking bad for McClatchy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-42395064784302126532009-07-08T13:08:22.290-07:002009-07-08T13:08:22.290-07:00MNI's stock almost hit an all time low today.MNI's stock almost hit an all time low today.Kevin Gregoryhttps://www.blogger.com/profile/04694898785243338105noreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-58249797882413740632009-07-08T13:06:33.369-07:002009-07-08T13:06:33.369-07:00Look at MNI's stock price today, $0.39 cents p...Look at MNI's stock price today, $0.39 cents per share.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4726844761468242273.post-66198575099868413782009-07-08T12:39:33.767-07:002009-07-08T12:39:33.767-07:00What? You think you could find a group of people ...What? You think you could find a group of people that could take, what was one of the most powerful entities in the country, and destroy it in less than three years for a buck seventy five an hour?Anonymousnoreply@blogger.com