Posted by Worlds Greatest Nut on November 23, 2011 at 02:53:03:
Tribune Co. agreed to pay former chief executive Randy Michaels $675,000 in a settlement stemming from his abrupt resignation from the company on Oct. 22, 2010.
The company will also cover $50,000 in Michaels' legal fees, according to documents filed Tuesday in U.S. Bankruptcy Court in Delaware.
Michaels, who resigned under pressure after news reports alleging he created a sexually charged "frat house" atmosphere in the corporate suite of the bankrupt media company, had demanded that he receive $900,000, the pro-rated portion of his planned 2010 management incentive bonus.
His argument, the papers said, was that he was effectively "terminated without cause," which would trigger the payment under terms of the bonus plan.
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