Mary Junck, 500 grand richer after taking Lee Enterprises into bankruptcy.
Lee Enterprises, parent company of the Post-Dispatch
, gifted $500,000
to its CEO Mary for refinancing almost a billion dollars of the company's debt and successfully guiding the company into and out of bankruptcy court. Meanwhile, down in the trenches of the newspaper business, the P-D
's total staff has been slashed almost in half through buy-outs, layoffs and attrition during Lee's ownership.
Only in the business world that you can "earn" a half-million dollar bonus for going broke.
Carl Schmidt, Lee's vice president, treasurer and CFO, was granted a $250,000 bonus for his work during that same period. I can't imagine any private citizen making his or her way out of bankruptcy and having someone give 'em a cash bonus for pulling it off -- if that's happened to any of you, please correct me in the comments -- but then I'm carrying two dollars and change today, so the practices of corporate high-finance elude me.
Of course, if I spend that cash today I'll be broke until payday, but perhaps a kindly CEO will give me a couple bucks to tide me over.