Originally Posted by
seahawker01
The Former Officer Agreements
. The Debtor hereby seek to
reject the Consulting Agreement (the “Trenary Agreement”) dated March 10, 2011
between Pinnacle Holdings and Philip H. Trenary (“Trenary”) and the Release
Agreement (the “Shockey Agreement” and together with the Trenary Agreement, the
“Former Officer Agreements”) dated October 19, 2011 between Pinnacle Holdings and
12-11343 Doc 19 Filed 04/02/12 Entered 04/02/12 00:35:52 Main Document
Pg 4 of 20
5
Douglas W. Shockey (“Shockey”), in each case effective as of the Petition Date.
Pursuant to the Officer Agreements, the Debtors pay Trenary for consulting services and
Shockey for non-revocation of a release signed concurrently with the Shockey
Agreement. The Debtors are eager to use these chapter 11 proceedings to maximize
value for all stakeholders and emerge as stronger businesses. After analyzing the Officer
Agreements, the Debtors have determined, in the sound exercise of their business
judgment, that rejecting the Former Officer Agreements would benefit the Debtors’
estates by allowing the Debtors to avoid accruing ongoing payment obligations under the
Former Officer Agreements, which provide no ongoing benefit to the Debtors’ estates.
The Debtors estimate that the total savings from rejecting the Officer Agreements will
exceed $1,500,000.
Well, that is a little piece of sunshine on this cloudy day
Oh, and I cant believe that these morons actually registered the domain name
http://www.pinnaclerestructuring.com/