Originally Posted by
scambo1
I dont remember the exact details. But it was a bankruptcy proof offshore pension deal to retain top talent. Leo got 8 million and it went lower from there down to, IIRC vickie mascara got $2M. The most ridiculous one was $6M for the nitwit that went to United...fmr marine cant recall his name. Within a year all but 1 were gone.
I believe Leo's SERP was closer to 16 million. They were retirement plans not retention plans. They shifted money from the normal retirement plans to insure their retirement was protected when they filed chapter 11. This had negative tax implications for the company which the company covered.