They lost everybody's money and got paid big money to do it.
Atlas Energy paid CEO Cohen $73.2M in cash as stock drops 95%
Atlas Energy (ATLS +2.5%) paid CEO Ed Cohen $73.2M in cash prior the 95% collapse in the company's shares and suspension from trading on the NYSE, Bloomberg reports.
Cohen's payments included $38.5M for cash-out of equity awards and a $32.5M severance, and his son, Chairman Jonathan Cohen, received a $30.6M cash-out and a $30.9M severance.
The CEO was among at least five executives who received cash payouts related to the ATLS merger with Targa Resources.
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Another King and Prince are crowned in the US.
Thank you for all contributions :)
Isn't this thread misleading since it makes it appear that shareholders lost 95% of their value while upper management took millions in the merger ? Isn't it true that all shareholders received cash payments as the greatest part of their compensation for being owners of the company ?
Permalink Reply by Paul Butler on Even if it is true that they had part of the money coming from the merger, what about the 60 million+ the father son duo received as "severance?"
The timing makes it especially unseemly.
Permalink Reply by adam sorell on That's nothing compared to the what Lynn Energy and Magnum Hunter did. The CEO of MHR said they have buers lining up to buy their Eureka pipeline.2 months later CHap 11. Turns out Eureka was seperated from MHR. So they took the best assets then filed Chap 11. The CEo got 40,000,000 severence for BK company. Now they made him CEO of Eureka Gathering. This is under an Obama administration. Americans have been robbed and are now mere slaves to the corporate class.
Look how he lied to keep shareholders from bailing and get new money before the crash. total lies and fraud yet he is rich and free
https://capgainr.com/magnum-hunter-gary-evans-and-the-evils-that-me...
My point is that this original post said, "They lost everybody's money and got paid big money to do it." and therefore ignores the cash payments which all shareholders received in the merger. Trying to malign corporate Execs with false statements does not seem fitting in an information-sharing site such as this. I have no problem with debating the ethics of "golden parachutes" or what may be higher than deserved levels of executive compensation, but if that was the subject, then say so, and don't portray the situation to be something which it is not.
Permalink Reply by Paul Butler on In September of 2013 the stock Traded at around $55 share, 26 million shares outstanding. enterprise value of 1.5 billion.
The 1.5 billion has been lost/wasted.
The debt holders are getting major haircuts too.
Cohen and his boy walk with $60 million.
They should not have received golden handshakes, they should have gotten kicks in the backside.
Your defense of these people involves vague concerns of propriety.
That a bit rich C.
I for one am tired of the sanctimonious self righteous people on this site.....EVERYONE AND THEIR SON would've grabbed that 60 million .....did they do something ILLEGAL? ....obviously NOT!!!
Permalink Reply by Paul Butler on "sanctimonious self righteous"?
That would be you Slick.
I like to think that very few people would behave as Messrs. Cohen have.
Then you are naive and it's no wonder your types get hosed
Permalink Reply by Sage59 on Harry Ash for congress. You should run for congress or the senate in your state. You would be a perfect match in Washington. People with your attitude lower the quality of everyone else's life, just as Washington has.
I've run my own company for over 30 yrs. There were plenty of times that I could have taken advantage of people. I chose not to. I guess that I am naive and one of those "hosed" types. I'm doing just fine Harry. Some people just look at life differently.
There is a Looney Tunes cartoon with Daffy Duck that I still remember watching as a kid. Daffy's main lines, throughout the cartoon, were variations of "Mine, mine, mine, mine, mine." I still chuckle thinking of it.
Daffy Duck.png, 89 KB Permalink Reply by Joseph-Ohio on I blame it on the Cicadas.
You know, the insects / bugs.
Perhaps the earthworms are also somewhat to blame.
Then there's always the goats and unicorns to keep an eye on.
I think unicorn droppings / scat looks alot like dead earthworms.
There's a whole other post on these critters you all can refer to as well.
Good luck to all of us as I think we need it friends and neighbors.
J-O
pig dung replied to Theresa Kolk's discussion 'What's going on in your area?? any info???' in the group Tioga County, PApig dung replied to Theresa Kolk's discussion 'What's going on in your area?? any info???' in the group Tioga County, PA
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