Capellas set to trouser another $20 million or so

MIKE 'CURLY' CAPELLAS is in line for a fat bonus from his new company WorldCom Inc, despite having only been ensconced for a few weeks and despite the company being in debt to the tune of $41 billion or so.

The bankrupt phone company says it plans to pay its new chairman and chief executive officer as much as $5 million in salary and bonuses, as well as handing him stock in the company.

Capellas' stock in the reorganized WorldCom could be worth some $18 million once the company gets out of its Chapter 11 hole, reports state.

Curly is reported to have pocketed some $16.2 million in salary bonuses and stock before leaving HP. Not bad for someone who managed to get Compaq into such bad shape it was forced to merge with a major rival.

In his new job, Capellas is in line for a golden handshake worth $2 million, a salary of $1.5 million plus another $1.5 million in bonuses if he meets performance targets, a bankruptcy court filing reveals.

The compensation package, which was filed on Monday with the US Bankruptcy Court for the Southern District of New York, requires endorsement by the bankruptcy court and will be reviewed in a hearing to be held on December 16th.

Former WorldCom CEO Bernie Ebbers, reportedly still owes the company more than $400 million in loans and guarantees that he is required to pay back. µ

See also:
Capellas takes charge at WorldCom
Mike "Curly" Capellas to head up Worldcom
Carly tells Curly: "Bog Off!", as politely as she would
History of Mike "Curly" Capellas
The 180 degrees of Mike Capellas
Massive Array of Capellas found