Excerpts: “Former CEO Seeks Precedence”

  • Global Crossing Ltd.’s former chief executive officer, Leo Hindery Jr., is asking the bankrupt fiber-optic network operator to give him $821,714 in unpaid severance benefits, including rent on a luxury apartment in New York’s Waldorf-Astoria hotel.
  • Hindery, Global Crossing’s chief executive from March 2000 until he resigned the following October, is asking U.S. Bankruptcy Judge Robert E. Gerber to order the company to treat him as an administrative creditor.
  • Claims of so-called administrative creditors who aid a company’s reorganization are typically given precedence over other creditors.

Source: South Florida SunSentinel