James Dolan is Rewarded

fredfa

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Jan 12, 2004
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Cablevision To Give CEO James Dolan $2.8M For Company Performance

By Chad Clinton DOW JONES NEWSWIRES

WASHINGTON -- Cablevision Systems Corp. (CVC) disclosed Tuesday that it will pay Chief Executive James L. Dolan a $2.8 million award as a result of the company's performance.

The entertainment and telecommunications company said in a document filed with the Securities and Exchange Commission that Chairman Charles F. Dolan will also receive a $2.8 million award.

In 2003, Cablevision began issuing the awards to executive officers and cable and telecommunications segment employees and to corporate staff, instead of bonuses.

Issuing the awards, which were to become payable upon Cablevision achieving free cash flow, instead of paying cash bonuses allowed the company to preserve liquidity, the filing said.

The board determined that free cash flow was achieved in 2004.

The company said that the free cash flow measure used by the compensation committee excluded its Rainbow DBS satellite distribution business which has been discontinued.

Cablevision expects that these payments will be made to roughly 600 individuals and will total roughly $37.7 million, substantially all of which had been accrued at Dec. 31, 2004, according to the filing.
 

CWS_kahuna

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The rich get richer, I wonder what kind of awards the typical Cablevision employee got (probably a cookie)?
 

Tvlman

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So they must not have been losing money because of VOOM after all......right? Either that or you now get paid to run a company into the ground! Which is it???
 

mdonnelly

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Tvlman said:
So they must not have been losing money because of VOOM after all......right?...
You didn't read it closely enough:

The company said that the free cash flow measure used by the compensation committee excluded its Rainbow DBS satellite distribution business which has been discontinued.
 

liquidnw

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Jul 6, 2005
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mdonnelly said:
You didn't read it closely enough:
Last time i looked voom was a part of cablevision. Couldn't every company say that. "Well if not for that one really bad idea that cost of over a billion dollars we had a good year". I didn't know you could pick and choose to count what applies to your companies performance. Which company do you ever see handiing out mega bonuses to execs in a year where they pissed away a billion dollars and ran for a loss.
 

mdonnelly

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liquidnw said:
Last time i looked voom was a part of cablevision. Couldn't every company say that. "Well if not for that one really bad idea that cost of over a billion dollars we had a good year". I didn't know you could pick and choose to count what applies to your companies performance. Which company do you ever see handiing out mega bonuses to execs in a year where they pissed away a billion dollars and ran for a loss.
Guess that's why Jimmy shut VOOM down. Chuck had a bad idea. Jimmy gets a bonus for stopping the bleeding. :D
 

hbk409

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mdonnelly said:
Guess that's why Jimmy shut VOOM down. Chuck had a bad idea. Jimmy gets a bonus for stopping the bleeding. :D
chuck got the same bonus as jimmy
 

hbk409

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CWS_kahuna said:
The rich get richer, I wonder what kind of awards the typical Cablevision employee got (probably a cookie)?
this was there bonus they were supposed to get in 2002 but since the company was in such a hole the postponed it. the average employees bonus is usually a weeks pay, expect in 2002 where it was a half week. We all got letters with that years bonus stating they were sorry they could give us the full week because of the finacial situation of the company and how all the upper mangement was not recieving a bonus until there was positive cashflow.
 

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