Originally Posted by
StuckOnSegments
This keeps getting trotted out multiple times on FT and no one has any clue to the amount of stress, work and life reduction it takes to manage the finances of an airline post 9/11. God forbid you be fight for contractual promises made for doing an excellent job. If I was in the market for a CFO I would certainly want someone that would fight for every penny due to them.
It keeps getting trotted out because it is fact. She kept Delta out of bankruptcy? She sold Delta's assets, ran out the door, and paid herself and other executives pretty well. And then Delta went bankrupt anyway.
When companies go bankrupt, they get to discharge liabilities. Delta obviously thought that included her flight benefits. Hopefully they won that court battle.
In addition to her haul from Delta, she got $8 million from Mirant. So I think it's fair to say she can buy her own tickets.
If you think that's admirable, good for you. Or you could actually read the article:
"In 2002, while at Delta, she helped the airline during its creation of controversial bankruptcy-proof pension trusts for about three dozen executives. That provided her with at least $ 1 million in a personal pension trust beyond the reach of creditors.
Around the same time, Burns also was among a long list of Delta executives who were paid hefty bonuses while the airline was losing money, cutting jobs and appealing for federal aid. That year, she was awarded a bonus of $ 846,000, on top of her $ 560,000 salary.Despite those incentives, Burns and other Delta executives left the company in droves.
Her next stop was Mirant, the bankrupt energy trader, where she became chief financial officer.Now she's finishing a 20-month stint with Mirant, flush with at least $ 8.2 million in severance pay, bonuses and other payments from the company as it emerges from its own Chapter 11 case."