Posted
10:14 AM
by Gene
Greed and envy at the home of America's leading news rags:The bubble of post-bankruptcy euphoria has burst at American Media, publisher of the National Enquirer, Star, Men's Fitness and Muscle & Fitness.
President David Pecker, who delivered an upbeat speech to all employees after emerging from Chapter 11 bankruptcy protection at the end of December, has told all 400 employees that they must take a three-day unpaid furlough before the end of the current fiscal quarter on March 31.
"We are all being furloughed, from David to the mailroom," acknowledged spokeswoman Samantha Trenk. "It's a one-shot deal affecting every single person in the company."
Insiders were also up in arms this week when Chief Financial Officer Christopher Polimeni pulled into the employee parking lot in a brand new silver Corvette.
And insiders also noticed some language buried deep in the bankruptcy filing papers that allowed for an unspecified number of insiders to be rewarded with bonuses totaling $2.5 million for steering the company through bankruptcy.
Trenk said the two events -- the furlough and the bonus to top people -- were "completely unrelated."Someone went to law school!