CEO ordered to repay ill gotten gains


	CEO ordered to repay ill gotten gains

InkStainedRetch

7-17-2008 1:15 AM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/727159b8-1cf8-4ecd-8fdd-6b9ad270f710/ACCBC38D-DEE7-41A6-AB6D-2486C59BD928/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nceo.org/library/deltastar.html" href="http://www.nceo.org/library/deltastar.html" style="font-size: 11px;">www.nceo.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nceo.org/library/deltastar.html">Officers and fiduciaries should take note that the court ordered the defendant to repay over $3.3 million of excessive compensation already received by the defendant and also retroactively terminated certain deferred compensation plans that would have paid him significant amounts in his retirement years.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nceo.org/library/deltastar.html"><P>In this decision, the court relied on both the Employee Retirement Income Security Act of 1974, as amended (ERISA), and Delaware corporate law to hold that the defendant, in his capacities as the president and chairman of the board of Delta Star, Inc. (the "Company") and a member of the board of trustees of the Company's employee stock ownership plan (ESOP), violated his fiduciary duties under both ERISA and Delaware law when he caused the Company to pay him excessive compensation. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/ACCBC38D-DEE7-41A6-AB6D-2486C59BD928/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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