Thursday, April 29, 2010

"6 Month Delay" Crushes Executive

Bankruptcy Court orders Sharper Image CEO to return $6 million of severance

"Thalheimer resigned from the board of directors in December 2006. However, tax consideration, 26 U.S.C.A. § 409A ("IRS Rule 409A"), prevented Debtor from paying Thalheimer's $6,055,000 severance until April 2007. In April 2007, Thalheimer received his severance from Debtor and less than a year later, Debtor commenced this bankruptcy case by filing a voluntary Chapter 11 petition."

1 comment:

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