Los Angeles Business Journal, CA
March 2 2005
Morning Headlines
An overview of today’s top L.A. business stories
[parts omitted]
Payday for MGM Executives
Kirk Kerkorian isn’t the only one profiting from the sale of MGM,
Variety reported. Top executives there will pocket
multimillion-dollar severance packages, the company revealed in its
annual report Monday. CEO and Chairman Alex Yemenidijan is being
offered a lump sum payment of $6.25 million, while Chief Operating
Officer Chris McGurk will get $5.75 million. The executives are
expected to leave MGM once its $4.8 billion acquisition by Sony and
its consortium of investors closes.
Armenian Groups Receive Payments
Three local Armenian civic organizations received $333,333 each
Monday as part of a $20-million settlement of a lawsuit by New York
Life Insurance Co., the Los Angeles Times reported. In all, $3
million was split among nine Armenian organizations, including the
Armenian Church of North America Western Diocese in Burbank, the
Western Prelacy of the Armenian Apostolic Church in Los Angeles and
the Armenian Educational Foundation in Glendale. The lawsuit, filed
by heirs of Armenian genocide victims, accused the insurance company
of failing to honor valid claims.