Comments on: Shit–My Pay Just Got Cut!

By: XOglan

XOglan — Sun, 05 Jul 2009 10:55:13 +0000

Весьма возможно. Иногда так случается.

By: still somehow employed

still somehow employed — Wed, 11 Mar 2009 13:44:55 +0000

thank you for the clarification! it was supposed to have said "not even $250K."

By: Observer

Observer — Thu, 05 Mar 2009 19:35:24 +0000

From Fennessy: "[CL CEO Ben] Eason's salary was disclosed at $232,176, plus a $50,000 bonus pegged to making loan payments."

After a 15% cut, the poor guy will have to live on $197,350 a year.

By: still somehow employed

still somehow employed — Thu, 05 Mar 2009 19:10:48 +0000

Not to nitpick (and not at all because i think the executives are doing a stunning job) but to be clear, the highest paid salary at CL was not even $200K. Check the bankruptcy info Steve Fennessy has dutifully been blogging. We're journalists, people, laid-off or otherwise. Let's report the facts.

By: Joshua

Joshua — Thu, 05 Mar 2009 03:44:34 +0000

Laid OFF, I should say. And forget 15%, Ben should be hocking his socks.

By: Joshua

Joshua — Thu, 05 Mar 2009 03:43:20 +0000

Also laid of City Paper staff here, and if you are blaming Erik then...man, I don't know what to say. The City Paper is in much better shape than the other properties, financially and operationally, and god knows that's not saying much given the Loaf, but still...

Lay off Wemple. He's done much more with less than could be expected given the shit he has to deal with.

By: BeanCounter

BeanCounter — Thu, 05 Mar 2009 03:40:35 +0000

"Well, perhaps they should have cut “executive” compensation from the start. Then perhaps there would have been less [sic] staff cuts."

Executive compensation is a nit in this process.
THE problem is that Ben overpaid for the papers he bought AND he borrowed $30M to do the deal.
It is the interest on the loan that is killing the financials of Creative Loafing. well, no interest now after the bankruptcy.

By: Multiphasic

Multiphasic — Thu, 05 Mar 2009 03:04:53 +0000

I don't get it. Is the City Paper editor a dog, or is he a horse? Or is he some sort of... shudder... horsedog?

By: Creative Loafing lowers executive pay in cost-cutting move | the 941

Creative Loafing lowers executive pay in cost-cutting move | the 941 — Wed, 04 Mar 2009 22:38:04 +0000

[...] Erik Wemple, at our Washington City Paper: Real-time blogging going on right here. I’m in a conference call with my bosses at Creative [...]

By: laid off from CL Tampa

laid off from CL Tampa — Wed, 04 Mar 2009 21:34:24 +0000

This should have been the first option before the layoffs back in December.
It's nice how other people were sacrificed first before the executives making $300-400K a year had to take their salary cut. Thanks CL!

By: Creative Loafing lowers executive pay in cost-cutting move | The Political Whore

Wed, 04 Mar 2009 20:24:00 +0000

[...] Erik Wemple, at our Washington City Paper: Real-time blogging going on right here. I’m in a conference call with my bosses at Creative [...]

By: Matt S

Matt S — Wed, 04 Mar 2009 20:16:46 +0000

Well, perhaps they should have cut "executive" compensation from the start. Then perhaps there would have been less staff cuts. I don't remember any of the upper echelon volunteering to take a pay cut to save anybody or the paper. But I guess thinking "alternative" is just a marketing ploy these days.

By: A Valdez

A Valdez — Wed, 04 Mar 2009 19:59:53 +0000

Amen, Eaton. And to you mr LOCLS, oh yeah, CL has a great biz model. Just really awesome product they put out! I think I'm banned from saying more...

But Erik--LOMG what would you have done if you'd found Cherkis live-blogging a meeting! Owww!

Valdez (laid off cp staff)

By: eaton

eaton — Wed, 04 Mar 2009 19:05:57 +0000

LOCS -- You're a pussy, as we used to put it in middle school. Use your name if you've got something to say.
Eaton (laid off CP staff)

By: Mike DeBonis

Mike DeBonis — Wed, 04 Mar 2009 18:50:15 +0000

"drained the blood"? Uh, have a look at the publicly available bankruptcy filings. WCP is in far better shape than any of the old CL papers.