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Adam Singer Cartoon


From Telewest Communications SEC Filing:
On July 31, 2002 we (Telewest) announced that Adam Singer, Chief Executive would be leaving the Company and had resigned as a director of the Board.
Charles Burdick, the Group Finance Director, became Managing Director with immediate effect. In addition, on August 23, 2002 we announced that Mark Luiz had been appointed to the role of Group Finance Director.

http://news.bbc.co.uk/1/hi/business/2164456.stm
Wednesday, 31 July, 2002, 16:48 GMT 17:48 UK

"... Mr Singer also attracted controversy in accepting a £186,000 bonus, on top of a salary of £575,000, despite Telewest's dire performance, and shortly after announcing the loss of 1,500 jobs.

Around 10pc of shareholders at the firm's annual general meeting last month chose not to vote for the re-election of Mr Singer, or Mr Burdick.

Mr Singer told the Sunday Telegraph at the time: "The bonus was all to do with last year. We were not in this situation."

Mr Burdick's £170,000 bonus was defended on grounds that he had successfully renegotiated Telewest's banking facilities.

News of Mr Singer's resignation came shortly before the close of London's stock market, where Telewest shares closed down 0.25p at 2.00p.
The shares topped 560p in March 2000, at the height of the dot.com boom."

Apparently, according to media reports, after voting huge bonuses for Singer, Burdick and others, and deciding to void the shares of individual Telewest stockholders stock and give them to bondholders in lieu of Billions of Dollars of debt, Liberty Media and Microsoft Board Members resigned.

Liberty Media Chairman John Malone is the largest individual bondholder, next to Bill Huff of W.R.Huff Asset Management, LLC.
Malone is also the reigning monarch of UPC, United Pan Global Corporation, and has invested heavily in Rupert Murdoch's News Corp.
Malone and Murdoch are reportedly negotiating for Direct TV, while also apparently partnering with rivals Echostar and Direct TV in Malone's new satellite venture in his home base in Colorado, Wild Blue.

Bondholder Banks engaged in the bonds for shares scheme reportedly include Bank of America, Barclays, Credit Suisse First Boston, Deutsche Bank and CitiCorp.

So you wondered what those banks did with your money, eh?

Now Get This...
Singer has just been appointed to the board of the newly created UK Super Regulatory Agency OFCOM to oversee the same employers who paid him huge bonues for running Telewest stock into the ground.

$ Flash 2/20/04: Charles Burdick golden parachutes away from Telewest.
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