... Fast Cash?
✅ Benefits Plan Will Impact WesCorp Losses
By Heather Anderson | Updated on December 16, 2009
Two "unusual expenses" are preventing executives from projecting year-end numbers, Chief Financial Officer Jim Hayes told members yesterday in Western Corporate Federal Credit Union's monthly financial webcast. WesCorp discontinued its defined benefit plan as of Nov.1, - [under Mr. Hayes' watch!] - and may expense $14 million related to the plan this year, he said.
Additionally, WesCorp will expense $500,000 to cover potential legal costs associated with the negligence and breach of a fiduciary duty law suit filed against current - [including Mr. Hayes] -and former WesCorp employees and volunteers ["that" Board], Hayes said.
.... is "this Board" paying a smiling bonus?
✅ It was publicly known when Wescorp failed that the fired CEO Bob Siravo received a $6 million benefit payout from Wescorp. It is not as well known how much "other employees" at Wescorp benefited from cashing out on a conserved and bankrupt credit union. Do y'all happen to know?
✅ BTW, would y'all tell us (we're member-owners y'know) why you sent Andrews FCU a check for $6.5 million in September, 2021? The rumors floating around Andrews FCU about buying out his contract, paying off his loans, signing and recruitment bonuses can't be true, can they?
✅ Might be helpful for "this Board" to send the staff and membership another one of your "all signatures" letters of "explanation".
✅ In case you "don't remember" what you approved, the exact figure is $6,568,261.85 . Look forward to you killing off those rumors, before you finish killing off the soul of SECU!