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An overview of today's top L.A. business stories

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  • An overview of today's top L.A. business stories

    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.
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