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Ex-Global CEO Wants More

Oct 15, 2002 | Los Angeles Times

A former chief executive officer who served just seven months at the helm of Global Crossing Ltd. is pressing the company to cough up back rent on a Park Avenue apartment and salary payments he says are owed to him.

The $822,000 request from Leo J. Hindery Jr., who served as Global Crossing's third CEO, includes payments to cover the $22,000 monthly rent on a two-bedroom apartment in the Waldorf Astoria in Manhattan.

Hindery moved out of the apartment in June. His motion for payment, filed Friday in Bankruptcy Court, is bound to draw further attention to the telecommunications firm's penchant for offering top officers lucrative pay packages, perks and severance agreements. The request will be considered at a hearing Oct. 24.

The Justice Department and the Securities and Exchange Commission are investigating accounting issues and executive stock sales at Global Crossing, which filed for bankruptcy protection Jan. 28.

The company built a worldwide fiber-optic network but was unable to cover its debt when it was dragged down by an industrywide slump.

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