Yep. My fave bit is on page 128/129 which explains how MOL was putting on the poor mouth with the unions in 1995 and fighting to hold down wages
.
Then in 1997 when due diligence was performed for the upcoming stock market flotation it was revealed that while the company was claiming annual profits of just 5 million in 1995...O'Leary and the two elder Ryan brothers shared a 5 million pound bonus! Which was more than 25% of the total wage bill for the company.
In 1996 their bonus had secretly increased to 8.9 million....almost 50% the total staff wage bill.
By 1997 O'Leary was the sole director, and he alone pocketed 9.8 million!!!
40% of the total staff wage bill to him alone (in addition to his share options).
By the time FR was ready for flotation, MOL had trousered bonus payments of 17 million, and he owned a further 18% of the airline.
Meanwhile staff pay rates started at 3 quid per hour.
If O'Learys final bonus of 9.8 million had been shared out between the workers, they'd have each received an extra 14,000 quid.
Now tell me again, why are unions a bad thing????????????????
Last edited by maxalt; 26th Feb 2005 at 02:27.