Footnote of the Year

I’m a big fan of Michelle Leder’s Footnoted.org, a site devoted to uncovering the, sometimes bizarre minutiae of SEC filings.
Michelle’s readers voted one of Qwest’s amended employment agreements as the 2007 Footnote of the Year. The agreement allows the CEO’s daughter to use the corporate jet to commute to high school.

The main reason for the change? Allowing Mueller’s wife and stepdaughter to use Qwest’s jet for their personal use. As the Rocky Mountain News reported, the stepdaughter attends high school in California and Qwest is based in Denver. “The amendment reflects a great appreciation for his family situation as his daughter wraps up her current schooling in California,” Qwest spokesman Bob Toevs told the newspaper. Whether Toevs was able to say that with a straight face is open to debate.
My guru on all things corporate jet-related estimates that this perk could cost Qwest as much as $600K, assuming normal charter rates for the Falcon 2000. “Wish I could have gone to high school like this,” he writes. As for me, it certainly beats the B-64 bus that I used to take to high school.

Oh, and the stock? Not looking so good.

Posted by on January 8th, 2008 at 9:53 am


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