iPayment settlement set to pass
The proposed settlement of iPayment Chairman and CEO Greg Daily's dispute with California entrepreneur Douglas Shooker is up for approval at a hearing this afternoon that should go smoothly. No parties to the case filed any objections to the wide-ranging deal before last Friday's deadline and Randal Mashburn, the trustee for Daily's estate in the bankruptcy he filed two years ago, says he expects an order "will be entered soon after the hearing in light of the lack of any opposition."
The next step in resolving the legal imbroglio will be iPayment's debt sale that will help fund its purchase of Daily's holdings in the company.
SEE ALSO: Our past coverage of the Daily bankruptcy and other iPayment developments
iPayment plans debt sale to buy out Daily
iPayment CEO reaches nine-figure deal with California litigant
iPayment income climbs
A contract for iPayment CFO
Payment processor iPayment and its CFO, Mark Monaco, have agreed to a three-year employment contract that will pay Monaco at least $600,000 a year through the spring of 2014, at least. Monaco joined the Nashville-based company last October, replacing Clay Whitson.
No sale, yet, for iPayment
Earnings wrap: Symbion, iPayment
Ex-iPayment CFO lands at payment venture
iPayment hires new CFO
233% raises for iPayment execs
Since June 1, Greg Daily and Carl Grimstad — CEO and president, respectively, of iPayment — have been getting paid at the annual rate of $1 million each. That's more than triple the amount they were taking home before. (Search for 'executive compensation.') SEE ALSO: iPayment's Q2 report from Friday and our Tom Wood's exhaustive coverage of the legal saga that had Daily selling his wine collection earlier this year
