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Want $ Million Salary? CEPersVid-19

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Published on Mar 21, 2009

Excessive compensation of $1.2 billion to officers and employees of
AIG has injured shareholders, customers, competitors and shareholders of competitors.
An involuntary filing of a bankruptcy petition by 3 creditors would be an easy way to
recover the excessive compensation, as illegal preferences and/or fraudulent conveyances
or as compensation based on illegal gambling contracts (i.e., derivatives and credit
default swaps). A statute should be enacted as a cure for the problem of excessive
compensation, permitting 3 shareholders of a corporation to file an involuntary partial
Chapter 11 bankruptcy petition to give the Bankruptcy Court jurisdiction to determine
whether illegal excess compensation was paid, and to supervise the recovery of any
such illegal excess compensation.

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