Ex-NetBank Exec Says $1.2M Parachute Not Golden

By James Armstrong

Law360, New York (November 17, 2009, 4:36 PM ET) -- Former NetBank Inc. executive Russell Burdsall is pushing ahead with claims the bankrupt company owes him more than $1.2 million in severance, an amount he says does not constitute a golden parachute.

In a response filed Monday in the U.S. Bankruptcy Court for the Middle District of Florida, Burdsall said the court should grant him summary judgment and compel NetBank to honor an employment agreement giving him $1,205,502 in severance.

Lee Katz of GGG Inc., by special delegation from liquidating supervisor Clifford Zucker, has objected to...
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