Vertis Wants Ex-CEO’s $5.8M Pay Claim Reduced

Law360, New York (July 11, 2011, 6:59 PM EDT) -- Reorganized advertising company Vertis Holdings Inc. fought back Friday against its ex-CEO's claim for $5.75 million in bonuses and salary, telling a New York bankruptcy court that the former executive’s employment agreement entitles him to no more than $1.1 million.

Quincy L. Allen failed to live up to the performance-based requirements for most of the award money he seeks, Vertis said in its objection to the four claims Allen lodged in January after the company rejected his employment agreement under its speedy reorganization plan.

Allen is...
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