Tower Tries To Give Founder The Heave-Ho

Law360, New York (November 3, 2006, 12:00 AM EST) -- With Tower Records currently in liquidation mode, lawyers for the beleaguered music chain have asked a bankruptcy judge to cut ties with founder Russell Solomon, the empire’s head for more than four decades.

On Thursday, Tower Records’ lawyers filed papers in the U.S. Bankruptcy Court for the District of Delaware, seeking to end Solomon’s employment as chairman emeritus after nearly 40 years on the job.

Solomon reaped $400,000 annually in cash and $232,000 in notes in his position, according to court documents.

In the filing, Towers’...
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