New 8K with the SEC, making plans if James Dolan loses his job.

[Bruce]

New 8K with the SEC

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On March 3, 2005 and March 4, 2005, Cablevision Systems Corporation
(the "Company") entered into amendments to its employment arrangements with James L. Dolan, the Company's President and Chief Executive Officer, Hank J. Ratner, the Company's Vice Chairman, Michael P. Huseby, the Company's Chief Financial Officer, Thomas M. Rutledge, the Company's Chief Operating Officer, and certain other officers of the Company (the "Affected Officers") to amend those employment arrangements to comply with the new requirements imposed on deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended.

The employment arrangements with the Affected Officers have been
amended to provide that if amounts owed to them upon termination of their
employment are subject to the new requirements, those payments and benefits will be delayed by up to six months in order to prevent imposition of an additional tax. These amounts would be paid to a trust for their benefit and then distributed to them with earnings six months later. The amendments also clarify that when they terminate employment, their equity-based awards will not be extended beyond their regularly scheduled term (as if they had not been terminated).


http://www.sec.gov/Archives/edgar/data/784681/000089183605000174/sc0088.txt

 

[cfarm]

Good find. Probably a pure coincidence that they proposed that amendmant in the midst of all this turmoil

 

[Bruce]

Good find. Probably a pure coincidence that they proposed that amendmant in the midst of all this turmoil

Agreed, just strange timing, but it might mean nothing....or everthing?

 

[Sean Mota]

The sport talk show are talking about James Dolan and how he has taken two sports franchices in NY to the ground. A lot of the sports commentators would like him to be fired. One commentator from Newsday made a coment like this. "James Dolan was born on third base but in his mind he thinks he hit a tripple." the commentator went on to say, "we know that he is the president because his father put him there."

 

[who_the]

Sounds like a poison pill. Fire James, owe James.

Worth every penny!

 

[Ronald_Jeremy]

Will James be jilted?

Tune into tomorrow for the next epsiode of "The Days of Our Lives".

 

[niceprophet]

This is in no uncertain terms preparation for those 3 board members to be either removed or voted out at the special election Charles Dolan called for in May.

 

[James Long]

to amend those employment arrangements to comply with the new requirements imposed on deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended.​

This has nothing to do with the current problems at Cablevision. It is to comply with an law that is now taking effect.

JL