Year-end bonuses are for peons. Real BSDs get fees direct, personally at the closing. Like Michael Lynch.
The former Goldman Sachs investment banker scored quite a coup when the Reader's Digest board decided to put itself up for sale last year.
Reader's Digest didn't just retain Lynch's former employer to find a buyer for the publishing company. In a highly unusual move, it also hired Lynch to hold its hand in the sale process.
Now Lynch stands to pocket a $2.75 million advisory fee, assuming Reader's Digest shareholders approve a proposed $1.6 billion buyout by private equity investors led by Ripplewood Holdings and Merrill Lynch. That fee comes on top of the $11 million fee being raked in by Goldman Sachs.
Reader's Digest Fee for All [TheStreet.Com]