And the worst footnote of 2008 was…

January 2, 2009

Earlier this week, we asked footnoted.org readers to vote on the worst footnote of 2008. And while it wasn’t a blow-out like last year, when readers overwhelmingly chose Qwest (Q), this year’s contest was a lot closer.

But A. Schulman’s (SHLM) fishing camp disclosure took the top prize for worst footnote of 2008. Here’s the footnote in all its glory:

During fiscal 2008, the Compensation Committee determined that maintaining a lease on a private airplane was no longer a cost-effective method for providing business-related transportation to our Named Executive Officers and Directors. The airplane was used only for business-related travel, and personal use was not permitted. With the termination of the lease on the airplane, it also became increasingly difficult and cost prohibitive to access our Canadian fish camp. Consequently, the fish camp, which was only used for business entertainment purposes, was offered for sale during 2008. The only offer to purchase the fish camp came from Terry L. Haines, our former Chief Executive Officer and President. Ultimately we negotiated with Mr. Haines to sell the fish camp for a purchase price of $55,000 and the transaction closed during fiscal year 2009.

As we footnoted at the time, there were so many things going on in this footnote, that it was hard to know where to begin. Second place went to the now-defunct WaMu offering to pay its outgoing chief legal officer $1,325 an hour under a two-year consulting contract about six months before going under.

Footnoted.org will be back with regular posts on Monday. Also: one final reminder, if you’ve been thinking about subscribing to FootnotedPro, our introductory pricing will be ending next week.

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