Some people might feel pretty lucky to work a little over a year and collect $3 million in severance on their way out the door as former MF Global (MF) CFO Amy Butte is doing, according to this 8-K filed late Friday. According to the press release, Butte, who joined the company formerly known as Man Financial and helped take it public in July 2007, left to “pursue other opportunities.”
But it was the transition agreement attached to the 8-K that provided the real prize: continued membership in the ultra-exclusive Core Club for the next 18 months. Not familiar with the Core Club? Here’s a description from Thrillist from 2005, when the club first opened:
Just opened, this opulent, ultramodern leisure palace is appallingly expensive: $55,000 just to join, plus $12K annually for the privilege of paying top dollar for everything available inside the fingerprint-scanning doors. Membership is by invitation only, and is reserved for individuals who bring a “unique wealth of experience” — such as winning several Oscars, (or) inventing a new form of media.”
Although Butte doesn’t seem to fit any of those qualifications, she was a star analyst at Bear Stearns before leaving for the NYSE. The downside, for Butte, is that the agreement is pretty specific in that it just gives her access to the club. She’s on her own for anything she eats, drinks or does there. Then again, getting in the door is often the biggest battle.