A Hollywood ending…

April 29, 2004

Even by Hollywood standards, the $3 million severance payment that John Farrand, former CEO of Panavision (PVIS.OB) received seems a tad bit excessive, given that it was on Farrand’s watch that the stock was kicked off the New York Stock Exchange and now trades on the decidedly less prestigious Nasdaq Bulletin Board. Panavision, which makes lenses and cameras that are routinely used by top directors in film and TV, was once a very hot stock trading in the $30s, and making the Forbes list of top small companies back in the late 1990s. Farrand, who apparently splits his time between LA and Fiji, according to his wife’s website resigned from the company in January 2003. But the severance agreement wasn’t disclosed in Panavision’s public filings until Tuesday, when Panavision filed its most recent proxy. Panavision’s Chairman is Ronald O. Perelman, the New York investor whose other business interests include M&F Worldwide (MFW) and Revlon (REV) .

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