Brothers in arms…

June 21, 2004

When Albert Cozzi and his brother, Frank, were ousted by Metal Management’s (MTLM) board back in January, an article in American Metal Marketnoted they were escorted out of the company’s Chicago offices by security guards. That’s not the type of treatment Albert Cozzi, who had been CEO and a board member of the company that his grandfather had started, was probably expecting. Luckily, the board treated him and his brother quite a bit better when it came to handing out severance payments. Albert, who had been chairman of the company up until April 2003, received $2.039 million; Frank $1.75 million, according to agreements in the company’s 10-K filed last week. The K made no mention of payments to either Gregory or Therese Cozzi, two additional siblings who also stepped down in January.

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