Meet Omaha’s newest multi-millionaires…


Back in May, West Corp. (WSTC), which operates call centers and debt collection agencies announced that it was going private in a $4.1 billion deal. But the biggest beneficiaries of the deal that offered investors a modest 13% premium on the stock are the company’s top executives, according to the proxy West filed earlier this week.

CEO Thomas Barker stands to receive nearly $50 million in stock. President Nancee Berger will receive another $21 million, with the remaining 16 top executives splitting roughly $30 million between them. According to the proxy, Barker is also set to receive another $10 million in severance and another $2.2 million if he hangs around for another year post-deal.

While these amounts may not come close to Omaha’s most famous citizen, it’s not a bad chunk of change, particularly given the lower cost of living in Omaha. But whether the deal was a good one for West shareholders is a much more difficult question. Only a month before the deal was announced, West closed at $49.52, or about a buck more than investors will receive as a result of the buyout.