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No one left at the table…

Every single person listed on LCC International’s (LCCI) summary compensation table in the proxy it filed last week is no longer with the company. I don’t know if that’s a record or not, but it certainly seems unusual to me, as well as to the regular reader who pointed it out to me. Of course, to figure that out, you have to sort through 19 different footnotes. Granted, LCCI did host a conference call last month to discuss some of the changes. But it’s still kind of shocking to go through the summary table and realize that none of these guys are still at the company and that all cited the oft-abused “personal reasons” as their reason for leaving. Severance agreements for the pack of five varied from health insurance and office space (for former CFO Graham Perkins) to generous consulting contracts for three of the five men. Former Chairman and CEO Thomas Faulders probably got the best deal. He’ll receive $20,000 a month, plus office space and health insurance through the end of the year and essentially the forgiveness of a $1.65 million loan (plus a tax gross up) for stock that Faulders purchased at $15 a share back in late 1999, but which is now worth a lot less. In exchange, Faulders was forced to give up nearly 1 million in underwater options (oh, the sacrifice!). Needless to say, LCCI investors haven’t done quite as well. The stock is currently trading at around $3.20 a share.