No winners here…

August 1, 2006

Another day, another entry about a video game company. Back in February, I noted how Atari (ATAR) was shelling out an increasing amount of money on Chairman and CEO Bruno Bonnell’s apartment, almost 60% more than when the deal was first inked in 2004.

Well, late yesterday, Atari filed its proxy and noted that almost al of Bonnell’s "other annual comp" of $205K in fiscal 2006 was from the rent payments and additional tax gross-up. Granted, Bonnell didn’t receive a bonus last year, but given Atari’s financial condition, the lavish apartment — and yes, $12,200 does buy you that in Manhattan — doesn’t exactly seem like a wise use of money.

Indeed, the stock has continued to decline since the February post, falling another 20 percent. But given how nice Bonnell’s apartment must be, not to mention the fact that he isn’t paying for it, we’re guessing that the executive isn’t losing much sleep.

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