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Resting easily…

Investors in Primedia (PRM), haven’t had a good couple of years, as this chart shows. But perhaps investors could rest easier knowing that the company’s former CEO, Kelly Conlin, who resigned last October, had a really nice apartment while their stock was tanking.

In the proxy filed late yesterday, Primedia disclosed that it spent nearly $250K during Conlin’s reign to provide him with an apartment. While we realize that Manhattan real estate is pricey these days, it seems like Primedia, which according to Yahoo stats has an impressive profit margin, but negative cash flow and seems to only be able to report a profit by selling off assets,  could probably have found a better use for that money.

Of course, the fancy apartment is just part or the problem. The proxy also disclosed Conlin’s severance of $1.7 million and another $70K for unused vacation time, $18K in legal fees, and $85K in tax gross-ups.