By: Adam Feuerstein | 05/02/14 - 12:20 PM EDTQuestcor Pharmaceuticals (QCOR) CEO Don Bailey dotes on his daughter -- with A LOT of shareholder cash.
Kirsten Fereday, the daughter of Don M. Bailey, our Chief Executive Officer, was employed by us during 2013 as our Senior Director, Business Analytics and Evaluation, and received total cash and equity compensation for the year ended December 31, 2013 equal to approximately $1,035,246 in cash compensation and $200,000 in restricted stock grants (value based on intrinsic value method). Ms. Fereday's employment was approved in accordance with the Related Party Transaction Policy and our Chief Executive Officer is not involved in the determination of Ms. Fereday's compensation. [Emphasis added.]
In his Reality Check posting, Greenberg notes:
Kirsten Fereday, the daughter of Don M. Bailey, our Chief Executive Officer, was employed by us during 2012 as our Director, Business Analytics and Evaluation, andreceived total cash and equity compensation for the year ended December 31, 2012 equal to approximately $319,474 in cash compensation, $102,415 in option grants (value based on Black-Scholes valuation), and $180,318 in restricted stock grants... [Emphasis added.]
But given the timing of the balloon payment months before the company's announced sale to Mallinckrodt (MNK), the sheer size of the increase and the related-party nature of the transaction (albeit disclosed), you can't help but take notice. Just another small piece of what has become quite the jigsaw puzzle.Greenberg reached out to Questcor for comment but had not yet received a response.
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