Gainey income questioned

| Friday, July 31, 2009

The head of Gainey Transportation Services in Grand Rapids, MI, collected millions in salary and dividends as his company was sliding into bankruptcy, according to a new report.

The Grand Rapids Press reports that, in one instance, Harvey Gainey took a $10 million dividend when he refinanced more than $170 million in company debt.

The report, which was compiled on behalf of creditors in the bankruptcy case, also contends that Gainey’s annual salary was two to four times higher than the industry standard.

The newspaper said neither Gainey nor his attorney could be reached for comment.

 

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