Former Interep employees are about to receive their severance checks – nearly 20 months after the last of them lost their jobs. The bankruptcy trustee for the defunct radio rep firm has gotten court permission to pay out about $2 million.
Trustee Kenneth Silverman asked the bankruptcy court last month for the OK to make the long-delayed severance payments. US Bankruptcy Judge Robert Drain has now signed off on the plan.
According to the court filing obtained by RBR-TVBR, 132 former Interep staffers are in line to receive severance checks. Most will get just a few thousand dollars, although a few are in the tens of thousands. The biggest payout will be $78,902.50 to Kirk Combs, former Executive Vice President/General Manager at Interep’s D&R Radio Sales. Sheila Kirby, former President, Strategic Sales Development for Interep, will get a check for $70,365.50.
Nearly all of the former employees are receiving 50% of the severance they had claimed was due. Silverman had told the court that Interep had only an unwritten severance policy, but he elected not to dispute the claims. He had previously stated that employees who quickly found new jobs would receive smaller severance payouts from the bankruptcy estate. Those are apparently the 23 who will receive only 25% of their claim.