Knapp Took $561,138 Bonus as NTL Struggled for Survival

29 May 2002

According to figures filed with America’s SEC Tuesday, NTL chief executive Barclay Knapp accepted a bonus of $561,138 (€604,708; £384,555) while the spectre of bankruptcy loomed last December over the US-owned but UK-based cable giant. His handout was more than twice the previous year’s figure.

NTL’s chairman George Blumenthal collected a similar sum ($561,138), while chief finance officer John Gregg – seen by many as the prime cause of NTL’s fiscal fiasco – did even better, collaring $591,250.

The bonuses were awarded alongside equally generous share options.

But there is some natural justice: the latter are now just so much worthless paper due to the group’s share price landslide.

Data sourced from: Financial Times; additional content by WARC staff