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Vivendi told to pay Messier $23.5m

Mr Messier has asked for his golden handshake

The media company, Vivendi Universal, has been ordered to honour a $23.5m (20m euros) pay-out to its ousted chief, Jean-Marie Messier.
A New York tribunal told the Paris-based company it would have to adhere to the severance clause in Mr Messier's contract.
However, Vivendi said that it would challenge the ruling.
"After reviewing the tribunal findings, Vivendi Universal intends to challenge this decision through all available legal actions, both in France and the United States," it said in a statement.
It's indecent that Mr Messier asked and could get 20m euros for an American contract unapproved by the board of directors (Jean-Rene Fourtou, Vivendi chief executive)
Mr Messier, the former chief executive and chairman, was ousted a year ago after shareholders became increasingly angry about the company's finances and a $30bn pile of debt.

'Indecent'

Jean-Rene Fourtou, who replaced Mr Messier, described the tribunal's decision as "scandalous".
Vivendi had asked for the clause on employment termination in Mr Messier's contract to be voided.
The company also argued that the clause had not been approved by the company's board of directors.
"It's indecent that Mr Messier asked and could get 20m euros for an American contract unapproved by the board of directors when one thinks about his responsibility in the very dire situation Vivendi Universal was confronted with last summer," said Mr Fourtou.

Firesale

Since Mr Messier's departure, Mr Fourtou has put many of Vivendi's assets up for sale to reduce its debt burden.
The company is currently considering bids for its entertainment holdings in the US.
Vivendi became a media company after Mr Messier merged a French utility company with the Universal entertainment holdings of the US company Seagram in 2000.
The utility arm has since been spun off and is now known as Veolia Environnement.
The New York tribunal is a US body that provides arbitration for out-of-court settlement of disputes.