Yesterday the article wrote that Henry J would still be an advisor for Gibson.
But apparently Bloomberg rewrote the article. That passage is gone.
Now it just reads:
Juszkiewicz and co-owner Dave Berryman will see their equity stakes canceled. Both will get a consulting agreement that bar them from making negative comments about Gibson for three years
I'm betting that their total responsibilities under that consulting agreement are to keep their mouths shut.
Interesting bit about prohibiting negative comments. Makes you wonder what they may have been saying in the bankruptcy proceedings.
Henry has been CEO in name only since the Chapter 11 was filed. That's typical in these situations. He had no power to do anything besides continue current operations.
I'm guessing that the gist of the consulting agreements is that they'll be consulted
if new management has a question. Otherwise, they're done. The original filing gave them the right to purchase 2.25% equity each in the new company after a period of time, that may still be true.
