Paul Toback is an Illinois attorney who served as chief executive officer and chairman of the board of Bally Total Fitness Corporation from December, 2002 until August 11, 2006, prior to the company's Chapter 11 bankruptcy filing in 2007. [1] [2] He received a lump sum payment for more than $3 million, and the vesting of 135,000 shares of restricted stock upon his resignation. [3] Seven months before his resignation, Toback ceded effective control of the Bally board of directors to John Rogers, chief executive of Ariel Capital Management, who was named as "lead director." [4] Prior to his resignation, Toback alleged that major Bally shareholder Emanuel Pearlman of Liberation Investments and former Bally CEO Lee Hillman were behind calls for his ouster, which Pearlman and Hillman denied. [5] [6]
Illinois is a state in the Midwestern and Great Lakes regions of the United States. It has the fifth largest gross domestic product (GDP), the sixth largest population, and the 25th largest land area of all U.S. states. Illinois has been noted as a microcosm of the entire United States. With Chicago in northeastern Illinois, small industrial cities and immense agricultural productivity in the north and center of the state, and natural resources such as coal, timber, and petroleum in the south, Illinois has a diverse economic base, and is a major transportation hub. Chicagoland, Chicago's metropolitan area, encompasses over 65% of the state's population. The Port of Chicago connects the state to international ports via two main routes: from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean and from the Great Lakes to the Mississippi River, via the Illinois Waterway to the Illinois River. The Mississippi River, the Ohio River, and the Wabash River form parts of the boundaries of Illinois. For decades, Chicago's O'Hare International Airport has been ranked as one of the world's busiest airports. Illinois has long had a reputation as a bellwether both in social and cultural terms and, through the 1980s, in politics.
Restricted stock, also known as letter stock or restricted securities, is stock of a company that is not fully transferable until certain conditions (restrictions) have been met. Upon satisfaction of those conditions, the stock is no longer restricted, and becomes transferable to the person holding the award. Restricted stock is often used as a form of employee compensation, in which case it typically becomes transferrable ("vests") upon the satisfaction of certain conditions, such as continued employment for a period of time or the achievement of particular product-development milestones, earnings per share goals or other financial targets. Restricted stock is a popular alternative to stock options, particularly for executives, due to favorable accounting rules and income tax treatment.
According to Bally's 2003 Securities and Exchange Commission 10-K report, Toback served as the director of administration for the then-mayor of Chicago, Richard M. Daley until 1993. After 1993 he became the executive assistant to the chief of staff Mack McLarty, who served under President Bill Clinton, for the next two years, [7] where he worked on the North American Free Trade Agreement. [8] From 1995 to mid-1997, he was also the COO of a private company known as Globetrotter Engineering in Chicago. In 1997 he began to work at Bally. [9]
Chicago, officially the City of Chicago, is the most populous city in the U.S. state of Illinois and the third most populous city in the United States. With an estimated population of 2,705,994 (2018), it is also the most populous city in the Midwestern United States. Chicago is the county seat of Cook County, the second most populous county in the US, with portions of the northwest city limits extending into DuPage County near O'Hare Airport. Chicago is the principal city of the Chicago metropolitan area, often referred to as Chicagoland. At nearly 10 million people, the metropolitan area is the third most populous in the nation.
Richard Michael Daley is an American politician who served as the 54th Mayor of Chicago, Illinois from 1989 to 2011. Daley was elected mayor in 1989 and was reelected five times until declining to run for a seventh term. At 22 years, he was the longest-serving Chicago mayor, surpassing the tenure of his father, Richard J. Daley.
Thomas F. "Mack" McLarty, III is an American business and political leader who served as President Bill Clinton's first White House Chief of Staff from 1993 to June 1994, and subsequently as Counselor to the President and Special Envoy for the Americas, before leaving government service in June 1998.
