CEP terminates general counsel / corp secretary costing $0.8 million
It's good they are trying to eventually reduce expenses but it makes one nervous they are dumping their legal counsel, as one wonders if there is more going on behind the curtain. Certainly is costing alot in the short term.
Change in Directors or Principal Officers
ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 18, 2013, Constellation Energy Partners LLC (the "Company") notified Lisa J. Mellencamp, the Company's General Counsel and Corporate Secretary, that it was exercising its right to terminate her employment without cause effective immediately pursuant to Section 3.2(d) of her Amended and Restated Employment Agreement. This termination is part of the Company's previously announced effort to reduce general and administrative overhead expenses. Ms. Mellencamp is eligible for a severance payment pursuant to Section 5.2 of her employment agreement. The Company would like to thank Ms. Mellencamp for her service to the Company.
In the first quarter of 2013, the Company expects to incur a one-time expense of approximately $0.8 million associated with Ms. Mellencamp's termination.
Makes you wonder if the rats are abandoning ship with the loot or they are slimming down before PostRock acquires the remaining partnership units. I'd like to be optimistic here and think that this is a good thing for unitholders.