Ouch! GC Loses Two-Thirds of His Salary

People concerned about excessive executive compensation might want to remember Prism Patents.

This week, the Folsom, California company, which owns a portfolio of patents related to telecommunications’ technology, announced it had slashed its general counsel L. Eric Loewe’s salary from $240,000 to $90,000 — a nearly two-thirds’ reduction.

Loewe wasn’t the only one who was hit: The company’s CEO Hussein A. Enan went from making $300,000 to $12, about the cost of a six-pack of beer or bottle of wine.

The president of the company took a pay cut from $200,000 to $100,000 and the chief financial officer’s pay was cut ...