Event that occurs when senior management sets up a company for sale, and races to sell it to anyone as fast as possible, so that they can paid out on a change-of-control clause in their employment contracts. Antonym of, or opposite of, a Hostile Takeover. Commonly executed by incompetent senior management in over their heads in terms of business challenges.
Our CEO, a supposedly good salesman, could not increase sales during his six year stint, so he cut costs and performed a promiscuous surrender so he could score a $50 million payout for himself. And we are not getting bonuses this year. What a flaming asshole.
by plresults October 26, 2011