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It also emerged from that meeting that Grace paid a handsome sum-perhaps as much as $43 million-to be rid of Bolduc as well. First reports of his "golden handshake" severance package put it at $20 million, which included the company's agreement to buy back from Bolduc $12.2 million in Grace stock he already holds. But Grace had also agreed to give Bolduc retirement and health benefits, including an annual pension of $848,585 plus full medical benefits, all of which could amount to an additional $23 million if he enjoys the 82-year life span that the actuarial tables predict for men of his wealth, who tend to live longer than average.
The size of Bolduc's severance deal has already led to two shareholder lawsuits. And Bolduc is likely to still be pursued by Constantine Hampers, chief of the medical-services subsidiary that accounts for 40% of Grace earnings. Over the objection of some shareholders, who fear he is too close to the Grace family, Hampers has proposed himself as the next ceo of Grace. And he still harbors a grudge against Bolduc, who attempted to bring the semi-independent medical services under his control. In recent weeks Hampers hired Kroll Associates, a New York- based corporate security firm to look into rumors against Hampers and to examine further reports of sexual improprieties at Grace. The corporate melodrama that already has everything may soon have much more. --Reported by JohnMoody/New York, with other bureaus