Paying Back ML

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Nov 22, 2008 7:23 pm

I signed the ML Deal not knowing if I would stay. If I leave after I get the transition award, do I simply write them a check back?
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Will there be withholding on 1/8 of the award? So if I pay them back I presume I will pay the gross amount back.
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If ML paid me with a check I'd just sit on it and not cash it. But I think it's auto deposit.

Nov 22, 2008 7:29 pm
Say What:

I signed the ML Deal not knowing if I would stay. If I leave after I get the transition award, do I simply write them a check back? Will there be withholding on 1/8 of the award?

 
I've heard of quite a few guys not signing the retention deal and staying at MER for now, but you definitely went against the herd on this one.  Not sure if this was a good time to develop individualistic tendencies.
Nov 22, 2008 7:46 pm

Snaggle,
I really think that is bad (or outdated) info you have. When ML said 95% signed I know for a fact it's true. Managers could see who signed for the entire complex. 99% of $1mm producers signed. However, this does not mean those 95% are committed to staying. I say this because ML removed the TRO language and said protocol will prevail. So they can sign and leave at any time and not get sued.
Frankly, I have no idea what you mean by "against the herd" or "individualistic tendencies." I want to say something sarcastic but I figure I'll give you the benefit of the doubt. Want to clarify?

Nov 22, 2008 8:00 pm

I don't believe anything ML says, from the top down.  All I'm saying is from my own experiences with the people I've personally talked to.  Most of the guys I know that aren't sure if they are staying or not didn't sign.  Some of them did sign, but who knows if they will stay. 


I guess my point is that I don't understand signing the thing if you aren't sure if you're going to stay.  Even if they take that language out.  I just don't trust anything ML says, and I don't know how people do after what Stan O'Neil and others said, sending internal emails and stuff about how strong they were and how everything was going to be fine.
 
My friends at ML are pissed, that's all.
 
I also think that BofA will find a way to mess this up and screw FA's many times over.  But that's a different topic.
 
Good luck with your situation.  I'd find a lawyer.  I'm sure other ML guys are already talking to them about this.
Nov 22, 2008 8:15 pm

I understand your feelings toward ML. This is why I'm considering leaving. But for the guy who wasn't 100% sure (like me), if you did not sign and then decided to stay, you would get nothing!! There was a deadline on ML's offer. I don't think that guy who did not sign has got a snowball's chance of coming to ML and asking for $.
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ML boasted they had 95% sign. Of course they were totally spinning it to make it look like everyone was happy. Frankly, mega producers are ecstatic and next week when the comp plan comes out, they will be even happier. But like many others have said on this forum, I think the guys producing under $1mm are ripe for picking...regardless if they signed or not.



Dec 2, 2008 8:53 pm

Say What,

 
you are right.  I am in the "low" million dollar level, signed the package, but am looking at my options.  Seems to me that there is no reason not to sign, and if i do leave, it will be on my terms and timing advantageous to me.
 
 
Dec 4, 2008 6:01 pm

Speaking of leaving ML, what exactly can you take with you when you leave?  I did not sign a contract, nor was offerred one, but am curious what I should take with me in the event that I go to another firm? 

Dec 4, 2008 7:03 pm
aande24:

Speaking of leaving ML, what exactly can you take with you when you leave?  I did not sign a contract, nor was offerred one, but am curious what I should take with me in the event that I go to another firm? 



You may take your paper clip holder.