Executive Vice President

Washington, DC: (Dec-03-07) Michael Shelton, a member of the company's board of managers, brought charges against Tanner & Haley Resorts, alleging that the company owed him unpaid compensation and expenses. The original suit sought $46.2 million. Sources stated that Shelton was an executive vice president of Preferred Retreats Design Group Inc., the management arm of the company, until June 2007. He is also a member of the company's board of managers. According to court documents, he was not paid for work he did between June and October 2007. As part of a settlement reached, the company agreed to pay Shelton $300,000 in exchange for dropping $46.2 million in claims. As part of the settlement, Tanner & Haley will pay him a retroactive monthly salary of about $23,000 to cover the period between June 23 and Aug. 31, according to court documents. [FORBES: UNPAID EXPENSES]

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Published on Dec-4-07