Mylan Inc. (MYL) Jets, the CEO & His Son, the Pop Star
12/18/2012 8:14:17 AM
For the past few years, Mylan ceo Bob Coury has faced scrutiny over his use of corporate jets after racking up rather impressive bills. Last year, the drugmaker paid $500,779 so he could galavant. The year before, it was $535,590, up from $433,387 in 2009 and $348,988 in 2008, according to filings with the US Securities and Exchange Commision (see page 21 here). What might explain all this activity? Well, The Wall Street Journal suggests looking at the budding singing career of his son, Tino Coury, who had a Top 40 hit in 2010. The paper compared his concert initinerary with travel logs for Mylan (MYL) jets and discovered a wee bit of overlap. “On some occasions, the jet — a Bombardier Global Express the size of a regional airliner — flew directly from one of Tino Coury’s concert locations to the next,” the paper writes. The paper offers two examples: “On July 3, 2010, Tino Coury performed a late-night gig at a Cincinnati nightclub. At 3:18 a.m., the Mylan jet left Cincinnati for West Palm Beach, Florida, arriving there around 5 a.m. Later that day, Tino Coury performed at a July 4th concert in West Palm Beach. The following week, he performed near Hartford, Connecticut. Shortly afterward, the Mylan jet traveled from Hartford to Las Vegas, where he had his next performance. Based on the aircraft’s estimated hourly operating cost, the tab for the one-way flight was about $22,000.” Shareholders take note. A Mylan spokeswoman tells the paper that Coury’s employment contracts have allowed outside personal activities, including those related to his son’s career. But she adds that Coury is not required to use the corporate jets but his employment contracts for the past decade have allowed personal use by him and his family.