In a bit of sketchiness first reported by Herb Greenberg, the day before rejecting Electronic Arts (NASDAQ: ERTS) takeover offer, Take-Two Interactive (NASDAQ: TTWO)'s board of directors made an interesting and eerily well-timed decision: they boosted the pay package of Zelnick Media, the firm currently running the company, and gave it a big restricted stock grant that will vest immediately if the company is acquired or an acquisition proposal is made public.

Hmm ... That's a heck of a coincidence, but don't worry. Take-Two Interactive spokesman Steve Lipin told the New York Times that, "The board discussions surrounding the ZelnickMedia management agreement began well before the company received a formal offer from E.A. on Feb. 6, 2008, and were not initiated as a result of conversations with any potential acquirer."

Yeah ... right. At a company with a strong track record of good stewardship, that explanation might be believable -- maybe. But at Take-Two Interactive, which has gained a reputation as a corporate governance toilet bowl (accounting scandals, backdating scandals, SEC investigations, hidden porn in video games...), it's hard to believe.

On a more optimistic note, this bit of looting may make the company's brass more willing to support a buyout offer, which is probably the best scenario for Take-Two shareholders.