I am calling BS because you continue to cloud the issue with dollar amounts that are besides the point. The point is that a person SHOULD be insulted when their boss demands they take a 30% pay cut, whether it’s 30% of $10/ hr or 30% of $300,000,000/yr is immaterial. When your boss makes that kind of demand of you he is announcing that he considers you overpaid, which is an insult regardless of the dollars in the offer. And if you honestly can’t see that then somebody needs to tell your boss, because I know how he can trim the budget.
You call it an insult, fine. Have it that way. I call it reality and his value is only the value that the market (other owner's) are willing to pay.
Are you willing to bet that if Torre accepts a manager's position someplace else that it is for even less then this offer?