PDA

View Full Version : Bankrupt Solyndra seeking to pay bonuses



Odysseus
01-12-2012, 11:06 AM
Court’s OK sought for ‘incentive plan’
By Jim McElhatton
-
The Washington Times
Wednesday, January 11, 2012
Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that's the plan of company attorneys intending to dole out up to a half-million dollars to persuade key employees to stay put.

Nearly two dozen Solyndra employees could receive bonuses ranging from $10,000 to $50,000 each under a proposal filed by Solyndra's attorneys in U.S. Bankruptcy Court in Delaware.

The attorneys say the extra money will add motivation at a time when workers at the solar company have little job security and more responsibilities because so many of their colleagues have been fired.

The names of the bonus-eligible employees are not disclosed in the court filings that outline the bonus proposal. None of the employees is among the so-called corporate "insiders" — top officers or members of the board of directors, records show.

The proposed bonus recipients include nine equipment engineers, six general business and finance employees and up to two information technology workers.

The biggest bonus, for $50,000, would go to a Solyndra employee whose job title is listed as a senior director with a base salary of $206,499 per year. Two senior managers stand to receive bonuses of $30,000 and $32,500.

Bankruptcy attorneys said the so-called "key employee incentive plan" aims to keep important personnel from leaving the company.

http://p.washingtontimes.com/news/2012/jan/11/bankrupt-solyndra-seeking-to-pay-bonuses/print/
__________________________________________________ ______________
Yes, keeping important people from leaving a company that doesn't produce anything and has already filed for bankruptcy is absolutely critical to its future capabiliy to go out of business, especially since those bonuses will be coming out of the taxpayer-funded "loans" that are their only source of operating revenue, and which we will never get back. :rolleyes: Wasn't the payment of bonuses to executives at failing companies one of the outrages of the financial crisis that enraged progressives? Oh, wait, the guys getting the bonuses are progressives. Nevermind, nothing to see here. Move along...

RobJohnson
01-17-2012, 01:45 AM
It sounds like the right thing to do. :p

txradioguy
01-17-2012, 03:02 AM
Your tax dollars at work

Janice
01-17-2012, 08:42 AM
The scum of the crop ... rises to the top ...

in 0bamalands ghetto... formerly known as the USA.

Zeus
01-17-2012, 03:01 PM
It sounds like the right thing to do. :p

In all actuality it is a sound move. Regardless of all the scamnming and BS surroumnding the Solyndra fiasco they need to keep some of the folks around to make it through the Bankruptcy proceedings. It does sound like none of the major scammers are in line for the bonuses

Nubs
01-17-2012, 03:47 PM
This is a viable plan IF Solyndra is planning on Chapter 11. If they are planning to liquidate under Chapter 7, it is not viable move.

Odysseus
01-17-2012, 04:57 PM
In all actuality it is a sound move. Regardless of all the scamnming and BS surroumnding the Solyndra fiasco they need to keep some of the folks around to make it through the Bankruptcy proceedings. It does sound like none of the major scammers are in line for the bonuses

They've already gotten theirs. The taxpayer-funded loans covered all manner of payouts to the investors and officers of the company.