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.
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. 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...