Skip to comments.Bankrupt Solyndra seeking to pay bonuses
Posted on 01/12/2012 2:58:36 AM PST by afraidfortherepublic
Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but thats 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 Solyndras 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.
(Excerpt) Read more at washingtontimes.com ...
OMG!! Just when one thinks it can’t get worse.
SOP for companies in bankruptcy to try and keep key personell in place in the hopes they can rebound after reorganization.
Somebody needs to be IMPEACHED!!
Hey guys, you have no right to criticize this, that’s just capitalism. </sarc>
Yup. Since they're auctioning off their factory equipment, I'm guessing the remainder of the company will exist to try to license IP.
Remember, everyone: this needs to pass muster with the bankruptcy judge. And don't worry: the US taxpayer was put on the back of the debtor list by Obama, so it isn't like we're going to see our money back, anyways....
And keep shut the mouths that know where the bodies are buried.
Typical liberal mindset: rewards for failure.
Failure to correctly estimate the market
Failure to correctly estimate the technical limitations
Failure to correctly estimate the labor costs
up to $50 grand for failure that ran $550 million in U.S. taxpayer dollars into the pockets of the undeserving.
Not Capitalism at all; BUNCO, with a capital B U N C O.
With taxpayer $$$?
LOL. So naive.
Yes, it is. However, this only makes sense when there is a viable business model to rebound to. That is not the case with Solyndra. It is a dead fish. Absent government funding, there is no market - private investors didn't buy the load of crap that was Solyndra. The market spoke and Solyndra died - it never turned a nickels profit.
If they can’t get the money to come out of bankruptcy with a viable business plan they will enter chapter 7. A lot of companies that enter chapter 11 and attempt to reorganize don’t make it. Solyndra probably fits in that category.
Let’ see, if I remember it right from the Wall Street collapse bonus season, they HAVE to pay bonuses to retain the talent that failed in the first place. It’s a tidy system.
I N S A N I T Y !!!
What hubris! They want to pay bonuses while they are in the process of stiffing their creditors.
Bonuses are common in bankruptcy situations.
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