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Bankrupt Kodak wants to give $13.5 million in bonuses

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posted on Apr, 10 2012 @ 12:51 AM
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Eastman Kodak Co. has filed a request with the district court overseeing its Chapter 11 bankruptcy asking for permission to pay around $13.5 million in bonuses to approximately 300 employees to keep them on board during and after the restructuring.
This pay-to-stay practice was ostensibly quashed by bankruptcy reform legislation years ago. But the onetime imaging giant wants the court to grant an exception. It contends that these employees are critical to the company's turnaround and will quit without the incentives


MSNBC

Other sources:

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The court documents claim that executives and middle to high management owned "stock" as part of their compensation which is worthless now ...

I wonder what the average salary for the 100-300 people this could apply to is? I also wonder that if these employees were so "valuable" -- why wouldn't they have jumped ship or been recruited before the bankruptcy?
edit on 10-4-2012 by MystikMushroom because: (no reason given)




posted on Apr, 10 2012 @ 12:55 AM
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Ummmm..... If we max out our credit cards and give ourselves a big bonus the day before filing bankruptcy, they call that criminal fraud.

Why is Kodak any different?



posted on Apr, 10 2012 @ 02:49 AM
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What about all the general public investors who held stock? What "share" do they get. Unfortunately, this has become the norm, they don't have the money to pay their most basic commitments to their employees, creditors, or stock holders, but enough to give themselves fat parting gifts. Have to wonder if they will have to pay taxes on these top ups.

And people wonder why they have issues with the %1, go figure.



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