Sad day in America (Page 5)

Is there a link to the article describing things? Is it a bonus of 1.8 million or is it salaries? I would have a problem with bonuses going out when the company is being liquidated, at least if I was a shareholder. I would be pretty PO'd as well if I was a worker who had already taken (as previously discussed here) a pay cut and been asked to take another one while contributing more to my own insurances. If it is for salaries, do they need to get a judge to OK it? Are the assets somehow frozen once the bankruptcy begins such that salaries cannot be paid out? I think people working during a transition should be paid (although, I would argue that pay cuts might be in order - given that pay cuts were being demanded of the workers as the root of the problem), but not get bonuses.

The update on the sale of the company's brands comes as Hostess seeks approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year.

Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation. The bonuses would be in addition to their regular pay. A spokesman for Hostess noted executives will need to meet certain goals to get the bonuses.

The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.

Is there a link to the article describing things? Is it a bonus of 1.8 million or is it salaries? I would have a problem with bonuses going out when the company is being liquidated, at least if I was a shareholder. I would be pretty PO'd as well if I was a worker who had already taken (as previously discussed here) a pay cut and been asked to take another one while contributing more to my own insurances. If it is for salaries, do they need to get a judge to OK it? Are the assets somehow frozen once the bankruptcy begins such that salaries cannot be paid out? I think people working during a transition should be paid (although, I would argue that pay cuts might be in order - given that pay cuts were being demanded of the workers as the root of the problem), but not get bonuses.