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Friday, November 30, 2018

Sears is seeking court approval to pay executives as much as $25 million in annual bonuses while the company struggles to restructure in bankruptcy. Three top executives could get nearly $1 million each if the company goes out of business.

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... Sears is seeking court approval to pay executives as much as $25 million in annual bonuses ...

Why not reward them? They've done such a great job with Sears.

#1 | Posted by LampLighter at 2018-11-30 01:17 PM | Reply | Funny: 1


@#1

forgot to add...

/sarcasm

#2 | Posted by LampLighter at 2018-11-30 01:18 PM | Reply | Funny: 2

Of course they earned it. They always do.

Delphi executives earned their bonuses as their retirees pensions were cut 85%. WalMart thanked the Delphi execs too for the influx of greeters.

#3 | Posted by 726 at 2018-11-30 01:33 PM | Reply | Funny: 2

This is what the righty fools refer to as "capitalism".

C'mon guys, it's good for us. Certainly better than "socialism".

#4 | Posted by jpw at 2018-11-30 01:40 PM | Reply | Newsworthy 1

"Sears is seeking court approval to pay executives as much as $25 million in annual bonuses while the company struggles to restructure in bankruptcy."

Do courts ever say No to this kind of thing?

I feel like these are denied about as often as FISA wiretap requests are denied, which is like one in a thousand.

#5 | Posted by snoofy at 2018-11-30 01:47 PM | Reply | Newsworthy 1

Do courts ever say No to this kind of thing?
I feel like these are denied about as often as FISA wiretap requests are denied, which is like one in a thousand.
#5 | POSTED BY SNOOFY

Execs god massive payouts even with TARP. Crony capitalism at its finest.

#6 | Posted by rstybeach11 at 2018-11-30 01:52 PM | Reply


@#5 ... FISA wiretap requests are denied, which is like one in a thousand. ...

[sidebar]

Is the FISA Court Really Just a ‘Rubber Stamp'?
www.roughlyexplained.com

...In 2017, the FISC approved 95% of warrant applications. ...

According to Conor Clarke, who analyzed FISA and Title III approval rates in a Stanford Law Review article, one major reason for this is that the government only applies for FISA warrants that it thinks are highly likely to be approved. The government is very familiar with what the FISA court will and won't accept, and simply selects cases it will take before the court accordingly.

"Because it is costly to make ... an application (in time, resources, and reputation) and because the executive has long-running knowledge of how the FISC treats applications, there is little reason to expect agencies to submit losing requests," Clarke wrote....


Interesting article, thanks for prodding me to look for something on the topic. :)



#7 | Posted by LampLighter at 2018-11-30 01:54 PM | Reply

"Do courts ever say No to this kind of thing?"

Not really. The company simply comes into a court and claims that without retaining these particular executives, it would make their recovery out of bankruptcy all that much harder. Without a whole lot of research in their pockets, it's tough for judges at a point like that to override the "wisdom" of the board.

#8 | Posted by Danforth at 2018-11-30 01:57 PM | Reply | Newsworthy 1

It's legalized robbery.

#9 | Posted by snoofy at 2018-11-30 02:03 PM | Reply | Newsworthy 1

The country where criminality isn't just high status, its perfectly legal and endorsed by the courts.

#10 | Posted by bayviking at 2018-11-30 06:46 PM | Reply | Newsworthy 2

Isn't this exactly what "Toys R Us" did?

#11 | Posted by ClownShack at 2018-11-30 06:53 PM | Reply | Newsworthy 1

Stockholders will be right to sue.

#12 | Posted by Tor at 2018-11-30 07:04 PM | Reply

If you defended GM rstrucutre and stock buybacks to the tune of $14Billion.

And are outraged by this means you don't understand what GM did.

To be clear both are thievery.

#13 | Posted by AndreaMackris at 2018-11-30 07:16 PM | Reply | Newsworthy 1

Free money!

But, sorry, none for you peasants!

Get a job you lazy slob and quit asking for handouts like food!

#14 | Posted by donnerboy at 2018-11-30 08:07 PM | Reply | Newsworthy 2

No, it's for a job well done.

#15 | Posted by bat4255 at 2018-11-30 08:31 PM | Reply

This is a damn shame.

#16 | Posted by fresno500 at 2018-11-30 08:56 PM | Reply

How today's CEOs treat their employees and themselves is a perfect example of how Congress behaves and treats its citizenry.

#17 | Posted by bayviking at 2018-12-01 09:13 AM | Reply

Of course they earned it. They always do.
Delphi executives earned their bonuses as their retirees pensions were cut 85%. WalMart thanked the Delphi execs too for the influx of greeters.
#3 | POSTED BY 726 AT 2018-11-30 01:33 PM

Damned, that is witty, but also extremely newsworthy.

#18 | Posted by redlightrobot at 2018-12-01 11:23 AM | Reply

The creditors attorneys should be screaming that those bonuses are rightly money owed to them.
I think it should be time for us to start questioning our entire legal system.

#19 | Posted by danni at 2018-12-01 01:13 PM | Reply

"The creditors attorneys should be screaming that those bonuses are rightly money owed to them."

And Sears attorneys will counter with...

Well, if you want a better chance at getting restitution, we need to retain the people who have already gone through the company's learning curve. These are market amounts, you honor, consistent with what every other company like us pays, and if they do, and we can't, we'll suffer an untenable brain drain, just when we need it the most.

It's tough for the judge to purposely put a struggling company behind the 8-ball.

That said...

Those f^^kers were the ones who sank the boat to start with, and don't bonuses usually accompany success? IOW, I'm on your side.

#20 | Posted by Danforth at 2018-12-01 01:24 PM | Reply | Newsworthy 1

These guys are Die Hards.

#21 | Posted by LesWit at 2018-12-01 10:19 PM | Reply

I am wondering why they don't use that money to settle part of what they owe to their creditors... close operations and when the execs find new jobs dock their pay for the remainder of what is owed.

#22 | Posted by RightisTrite at 2018-12-02 06:18 AM | Reply

Instead of asking for bonuses for bankrupting a company these exes should try and retain honor by committing seppuku.

#23 | Posted by TaoWarrior at 2018-12-02 06:37 AM | Reply

Those f^^kers were the ones who sank the boat to start with, and don't bonuses usually accompany success? IOW, I'm on your side.

#20 | POSTED BY DANFORTH

If I remember correctly, isn't Sears yet another example of hedge funders getting involved with a struggling company just to burden it with debt in order to pay themselves exorbitant bonuses before skimming as much as possible from the liquidation process?

#24 | Posted by jpw at 2018-12-02 12:15 PM | Reply

Yes, Sears is another example of Capitalism.

#25 | Posted by snoofy at 2018-12-02 12:19 PM | Reply | Newsworthy 1

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