Drudge Retort: The Other Side of the News
Sunday, December 16, 2018

The company behind the Sears and Kmart chains on Friday obtained a U.S. bankruptcy court's permission to pay as much as $25.3 million in bonuses to top executives and other high-ranking employees at Sears, which filed for Chapter 11 bankruptcy protection in October.

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These executives should be required to ride in open limousines up Michigan Avenue in Chicago.
At the John Hancock center they will receive their first bonus payment.
Sound like a party?

#1 | Posted by LesWit at 2018-12-16 05:58 PM | Reply

Stole from the pension, pensioners get screwed, executives get bonuses. Thank you capitalism.

#2 | Posted by 726 at 2018-12-17 08:27 AM | Reply

People discover how corporate charters work, get mad about it. Film at 11.

#3 | Posted by sitzkrieg at 2018-12-17 09:22 AM | Reply

Well look at that. A company run by a bunch of Liberals is doing what Liberals hate. Guess Dems better start scrambling for safe spaces!

#4 | Posted by humtake at 2018-12-17 12:40 PM | Reply

People discover how corporate charters work, get mad about it. Film at 11.

#3 | Posted by sitzkrieg

Rightwinger witnesses corporate greed and cruelty, makes jokes and excuses for it. Big surprise.

#5 | Posted by SpeakSoftly at 2018-12-17 01:41 PM | Reply | Newsworthy 1

Well look at that. A company run by a bunch of Liberals is doing what Liberals hate. Guess Dems better start scrambling for safe spaces!

#4 | Posted by humtake

The same liberals that put the skidmarks in your underwear.

#6 | Posted by SpeakSoftly at 2018-12-17 01:42 PM | Reply

"A company run by a bunch of Liberals"

Eddie Lampert is a libertarian.

Choke on it loser.

#7 | Posted by Tor at 2018-12-17 02:38 PM | Reply | Newsworthy 1

#5 | POSTED BY SPEAKSOFTLY AT 2018-12-17 01:41 PM | FLAG:

If you don't like the corporate structure, don't labor there. You are responsible for you.

#8 | Posted by sitzkrieg at 2018-12-17 02:41 PM | Reply

We live in a capitalistic society. So. Suck it up.

You're literally cannon fodder for corporations.

Now, do your work and please promptly die.

#9 | Posted by ClownShack at 2018-12-17 02:42 PM | Reply | Newsworthy 1

People discover how corporate charters work, get mad about it. Film at 11.
#3 | POSTED BY SITZKRIEG

You must think management deserves these bonuses to make a comment like that.

#10 | Posted by snoofy at 2018-12-17 02:51 PM | Reply

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Nope, but they are legally entitled to it. That's how corporate structures work. Don't like it, don't work for one, or make your own.

#11 | Posted by sitzkrieg at 2018-12-17 02:55 PM | Reply

You must think we deserve corporate structures which allow them these bonuses for going bankrupt, to make a comment like that.

#12 | Posted by snoofy at 2018-12-17 02:59 PM | Reply | Newsworthy 1

When you write a corporate charter, post it here so we can see how you would do it.

#13 | Posted by sitzkrieg at 2018-12-17 03:00 PM | Reply

------ dodge.
This isn't about what it says, or doesn't say, in the corporate charter.
This is about judges carrying out the law.

#14 | Posted by snoofy at 2018-12-17 03:02 PM | Reply

Forget it Snoofy, its Capitalism-town.

#15 | Posted by ClownShack at 2018-12-17 03:04 PM | Reply

Indeed, I do think it's capitalist.

Sitzkrieg thinks it's just, because it is Capitalist.

"Because it is Capitalist is also Just" is all of Libertarian philosophy in a nutshell. Or as they are re-branding themselves, "neoliberal."

#16 | Posted by snoofy at 2018-12-17 03:08 PM | Reply | Newsworthy 1

#14 | POSTED BY SNOOFY AT 2018-12-17 03:02 PM | REPLY

Yes, it matters what the charter says. "Entitlement to capital on winding up or disposal".

How would you write it? Who gets paid first? Who is last?

#17 | Posted by sitzkrieg at 2018-12-17 03:08 PM | Reply

"How would you write it? Who gets paid first? Who is last?"

I would write it so I get paid first, obviously.
And you would call that justice.
This is the conversation you don't want to have.

#18 | Posted by snoofy at 2018-12-17 03:10 PM | Reply

If you don't like the corporate structure, don't labor there. You are responsible for you.

#8 | Posted by sitzkrieg

Suck those corporate balls all you want. They're not going to let you into the country club.
You're just another gullible chump arguing against his own interests to help out some billionaires.

#19 | Posted by SpeakSoftly at 2018-12-17 03:10 PM | Reply | Newsworthy 1

I would write it so I get paid first, obviously.

#18 | POSTED BY SNOOFY AT 2018-12-17 03:10 PM | REPLY

That's what I expected.

I would call it legal.

#20 | Posted by sitzkrieg at 2018-12-17 03:12 PM | Reply

They're not going to let you into the country club.

#19 | POSTED BY SPEAKSOFTLY AT 2018-12-17 03:10 PM | FLAG:

I'm good with that.

I wrote the charter for a new venture last week. The principals have all signed off and the LLC is filed this week.

#21 | Posted by sitzkrieg at 2018-12-17 03:15 PM | Reply

I would call it legal.
#20 | POSTED BY SITZKRIEG

I know.

You must think management deserves these bonuses to make a comment like that.

#22 | Posted by snoofy at 2018-12-17 03:20 PM | Reply | Newsworthy 1

People discover how corporate charters work, get mad about it. Film at 11...Yes, it matters what the charter says. "Entitlement to capital on winding up or disposal".

Had you actually read the article, you'd know that the "charter" is not being relied upon as the authorizing authority to pay bonuses. They are being paid ahead of the liquidation as an inducement to keep top talent around so the company can meet financial targets.

#23 | Posted by JOE at 2018-12-17 03:24 PM | Reply

But pleazs, don't let facts stop you from ------------- some failed execs.

#24 | Posted by JOE at 2018-12-17 03:24 PM | Reply

There's 2 separate payouts. One is built on bonuses which are part of the corporate charter, determined by their Compensation Committee.

The smaller payout, for retention, also approved by the same Compensation Committee, only happens if they meet profit goals.

#25 | Posted by sitzkrieg at 2018-12-17 03:26 PM | Reply

And which set of payments is this article, and therefore this thread, about?

#26 | Posted by JOE at 2018-12-17 03:38 PM | Reply

Hint: It's not the ones you were talking about.

#27 | Posted by JOE at 2018-12-17 03:38 PM | Reply | Newsworthy 1

I wrote the charter for a new venture last week. The principals have all signed off and the LLC is filed this week.

#21 | Posted by sitzkrieg

I'm not impressed. I'm a business owner too. But that doesn't blind me to the fact that the ownership class in this country has bribed the government to set up a system that favors the rich and screws the workers.

#28 | Posted by SpeakSoftly at 2018-12-17 03:54 PM | Reply | Newsworthy 3

Capitalism is not a replacement for right and wrong, I don't care what convoluted excuses you come up those executives are still just thieves.

#29 | Posted by danni at 2018-12-18 07:23 AM | Reply

If you don't like the corporate structure, don't labor there. You are responsible for you.

#8 | Posted by sitzkrieg

If you have nothing useful to say, post empty, useless platitudes.

You are responsible for you.

#30 | Posted by jpw at 2018-12-18 11:13 AM | Reply

#28 | Posted by SpeakSoftly

Wait, you mean people can act in a completely legal manner but still be a giant POS?

I think it speaks volumes as to somebody's lack of character to use that ploy.

#31 | Posted by jpw at 2018-12-18 11:16 AM | Reply

I don't have a problem with a corporate board deciding on bonuses.

I do think it should be illegal for a company to hold pension funds. Contributions should be sent to a trusted third party that manages payouts and investments and reports on pension health to the union, company and regulators.

#32 | Posted by bored at 2018-12-18 11:28 AM | Reply

If the company cant make pension contributions they should have to sell bonds to the fund that are secured by corporate assets the same as bank loans.

#33 | Posted by bored at 2018-12-18 11:32 AM | Reply

I don't have a problem with a corporate board deciding on bonuses.

Even when it's vulture capitalism whereby the whole point is to use bonuses as a transfer of cash from the corporation being intentionally destroyed at the expense of investors who will take the loss?

#34 | Posted by jpw at 2018-12-18 11:42 AM | Reply

Sears pensions are directed by Pension Benefit Guaranty Corp (a US government agency). It required Sears to pay $250 million to the pensioners from the $900 million Craftsman brand sale. Now they're trying to spin off Kenmore for $400 million, but PBGC has not reached a deal on how much of that goes to pensions and is part of why there is no sale yet. Their pension liability is around $300 million a year, for a company that hasn't made a profit since 2012 and loses an average $2 billion per year.

#35 | Posted by sitzkrieg at 2018-12-18 01:36 PM | Reply

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