Bankrupt Solyndra seeking to pay bonuses
Court’s OK sought for ‘incentive plan’
By Jim McElhatton – The Washington Times
Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that’s 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 Solyndra’s 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.
Bankruptcy attorneys said the so-called “key employee incentive plan” aims to keep important personnel from leaving the company.
You can read the rest here.
Hopefully the presiding judge in this case will tell the lawyers to go pound sand.
Given the amount of taxpayer money that was thrown down this rat hole of a company by the Dear Looter, I would like to see the remaining employees terminated immediately, the assets of this failed company sold, and the proceeds from same put back into the U.S. Treasury.
To me, this entire Solyndra affair reeks of nothing less that a giant money-laundering scam, and the T.A.R.P. fiasco, along with all the other bailout nonsense, appears even worse.
I am now convinced that we, along with George W. Bush and many in congress, were completely had by Paulson, Bernanke, and everybody else involved.
The stench of corruption that is now swirling around this rogue administration is reaching unbearable levels. Unfortunately, I do not see anything meaningful being done about any of it as long as the thoroughly corrupt Eric Holder remains as AG, and the Senate is controlled by democrats.
Perhaps down the road, once Holder and his boss have been ousted, an AG that is truly interested in enforcing the law will give this scandal the attention it deserves.
I will not be holding my breath.