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Bankrupt Solyndra seeking to pay bonuses
The Washiington Times ^ | 1-11-12 | Jim McElhatton

Posted on 01/12/2012 2:58:36 AM PST by afraidfortherepublic

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.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; Government
KEYWORDS: bankrupt; dnccorruption; dncrico; incentive; key; obamacorruption; rico; solar

1 posted on 01/12/2012 2:58:42 AM PST by afraidfortherepublic
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To: afraidfortherepublic

OMG!! Just when one thinks it can’t get worse.


2 posted on 01/12/2012 3:00:22 AM PST by Ann Archy ( ABORTION...the HUMAN Sacrifice to the god of Convenience.)
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To: afraidfortherepublic

SOP for companies in bankruptcy to try and keep key personell in place in the hopes they can rebound after reorganization.


3 posted on 01/12/2012 3:03:08 AM PST by saganite (What happens to taglines? Is there a termination date?)
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To: afraidfortherepublic

Somebody needs to be IMPEACHED!!


4 posted on 01/12/2012 3:11:31 AM PST by Saundra Duffy ( For victory & freedom!!!)
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To: afraidfortherepublic

Hey guys, you have no right to criticize this, that’s just capitalism. </sarc>


5 posted on 01/12/2012 3:14:46 AM PST by Utmost Certainty (Our Enemy, the State | Gingrich 2012)
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To: afraidfortherepublic

Outrageous. But then some here wanted bonuses paid with bailout cash.


6 posted on 01/12/2012 3:17:16 AM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: saganite
SOP for companies in bankruptcy to try and keep key personell in place in the hopes they can rebound after reorganization.

Yup. Since they're auctioning off their factory equipment, I'm guessing the remainder of the company will exist to try to license IP.

Remember, everyone: this needs to pass muster with the bankruptcy judge. And don't worry: the US taxpayer was put on the back of the debtor list by Obama, so it isn't like we're going to see our money back, anyways....

7 posted on 01/12/2012 3:17:26 AM PST by Yossarian ("All the charm of Nixon. All the competency of Carter." - SF Chronicle comment post on Obama)
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To: saganite

And keep shut the mouths that know where the bodies are buried.


8 posted on 01/12/2012 3:19:01 AM PST by knarf (I say things that are true ... I have no proof ... but they're true)
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To: afraidfortherepublic
Why Hell YES it's only our TAX money.
ZERO has been spending it like it was water. . . . Why STOP Now?
9 posted on 01/12/2012 3:20:19 AM PST by DeaconRed (Cold War Veteran. . . . US Army Security Agency 1964-1968)
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To: afraidfortherepublic

Typical liberal mindset: rewards for failure.

Failure to correctly estimate the market
Failure to correctly estimate the technical limitations
Failure to correctly estimate the labor costs

up to $50 grand for failure that ran $550 million in U.S. taxpayer dollars into the pockets of the undeserving.

Not Capitalism at all; BUNCO, with a capital B U N C O.


10 posted on 01/12/2012 3:20:28 AM PST by plangent
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To: saganite

With taxpayer $$$?


11 posted on 01/12/2012 3:27:29 AM PST by afraidfortherepublic
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To: afraidfortherepublic; Dr. Bogus Pachysandra; grey_whiskers; ApplegateRanch; Whenifhow; WL-law; ...
A den of thieves ... like when democrat operative and crook (but I repeat myself) Franklin Delano Raines left bankrupt Fannie Mae with nearly $100,000,000 in cooked-books bonuses.

 


Beam me to Planet Gore !

12 posted on 01/12/2012 3:27:47 AM PST by steelyourfaith (If it's "green" ... it's crap !!!)
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To: afraidfortherepublic

LOL. So naive.


13 posted on 01/12/2012 3:30:20 AM PST by saganite (What happens to taglines? Is there a termination date?)
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To: saganite
SOP for companies in bankruptcy to try and keep key personell in place in the hopes they can rebound after reorganization.

Yes, it is. However, this only makes sense when there is a viable business model to rebound to. That is not the case with Solyndra. It is a dead fish. Absent government funding, there is no market - private investors didn't buy the load of crap that was Solyndra. The market spoke and Solyndra died - it never turned a nickels profit.

14 posted on 01/12/2012 3:31:29 AM PST by RobertClark ("Governments are instituted among Men, deriving their just powers from the consent of the governed")
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To: RobertClark

If they can’t get the money to come out of bankruptcy with a viable business plan they will enter chapter 7. A lot of companies that enter chapter 11 and attempt to reorganize don’t make it. Solyndra probably fits in that category.


15 posted on 01/12/2012 3:38:53 AM PST by saganite (What happens to taglines? Is there a termination date?)
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To: afraidfortherepublic

Let’ see, if I remember it right from the Wall Street collapse bonus season, they HAVE to pay bonuses to retain the talent that failed in the first place. It’s a tidy system.


16 posted on 01/12/2012 3:42:15 AM PST by Wolfie
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To: Utmost Certainty
"Hey guys, you have no right to criticize this, that’s just capitalism. "

_______________________________________________

Heh.
17 posted on 01/12/2012 3:53:28 AM PST by Minus_The_Bear
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To: afraidfortherepublic

I N S A N I T Y !!!


18 posted on 01/12/2012 4:16:45 AM PST by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: afraidfortherepublic

What hubris! They want to pay bonuses while they are in the process of stiffing their creditors.


19 posted on 01/12/2012 4:23:17 AM PST by circlecity
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To: afraidfortherepublic

Bonuses are common in bankruptcy situations.


20 posted on 01/12/2012 5:33:10 AM PST by Loyal Buckeye
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21 posted on 01/12/2012 7:23:35 AM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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