US Trustee Blasts Crescent Resources $4M Bonus Plan

Law360, New York (February 12, 2010, 1:51 PM EST) -- The U.S. trustee for bankrupt real estate company Crescent Resources LLC is objecting to the company's plan to grant $4 million in bonuses, calling the payments a retention plan for insiders.

In a motion filed Thursday in the U.S. Bankruptcy Court for the Western District of Texas, trustee Charles McVay urged the court to reject the bonus plan, arguing that the only incentive it provided was for employees to do work they had already done.

“Incentive plans should be forward-looking,” McVay said. “The debtors have not...
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