$43M In Tribune Bonuses OK'd; 5 Execs Excluded

Law360, New York (November 10, 2010, 4:40 PM EST) -- The Tribune Co. received bankruptcy court approval Wednesday for as much as $43 million in bonuses for the company’s management, but only after excluding five executives from the plan who were implicated in an examiner’s report for allegedly breaching their fiduciary duties to shareholders.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, the official committee of unsecured creditors argued for “fiduciary vigilance” in withholding the bonuses of the five executives from the 2010 management incentive program.

David Lemay, an attorney for...
To view the full article, register now.