Trustee Objects To Aegis' Proposed Incentive Plan

Law360, New York (September 18, 2007, 12:00 AM EDT) -- The U.S. Trustee overseeing the Chapter 11 case of Aegis Mortgage Corp. has objected to the bankrupt subprime lender’s proposed employee incentive plan.

U.S. Trustee Kelly Beaudin Stapleton filed her objection Monday in the U.S. Bankruptcy Court for the District of Delaware, objecting to Aegis’ Aug. 31 motion seeking court approval of a performance-based incentive plan for certain employees, including officers.

Stapleton specifically objected to the plan as it pertains to Aegis’ officers. In its motion, Aegis revealed that 29 employees would be affected by the...
To view the full article, register now.