US Trustee Balks At Bonus Plan For Mall Security Co. IPC
By Matt Chiappardi
Law360, Wilmington (August 27, 2013, 8:05 PM ET) -- The U.S. Trustee’s Office on Tuesday questioned an employee bonus plan for bankrupt mall security firm IPC International Corp., arguing that all the work was already done when the company filed for Chapter 11 protection with a deal for a $21 million stalking horse sale in hand.
The plan covers six employees, but U.S. Trustee Roberta A. DeAngelis took particular issue with a $145,000 bonus slated for Chief Financial Officer Scott Strong when a proposed sale to rival Universal Protection Service LLC, or any higher bidder,...