US Trustee Slams $2.7M Bonus To Wireless Co. CEO

Law360, New York (January 29, 2014, 7:39 PM ET) -- The U.S. Trustee overseeing the bankruptcy of Personal Communications Devices LLC on Wednesday objected to the wireless device maker’s plan to give its CEO a $2.7 million bonus, saying the company can’t circumvent the Bankruptcy Code’s executive compensation limits.

Trustee William K. Harrington said while PCD contends that CEO George Appling is due the bonus pursuant to a incentive plan agreement, the company has failed to meet the requirements of the Bankruptcy Code that spell out when such payments may be made to insider employees....
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