Trustee Slams Sharper Image Incentive Plan

Law360, New York (June 24, 2008, 12:00 AM EDT) -- The acting U.S. trustee overseeing the Chapter 11 case of Sharper Image Corp. has criticized the bankrupt gadget retailer's proposed employee incentive plan, calling it a disguised retention plan that doles out money to insiders.

Urging a Delaware bankruptcy judge to deny Sharper Image's bid to implement the $1.13 million proposal, U.S. Trustee Roberta DeAngelis said the plan was aimed at keeping, not motivating, certain employees of “officer status.”

The chain store's proposal to the court includes a payment of $250,000 to a single company manager...
To view the full article, register now.