Trustee Balks At Tronox Employee Incentive Plan

Law360, New York (June 5, 2009, 12:00 AM EDT) -- A U.S. trustee has objected to Tronox Inc.'s bid for bankruptcy court approval of its key employee incentive plan, accusing the company of trying to do an end run around a federal law designed to restrict insider retention bonuses.

U.S. Trustee Roberta A. DeAngelis lodged an objection in the U.S. Bankruptcy Court for the Southern District of New York on Thursday, asking the court to deny Tronox's motion to approve the incentive plan because the May 15 motion improperly attempts to bypass the Bankruptcy Abuse Prevention...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.