Anchor Blue's Exec Bonus Plan Wins Approval

Law360, New York (June 30, 2009, 12:00 AM EDT) -- A judge has approved $800,000 in bonuses for executives at bankrupt clothing retailer Anchor Blue Retail Group Inc. despite objections from a U.S. trustee, who claimed the bonus plan was really a retention plan in disguise that improperly compensated the company’s executives regardless of performance.

Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware approved the executive incentive program on Tuesday. That same day, he approved an asset purchase agreement between Anchor Blue and Levi Strauss & Co., and he also approved...
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