Bankruptcy Court Denies $6.5M In Asarco Bonuses

Law360, New York (March 26, 2010, 2:27 PM EDT) -- A bankruptcy court in Texas has denied $6.5 million in bonuses to the former CEO and board members of troubled copper mining company Asarco LLC.

The U.S. Bankruptcy Court for the Southern District of Texas on Wednesday denied a motion to approve bonuses for former board members Edward Caine and H. Malcom Lovett and former CEO Joseph Lapinsky.

On the morning of Dec. 3, Caine and Lovett allegedly voted themselves bonuses of $2 million each. A third board member, Carlos Sacristan, voted against the bonuses and...
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