Bankruptcy Judge OKs Bonus For Blockbuster Exec

Law360, New York (July 19, 2011, 1:27 PM EDT) -- A New York bankruptcy judge on Tuesday approved a plan to pay an incentive bonus to the Blockbuster Inc. executive tasked with liquidating the company's bad assets, despite the objections of the U.S. trustee.

Under a plan approved by U.S. Bankruptcy Judge Burton R. Lifland, one-time Blockbuster Vice President Bruce Lewis will be able to take 1.25 percent of money paid to senior creditors by July 31, up to $150,000.

“I find that his compensation arrangements indeed are benefiting the estate,” Judge Lifland said.

The deal...
To view the full article, register now.