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Judge Rejects Granite CEO Bonus Plan

Law360 (June 28, 2007, 12:00 AM EDT) -- In yet another stinging indictment of Granite Broadcasting Corp.'s post-Chapter 11 spending habits, a judge has balked at the company's bid to hand its CEO a hefty $450,000 bonus package for 2006.

Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York shot down the bonus request for company founder and CEO Don Cornwell on Tuesday, calling it inappropriate, said Granite spokeswoman Sandra Novotny.

Gropper's denial of Granite's request was hardly the first such objection raised in the saga of the...
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