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Homebanc Drops 5 VPs From Employee Retention Bid

Law360 (September 18, 2007, 12:00 AM EDT) -- Homebanc Mortgage Corp. has withdrawn its Aug. 31 employee retention motion with respect to five executives, who the U.S. Trustee overseeing the Chapter 11 proceedings characterized as “insiders.”

The move follows the trustee's objection to the debtors' bid to hand out $532,000 in retention bonuses to 15 vice presidents.

Homebanc filed a supplement on Monday to the “non-insider employee retention plan” motion it lodged at the end of August. The supplement alerted the court that the five executives had been dropped from the non-insider retention motion...
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