Aegis' Employee Compensation Plans Get Green Light

Law360, New York (October 17, 2007, 12:00 AM EDT) -- A bankruptcy court has approved two proposals by Aegis Mortgage Corp. to compensate its workers — a compensation scheme for senior employees and a plan to draw on its insurance policies to pay workers' prepetition compensation claims.

Judge Brendan Shannon, of the U.S. Bankruptcy Court for the District of Delaware, ruled on Tuesday that “the legal and factual bases set forth in [Aegis'] motion” establish just cause to allow the bankrupt mortgage lender to implement a performance-based incentive plan for certain employees, including officers.

Shannon also...
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