Judge Nixes $1.6M Bonus Plan For Bankrupt Satcon

Law360, Wilmington (January 8, 2013, 9:59 PM EST) -- A Delaware bankruptcy judge on Tuesday rejected Satcon Technology Corp.'s proposed $1.6 million executive incentive program, ruling the goals the solar-energy company must meet to trigger bonus payments were too easily attainable.

Boston-based Satcon contended the key employee incentive plan was vital to motivate senior executives asked to handle additional responsibilities with a greatly reduced staff, while the official committee of unsecured creditors and the U.S. Trustee characterized the program as a means of providing top brass with extra pay for merely doing their jobs....
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