Bankrupt Mortgage Processor's $1M Exec Bonus Plan OK'd

Law360, Wilmington (April 16, 2013, 9:25 PM EDT) -- A Delaware bankruptcy judge on Tuesday signed off on an bonus plan for mortgage processor Prommis Holdings Inc.'s top brass that could bring the five-man management team more than $1.3 million, depending on the results of potential asset sales.

Georgia-based Prommis initially hoped to have the motion on its key employee incentive plan heard April 10, but agreed to delay consideration after the U.S. trustee and the official committee of unsecured creditors objected they had not had enough time to consider it.

“I'm very pleased to...
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