Bankrupt Chain Slams Trustee Opposition To $3M Bonus Plan

Law360, Wilmington (August 1, 2013, 10:13 PM EDT) -- Orchard Supply Hardware Stores Corp. blasted opposition Thursday to a bonus plan that could pay top brass of the bankrupt home-and-garden chain more than $3 million for landing a buyer, claiming the U.S. trustee is judging the deal with misplaced hindsight.

U.S. Trustee Roberta A. DeAngelis objected Monday to Orchard's key employee incentive plan, saying it provides executives no actual incentive because the $200 million bonus threshold had already been triggered on the petition date by the retailer's $205 million stalking horse agreement with Lowe’s Home...
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