US Trustee Slams $2.7M Bonus To Wireless Co. CEO

Law360, New York (January 29, 2014, 7:39 PM EST) -- The U.S. Trustee overseeing the bankruptcy of Personal Communications Devices LLC on Wednesday objected to the wireless device maker’s plan to give its CEO a $2.7 million bonus, saying the company can’t circumvent the Bankruptcy Code’s executive compensation limits.

Trustee William K. Harrington said while PCD contends that CEO George Appling is due the bonus pursuant to a incentive plan agreement, the company has failed to meet the requirements of the Bankruptcy Code that spell out when such payments may be made to insider employees....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.