U.S. Trustee Fights Werner’s $6M Payout Plan

Law360, New York (July 19, 2006, 12:00 AM EDT) -- Just one month after Werner Co. slipped into Chapter 11 bankruptcy protection, federal bankruptcy authorities are objecting to the leading ladder manufacturer’s bid to dole out millions of dollars in bonuses to some of its top executives, saying the proposed payouts are actually key employee retention plans in disguise.

Last month, the ladder maker sought the bankruptcy court’s approval to pay more than $6 million in bonuses to workers at the supervisory or professional level or above, including those who are crucial to the company’s ongoing...
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