Trustee Opposes KB Toys' Employee Bonus Plan

Law360, New York (December 18, 2008, 12:00 AM EST) -- The U.S. trustee overseeing KB Toys Inc.'s Chapter 11 case has asked a bankruptcy court to reject the retailer's motion to pay bonuses to store managers who supervise the company's planned going-out-of-business sales, saying the proposed bonuses are poorly disguised retention payments.

U.S. Trustee Roberta DeAngelis told the U.S. Bankruptcy Court for the District of Delaware in her objection Wednesday that the bankrupt company had not offered sufficient information to demonstrate that the proposed bonuses were incentive payments that would add material value to the estate,...
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.