US Trustee Seeks To Chop Garden Fresh Sale's Bonus Plan
Law360, Wilmington (October 26, 2016, 8:26 PM EDT) -- The federal bankruptcy watchdog took aim Wednesday at the auction plan for the parent of casual dining chain Souplantation, arguing that buried in the fine print is an arrangement to pay executive bonuses without going through the normal requirements spelled out in the Bankruptcy Code.
In an objection before the Delaware bankruptcy court, the U.S. Trustee's Office said that Garden Fresh Restaurant Intermediate Holding LLC's auction plans include a provision to have the purchaser dole out at least $400,000 in bonuses, valuing the compensation as part of any bid a buyer would make.
The $400,000 figure is the portion of the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!