Philly Refinery Execs Got $4.5M In Bonuses Before Ch. 11

Law360 (September 9, 2019, 9:16 PM EDT) -- PES Holdings LLC's now-shuttered, fire-damaged refining businesses paid out nearly $4.5 million in retention bonuses to eight top executives just weeks before retreating into Chapter 11 in Delaware, court documents filed late Friday show.

The payments, all made on July 5, ranged from $1.545 million to PES CEO Mark Smith to $150,000 apiece to the company's vice presidents for supply and planning. PES opened its current bankruptcy proceedings on July 21.

Similar payments were made to top executives in July 2018 and at other times during the year that followed, the records show. Some were paid just a few months after 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!