EFH Gets Judge's Nod For $20M Executive Bonus Plan
Law360, Wilmington (October 15, 2014, 7:31 PM EDT) -- A Delaware bankruptcy judge on Wednesday allowed Energy Future Holdings Corp. to go ahead with its plan to pay out up to $20 million in executive bonuses over the objections of the U.S. trustee's office, which argued the compensation flouted Chapter 11 rules by providing no actual performance incentive.
After a trial in Wilmington that lasted three full court days, U.S. Bankruptcy Judge Christopher S. Sontchi ruled that EFH presented a “thorough, persuasive and unblemished record” that convinced him the bonus plans at issue indeed had targets difficult to attain as is mandated by bankruptcy rules.
“The court will grant the...
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