A U.S. bankruptcy judge on Wednesday authorized RG Steel's plan to pay out more than $20 million in bonuses to top company executives.
Ten senior executives, including CEO John Goodwin, would be eligible for the bonuses, if they accomplish certain goals, including selling the company's assets at a price that would satisfy the company's senior creditors, according to a Herald-Star (Steubenville, Ohio) report.
No bonus money will be distributed until senior and junior lenders have been satisfied, according to the report.
U.S. Bankruptcy Trustee Roberta DeAngelis and unsecured creditors, including the United Steelworkers union, had objected to the bonuses.
Other executives eligible for bonuses are Rich Caruso, chief financial officer; Dave Pryzbylski, chief administrative officer; Mark Whalen, chief operating officer; Jerry Nelson, chief commercial officer; Jeff Gennuso, comptroller; Howie Japlon, general counsel; Glen Mikaloff, general manager of Sparrows Point; Tom Cera, general manager of Warren and Wheeling; and George Lukes, vice president of quality assurance, according to a report in Baltimore Brew.
RG Steel, which purchased the Sparrows Point steel plant in March 2011, filed for bankruptcy protection on May 31.
Reading comprehension has never been your strong point.
Anyone who lent that company money with it's track record and owners reputation is about as smart as O'Malley who called in his markers for an additional credit line. GE is part of that deal and they are bad guys. http://www.baltimorebrew.com/2011/12/30/omalley-asks-ge-to-free-up-credit-for-sparrows-point/ I see you still use the same old vocabulary - wingnut - not very bright for one who claims to be someone else. You are always way over your head and outclassed.
Geez, What a Maroon!
LOL "the Owner's reputation"??? The guy is a self made Billionaire who built numerous companies from scratch including the company that built all the Humvees used by the military.
Saddam Hussein also had a ton of money.
http://www.militaryhummers.info/humvee/
All military vehicles are involved in combat that is why they call them MILITARY VEHICLES. You think they just call time out when the shooting starts and a humvee is in the line of fire?
So with this ruling it looks like the Senior will get paid first. Then the Executive bonuses, then the Junior Creditors then the Secured creditors and then the Unsecured creditors. The company has cash Dani, the outflows wer exceeding the inflows thats why they filed bankruptcy. They just sold their Weirton Plant for scrap for $4 million this week.