CITIZEN KANE-473667

Questioning the staus quo.....

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Member Since: 9/2008 Last Seen: 5/20/2012

Bankruptcy Judge Approves Solyndra Bonuses

Seeded on Thu Feb 23, 2012 9:29 AM EST

Article Source: ABC News

politics, obama, government, bailout, bankruptcy, workers, bonuses, solyndra, screwed, handout

Seeded by Citizen Kane-473667

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Another government handout. Another bonus for failure.

Attorneys for former Solyndra workers laid off just before the bankruptcy filing objected to the proposed bonuses, saying they were based on questionable performance criteria and that Solyndra had not provided enough information about the incentive plan.

Judge Mary Walrath approved the reduced bonus request following a hearing Wednesday, but not before chastising a Solyndra attorney for failing to disclose in the motion to approve the bonuses that seven of the eligible employees had received significant pay raises after the company filed for bankruptcy protection.

Stop the Ride! I want to get off...

Now here is where OWS needs to be protesting in front of their doors. I guess if you make enough political donations you don't need good business sense; and neither do your employees to get fat bonuses...

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Public Discussion (11)

Citizen Kane-473667

Simply @!$%#ing pathetic!

1 vote

#1 - Thu Feb 23, 2012 9:32 AM EST

psychokiller

Why are Solyndra employees getting bonuses? I and you know that Obama is not creating a level playing field. Only the supporters and contributers to Obama are getting a free pass. The rest of the taxpayers just get the shaft. CK, you and I have the experience of falling on hard times, so why does the politically connected always get the breaks.

2 votes

#1.1 - Thu Feb 23, 2012 4:28 PM EST

Kragg

Solyndra, which has failed to find a buyer to operate the company as a going concern, argued that it needs to retain key employees with knowledge of Solyndra's complicated equipment and the expertise required for an orderly wind-down and liquidation of its remaining assets.

The bonus plan covers 13 production engineers, supervisors, and managers, two information technology workers, and five accounting and compliance employees.

Those guys aren't the ones that drove Solyndra into bankruptcy so I'm not getting your problem.

1 vote

#2 - Thu Feb 23, 2012 10:45 AM EST

Sebbydad

Also, Obama did not tell this judge what to do.

1 vote

#2.1 - Thu Feb 23, 2012 12:02 PM EST

Citizen Kane-473667

Kragg,

The bonus plan covers 13 production engineers, supervisors, and managers, two information technology workers, and five accounting and compliance employees.

IMHO, if you can't pay your bills, you can't pay a bonus either. At least this is how it is supposed to be in business.

Sebbydad, this may help to explain it. Solyndra was in trouble before it got the loan. Which is why I stated:

I guess if you make enough political donations you don't need good business sense;

2 votes

#2.2 - Thu Feb 23, 2012 12:47 PM EST

Kragg

Solyndra needed to keep these particular employees around to help with the liquidation of Solyndra because they had the expertise to do so. Without the incentive to stick around what's to stop them from simply walking? They can see there's no future in staying with the company until the bankruptcy is complete so without some sort of additional incentive the smart money would be to get your resume out there as soon as possible. When a company bankrupts its not like you can just shut the doors. There are still obligations that must be fulfilled in order for the creditors to get as much money out of the liquidation as possible. Looks to me like this is simply another attempt to try and smear the admin over something they had nothing to do with.

#2.3 - Thu Feb 23, 2012 1:23 PM EST

Citizen Kane-473667

Maybe they should call Romney...

simply another attempt to try and smear the admin over something they had nothing to do with.

Incorrect. Smearing them (admin) for the loan scandal and smearing the company over the bonuses. Separate issues but still tied together. Where would they have gotten the money to pay the bonuses without the loan?

1 vote

#2.4 - Thu Feb 23, 2012 1:42 PM EST

Kragg

Liquidating their equipment.

#2.5 - Thu Feb 23, 2012 2:06 PM EST

roypatterson

I noticed the Obama Administration did not oppose these bonuses. Why not? We, the taxpayers, lost about $500 Billion in the deal. Were the Bonuses hush money to keep the employees from taking about the illegal activities of the company?

1 vote

#3 - Thu Feb 23, 2012 1:17 PM EST

Kragg

See post 2.3.

#3.1 - Thu Feb 23, 2012 1:25 PM EST

Sebbydad

500 billion? really? ODS

1 vote

#3.2 - Thu Feb 23, 2012 4:44 PM EST

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CITIZEN KANE-473667

Bankruptcy Judge Approves Solyndra Bonuses

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