Nothing slips past the Eagle Eye of John Petersen at TTPN. He flagged this article about the Journal Register filing for Chapter 11.

Under a reorganization plan filed in U.S. Bankruptcy Court in New York, the company would cancel its stock and become a closely held company owned by its lenders, according to Bloomberg News. It listed debt of as much as $1 billion and assets of between $100 million and $500 million in its Chapter 11 documents.

It continues . . . . .

As part of the bankruptcy case, the company has asked for permission to pay as much as $1.7 million in bonuses to 30 top officers and key employees should the Journal Register meet certain reorganization goals, including closing more papers and eliminating more employees. The company employs about 3,500 people.


Does it seem strange that in order to get your bonus, you need to close up shop? They drove the company into the ground and it is the ultimate fault of the lower employees?