Borders Executives Want $8.3 Million In Bonuses From Bankruptcy Court
Okay, now I’m pissed.
The Wall Street Journal reports that Borders executives want the bankruptcy court to approve more than $8 million in executive bonuses:
Seventeen top executives are covered by the largest program, which could add as much as $7.1 million to the pay packets of leaders who stick with the company in bankruptcy. Court papers say 70% of the group have been with the company less than 18 months, and many joined Borders less than a year ago.
Bear in mind that Borders owes hundreds of millions of dollars to publishers and distributors, including $4 million to Diamond. They just closed another 28 stores last week, adding to the 200 they’d already announced. Friends of ours have lost their jobs, and more are coming as it ripples through publishing. And the folks who put us into this mess want bonuses for this?
Related articles
- Borders Hopes To Pay Over $8 Million in Executive Bonuses (mediabistro.com)
If I were that Bankruptcy Judge, or the Trustee, I think I’d laugh in their faces at such a idiotic notion. Also I’d tell them so. Sounds like those responsible want something for nothing. Get the business back in the black then ask for a bonus.
You better believe it. I suspect there are a lot of people who would like their job, and can probably get in there and do the job much more responsibly.
Were i the judge, i’d tell them to fold their bonus requests till they’re all corners, and them put them where the monkey put the nuts.
(No, i’m not sure precisely where that is, either, but i’ve loved the line ever since i first saw Rock and Roll High School…)
This is what we deal with:
When I mentioned this to one of my right-wing neighbors, which is almost all I have in Medina, his response was that it was just the way business works. After all, these executives have the tough job of getting Borders out of bankruptcy.
I have to stop talking to my neighbors. They make my eyes roll and that gives me headaches.
I hope the judge has some common sense, because obviously nobody in a leadership role at Borders does.