Executive compensation in Chapter 11 bankruptcy cases: how much is too much? : hearing before the Subcommittee on Commercial and Administrative Law of the Committee on the Judiciary, House of Representatives, One Hundred Tenth Congress, first session, April 17, 2007, Volume 4 |
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AFL-CIO Allen American Airlines amount angry Antoinette Muoneke APFA approved Bankr Bankruptcy Code bankruptcy laws bankruptcy process business bankruptcy system business judgment rule Cannon career Chapter 11 companies chief executive officer Chris Cannon Committee Congress constituencies contracts Conyers Cooper corporate governance creditors Damon Silvers Dana Corp Dana's daughter debtor in possession Delphi Employee Benefits Enron workers excess executive comp executive compensation executive pay Flight Attendant Flight Attendants Glenn Tilton going hearing incentive plans inequality issues KERP KERP's provisions labor Levin limitations liquidation Madam Chair marketplace Members ment million mother National Bankruptcy Conference paid pensation percent ployees pre-petition PREPARED STATEMENT preserve Prof purser pay reorganization retention plans retiree health retirement security Richard Levin ruptcy sacrifices salary Section senior executives severance payments Steve Cooper's testimony Thank tion tives U.S. Bankruptcy Court United Airlines wages Wintner York
Popular passages
Page 25 - [t]he purpose of a business reorganization case, unlike a liquidation case, is to restructure a business's finances so that it may continue to operate, provide its employees with jobs, pay its creditors, and produce a return for its stockholders.
Page 25 - The premise of a business reorganization is that assets that are used for production in the industry for which they were designed are more valuable than those same assets sold for scrap.
Page 25 - By permitting reorganization, Congress anticipated that the business would continue to provide jobs, to satisfy creditors' claims, and to produce a return for its owners.
Page 23 - ... partnership in which the debtor is a general partner; (v) general partner of the debtor; or (vi) relative of a general partner, director, officer, or person in control of the debtor...
Page 8 - Falce, my name is Damon Silvers, and I am an Associate General Counsel of the American Federation of Labor and Congress of Industrial Organizations. The...
Page 19 - ... the amount of the payment is not greater than 10 times the amount of the mean severance pay given to nonmanagement employees during the calendar year in which the payment is made...
Page 19 - ... obligation incurred for the benefit of, an insider of the debtor for the purpose of inducing such person to remain with the debtor's business, absent a finding by the court based on evidence in the record that (A) the transfer or obligation is essential to retention of the person because the individual has a bona fide job offer from another business at the same or greater rate of compensation; (B) the services provided by the person are essential to the survival of the business; and (C) either...
Page 19 - ... other transfers or obligations that are outside the ordinary course of business and not justified by the facts and circumstances of the case, including transfers made to, or obligations incurred for the benefit of, officers, managers, or consultants hired after the date of the filing of the petition.
Page 19 - ... to remain with the debtor's business, absent a finding by the court based on evidence in the record that (A) the transfer or obligation is essential to retention of the person because the individual has a bona fide job offer from another business at the same or greater rate of compensation; (B) the services provided by the person are essential to the survival of the business; and (C) either (i) the amount of the transfer made to, or obligation incurred for the benefit of, the person is not greater...
Page 19 - FELDMAN, a partner in the law firm of Stroock & Stroock & Lavan...