Bankrupt Tribune Seeks $66 Million in Manager Bonuses

Bankrupt Tribune Seeks $66 Million in Manager Bonuses (Update1)

By Steven Church

Sept. 25 (Bloomberg) -- Tribune Co., the bankrupt newspaper publisher, is seeking court permission to pay as much as $66 million in bonuses to its managers based on operating cash flow predicted to be the lowest in at least 10 years.

The money would be paid to the 720 top editors, television station managers and executives should the company end the year with $424 million in operating cash flow, company attorney Jonathan D. Lotsoff said during a hearing today in U.S. Bankruptcy Court in Wilmington, Delaware. About half of the bonuses, $32 million, would go to the top 21 corporate officers.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aM4MD1k.3Ntw



Tribune exec defends bonus plan in Ch. 11 hearing

By RANDALL CHASE (AP)

WILMINGTON, Del. — Still mired in Chapter 11 protection, the Tribune Co. said Friday it needs authority to dole out up to $70 million in bonuses as motivation for top managers working in a difficult environment for the media industry.

Testifying before a federal bankruptcy judge, Chief Financial Officer Chandler Bigelow III said the bonuses would help "incentivize our key managers to battle all of the intense challenges that unfortunately our local media businesses are facing."

http://www.google.com/hostednews/ap/article/ALeqM5iTgAbPRmpl0cNwR11q1q2797SdWgD9AUGC480

 

Literally makes me feel like vomiting.

 

If they're not incentivized, they might, what, leave?

What jobs would they find? What jobs would have them?

This stuff is like daggers through the hearts of the people sweating out their jobs, mourning their fallen colleagues and getting by on way less thanks to furloughs, wage cuts, increased health care premiums and so on.

Bosses like that really do think they are the freaking newspapers and stations, don't they?

 

How many of the layoffs at Tribune Company could be saved simply by not paying these bonuses? All of them right?

 

It'd be nice -- probably not within the scope of his authority, but nice -- if the judge gave the OK for the bonuses, but said that all the money had to go to the working stiffs, not management (especially those 21 corporate officers who are slated to get about half of that money) ...

 

The judge needs to tell Tribune Co. to go pound salt.

Echoing JakeandElwood: How many newsroom jobs would that $66 million save?

 

Newsroom? I'm in one of them.
And, I can tell you without batting an eyelash, it's never been about the newsroom.

 

C'mon Judge Carey, strike one against the rich bastards. Throw the bonuses out with the bums.

 

Give it to charity.
I don't understand the concept of rewarding failure.

 

Well of course.

 

I like this idea. Bonuses to the 10 percent of the employees at the bottom of the full-time pay scale.

 

I have a strong hunch that the mood of the country has turned enough against this kind of thing that the judge won't allow it.