Bankrupt Solyndra seeking to pay bonuses

by
January 12, 2012

 

By Jim McElhatton-The Washington Times

Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that’s the plan of company attorneys intending to dole out up to a half-million dollars to persuade key employees to stay put.

Nearly two dozen Solyndra employees could receive bonuses ranging from $10,000 to $50,000 each under a proposal filed by Solyndra’s attorneys in U.S. Bankruptcy Court in Delaware.

The attorneys say the extra money will add motivation at a time when workers at the solar company have little job security and more responsibilities because so many of their colleagues have been fired.

The names of the bonus-eligible employees are not disclosed in the court filings that outline the bonus proposal. None of the employees is among the so-called corporate “insiders” — top officers or members of the board of directors, records show.

The proposed bonus recipients include nine equipment engineers, six general business and finance employees and up to two information technology workers.

The biggest bonus, for $50,000, would go to a Solyndra employee whose job title is listed as a senior director with a base salary of $206,499 per year. Two senior managers stand to receive bonuses of $30,000 and $32,500.

Bankruptcy attorneys said the so-called “key employee incentive plan” aims to keep important personnel from leaving the company.

Solyndra went broke just two years after winning a more than $500,000,000 federal loan-guarantee package, and one year after President Obama toured its California headquarters and hailed its prospects.

Most of Solyndra’s employees were laid off last year. The company employed about 1,100 people last year. Just 84 remain. Of those who managed to avoid the mass firings, many have been scrambling to find jobs.

“Within the last few months, the debtors have experienced a serious loss of personnel, which has made the continuation of the sales process in an orderly fashion more difficult,” Solyndra bankruptcy attorneys disclosed in a recent filing.

To read more, visit: http://www.washingtontimes.com/news/2012/jan/11/bankrupt-solyndra-seeking-to-pay-bonuses/

4 Comments - what are your thoughts?

  • That’s right, who needs American employee’s when you can start a business oversea’s and then sell it to out of work Americans. IF we do not stop imports, that compete with things made in America, then we will soon have leaders that speak Chinese. Congress has specific jobs they are charged to do, One of them is to control IMPORTS. then Protect our Borders, they do neither. Congress and the Senate are the traitors we need Protection from. If we do not stand up and ReVote to Recover our sovereignty, and protect us from anyone who makes it into our nation, anyone who wants to change our nation, we will have lost this wonderful United States. What do you think any Republican candidate if elected is going to restore our economy, put us back into homes that were foreclosed.
    So the employees of Solyndra tried, while the executives spent greedily without any sense of how to run a business, and I agree, NO Bonus’s on our money. But If I become your next President, the first thing i”ll do, is stop the imports. If we can”t make it in America, you don”t need it. We must tighten our belts, and reopen our factories, and put America back to work. To add insult to injury, I recently discovered two cans of vegetables in my cubbord a can of Corn, product of Thailand, and a can of Asparagus tips product of China.. I am furious. I must read all labels when I buy food! This is a disgrace, but I’m sure santioned by our wonderful government in their quest of One World Government. Click on my name and see my solutions.

  • Rattlerjake says:

    Sounds like the new American business model. Open a business, borrow lots of money (knowing your company is worthless), pay your employees exorbitant salaries and benefits, file bankruptcy, then pay bonuses for poor output, and don’t forget that the company will then reorganize under a new name and do it all over again. Worthwhile businesses simply move overseas where they can afford to produce a product and stay in business.

  • Rattlerjake says:

    Solyndra should be forced to close. Any physical and financial assets should be confiscated and the personnel let go. Any money currently being spent by that company is taxpayer dollars. Who cares about the employees of a company that screwed the country out of half a billion $$$$. Give it to Rommey and let him reorganize or fire everyone and sell off the company.

  • Penni says:

    How about this? The employees get NO bonuses and they get to KEEP their jobs? How about that? If they are thinking of leaving, let them go try to find a job. When your company gets govt bailouts and goes belly up, you thank GOD you still have a job when millions of Americans don’t. Have we completely lost our minds in this country or what?

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