Court approves unearned bonuses

Court approves unearned bonuses

EDITOR:

On June 19, the bankruptcy judge approved in part the motion filed by Indalex for executive bonus incentives. These are the same executives whose leadership led to plant closings, the loss of many jobs and ultimately to bankruptcy. Of course we don’t know exactly what was approved and what was not approved because the motion is sealed. I’d want it to be sealed too, as I’d be ashamed to get a bonus incentive when there will be people who will lose their jobs due to the sale. I would also be ashamed to get a bonus incentive when others who have already lost their jobs and had severance agreements were cheated out of their money. A motion could have been filed to resume the severance payments, but management would not file the motion. But they jumped at the chance to file a motion that would benefit themselves. Maybe the judge would have denied the motion to resume severance payments but at least the decision would have rested with the judge. I really question why any judge would approve a motion for executive bonus incentive to anyone who led a company into bankruptcy.

Back in 1990-1991 the company, which at that time was Easco Aluminum, was in the midst of a bad recession and came very close to bankruptcy. The president and CEO at that time was a man of great integrity. He brought the company through an extremely hard time. No one had their pension frozen or took a pay cut; there were no fancy sales meetings or endless golf outings; and that man would have never taken a trip to Cabo or Napa Valley on the company dime during a financial crisis — or at any time. If he had been running the company during this recession, Indalex would not be in bankruptcy. He was a man who truly led by example.The leadership example of the Indalex management is that greed is good.

SHERRY ROSS

Boardman