GT Advanced seeks approval for executive bonuses amid bankruptcy

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Comments

  • Reply 41 of 61
    Quote:

    Originally Posted by Realistic View Post

     

    Since GTA's business had already tanked before GTA signed the deal with Apple, this 'lack' of performance payout seems ridiculous and shouldn't be allowed.




    I think you really just wanted a chance to use "GTA" in a sentence. Fan of stealing cars and running people over in video games?

  • Reply 42 of 61
    You mean the same Key Employees who negotiated that deal with Apple that guaranteed success and riches for their stockholders?
  • Reply 43 of 61
    icoco3icoco3 Posts: 1,459member
    Quote:
    Originally Posted by ECats View Post



    USA where failure to perform and subsequently run an externally credited company into the ground is somehow a solid rationale for handing out bonuses.



    Of course the usual line:

    "But... but their contracts said they can have them"



    Because somehow these contracts are any more valid than the scores of others that were broken during the last 6 months.



    Bankruptcy can cancel a union contract so why not theirs??

  • Reply 44 of 61

    Well of course in the kleptocracy otherwise known as Business in America, you want to not only retain, but REWARD the key management who brought the company to bankruptcy in the first place. Who better to train the newer inductees to the Golden Ring in how the game is played?

  • Reply 45 of 61

    Maybe the judge will laugh, clear his throat, then say "NO".

  • Reply 46 of 61
    GT Coporate Memo:

    "Hey guys, as you know, we are filing for bankruptcy protection.

    And you know what that means...

    FREE MONEY!!!!"




    When you owe, you pay. Period. No wonder these shammers went down the toilet.
  • Reply 47 of 61
    As an Apple Stock holder since 1984, I object to Apple paying GTAT anything for Executive Bonuses. GTAT is greedy and they were clearly incompetent costing Apple a major amount of money. It also cost me money via dividends and Apple Share Increases. If GTAT thinks they should pay their Executives a Bonus for being Incompetent, it should not come out of Apple's pocketbook. The greedy are never satisfied. GTAT in my opinion is a lying corporation and I hope Apple will not give them another dime. How is it some executives (aka crooks) think they should always be paid for non-performance - Bunch of Crooks in my Book. Any company that conducts business as GTAT did deserves to be out of business and the Judge should agree and perhaps lock these Executives up for Stupidity - Oh, being stupid is not a crime, but deception and theft is a crime.

    Judge Boroff, we hope you are not going to be further deceived by GTAT. I doubt my previous employer will let me make a claim for Performance Bonuses that were Cooked and not Paid. The PPP or PFP (Performance Pay Plan or Pray for Pay - the little guy) is a big sham on stockholders. They cook the books to get what they want or don't want to make the bottom line what they want and That's a Fact Jack. Don't pay them Judge Boroff and tell them to go to Hell.

    An Apple Stockholder and a former GTAT stockholder who realized they were not going to Produce.
  • Reply 48 of 61
    freerangefreerange Posts: 1,589member
    So tell me, who wants to buy furnaces that they couldn't get to work?
  • Reply 49 of 61
    r00fusr00fus Posts: 245member
    Ha, Fail upwards, maybe just like "Dubya" the CEO can run for US president next?

    2016 just might get more interesting!
  • Reply 50 of 61
    fracfrac Posts: 480member
    revenant wrote: »
    this is not surprising coming from the oligarchical USA. the rich have always been able to get more money. even after the bank debacle that crippled the country and shook the world bank heads still made impressive bonuses.

    And it's the same in the UK wher even absentee execs get their bonuses because it's written into their contract.
    Win win no matter what.
    Naming and public shaming is about the only recourse.
  • Reply 51 of 61
    mj webmj web Posts: 918member
    These guys really piss me off!
  • Reply 52 of 61

    Why worry about retention?

    Likely these guys won't be offered jobs anywhere else.

    Heck, their salaries could be cut and they'd still stick with GTA.

  • Reply 53 of 61
    quinneyquinney Posts: 2,526member
    Why worry about retention?
    Likely these guys won't be offered jobs anywhere else.
    Heck, their salaries could be cut and they'd still stick with GTA.

    They must have incriminating photos of the board of directors that have kept them from being sacked, so far.
  • Reply 54 of 61
    dysamoriadysamoria Posts: 2,257member
    American rank capitalism is beyond unethical. It's grossly disgusting and highly offensive to anyone with any sense of ethics, justice, and rationality.

    I hope these "bonuses" are denied with extreme amounts of prejudice against the executives requesting them.
  • Reply 55 of 61
    Okay, let me get this straight. They said they are asking to"follow through with its key employee incentive plan for certain insiders (KEIP) and key employee retention plan for non-insiders (KERP), both being performance-driven initiatives designed to motivate top executives. "

    They want to pay incentives to "executives" who couldn't meet Apples requirements and sold their stock before announcing the bankruptcy. Oh yeah, they truly deserve that, NOT!
  • Reply 56 of 61
    heliahelia Posts: 170member
    I just can't believe this!!! WTF?!
  • Reply 57 of 61
    The government did it for Fannie Mae and the auto industry, why not these guys do it for themselves to? It's disgusting. The top guy already ripped off the company by selling his stock before he followed through with the bankruptcy. That should've been insider trading fraud.
  • Reply 58 of 61
    mj webmj web Posts: 918member
    Shut up and sell another 199 furnaces you f-ing goofballs.
  • Reply 59 of 61
    Screw that. They dumped their stock and cashed out before they announced. It's not much to them but I lost 3 grand on GTAT. That's a decent amount of skrilla. I hope they get hammered by the SEC.
  • Reply 60 of 61
    adonissmuadonissmu Posts: 1,772member
    Amazing!
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