Today a bankruptcy judge gave the green light on a multimillion-dollar bonus plan for over 600 Tribune Co. managers — but only after the company removed the names of five employees currently being sued from the list. Harry Amsden, Chandler Bigelow, Robert Gremillion, Daniel G. Kazan, and David D. Williams are top Tribune executives who are defendants in a lawsuit filed by creditors due to their roles in the company’s 2007 leveraged buyout.
Brian J. Gold, a Tribune attorney, today disclosed the decision to deny the payments to the executives after objections were lodged by creditors and the Office of the U.S. Trustee, an arm of the Justice Department that monitors bankruptcies.
“I would have sustained those objections for reasons that are obvious,” [Judge Kevin J. Carey] said. “It is wise that the debtor came to that decision.”
Any of you kids remember the days when journalists got bonuses? Anyone?