Wed, Apr 15th, 2009
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Several years ago, I bought a big chunk of 'distressed' debt in a major company and landed on the creditors committee when it filed for Chapter 11. Shortly thereafter, the bankers who were hired by senior management told me that I would have to pay retention bonuses to keep its top managers from leaving.
The company, they warned, would crumble if these star managers left. Nine had already threatened to march out the door if they didn't get substantial bonuses. I told them I was fed up with retention bonuses. Where was the line waiting to hire these "star" managers who were responsible for bankrupting the company in the first place?
Related stories from top sites:
Citi leaders face hostile crowd at annual meeting
Apr 21st, 2009 - Houston Chronicle
NEW YORK - The anger was evident at Citigroup's annual meeting, where all nominated directors were elected but shareholders took turns at the microphone to vociferously object to the bank's performance over the past year.
Icahn extends offer to buy Lions Gate bonds to May 1
Apr 21st, 2009 - Los Angeles Times
After getting a frosty response from bondholders for his bid to buy up Lions Gate's convertible debt, activist shareholder Carl Icahn has extended his tender offer to May 1. Icahn's offer...
Lions Gate moves defensively against Icahn
Apr 21st, 2009 - Reuters
* Icahn extends tender offer for Lions Gate notes * Icahn attracts $8 million in notes to date * Lions Gate in talks with potential TV Guide partners (Recasts; includes details on TV Guide talks) LOS ANGELES...
Capital One socked by mounting credit losses
Apr 21st, 2009 - CNNMoney
NEW YORK (Reuters) -- Capital One Financial Corp., a leading issuer of MasterCard and Visa credit cards, reported a higher-than-expected first-quarter loss Tuesday, hurt by growing credit losses and higher provisions for bad loans...
Merkel's Coalition Seeks More Time for Bad-Bank Solution
Apr 21st, 2009 - Bloomberg
April 21 (Bloomberg) -- Chancellor Angela Merkel’sgovernment said it may need until mid-May to finish a plan tohelp banks clear toxic assets and ease a credit squeeze inEurope’s largest economy.
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