Last week Tracy Hope Davis of the US Trustee’s Office filed an objection to Borders’ plan to pay executives up to $8.3 million in bonuses on the grounds that the bonus motion “is premature and should not be granted.” Borders had characterized the bonus plan as “providing necessary incentives” but the Trustee’s Office felt “there is no information that explains what extra services the insiders would perform beyond their ordinary job duties or a detailed description of the nexus between the supposed incentives and the payment trigger.” In addition, Davis said, the motion “provides no financial performance metrics nor are […]
