Last Friday Tribune Company employee’s favorite CFO, Chandler Bigelow III, testified in front of bankruptcy Judge Kevin Carey on why the company needs to dole out $70,000,000 in bonuses to the top managers.
Never mind that Tribune’s advertising revenue through publishing is 29 percent less than last year, or broadcasting revenue is down by 23 percent.
“Still mired in Chapter 11 protection, the Tribune Co. said Friday it needs authority to dole out up to $70 million in bonuses as motivation for top managers working in a difficult environment for the media industry.”
I wonder how the employees that have been let go over the last few weeks at the Los Angeles Times feel about rewarding the upper crust with massive bonuses, could their timing be any worse?
I have an idea, instead of crying to the bankruptcy judge, allow Tribune Company Employees to vote if the executives deserve a bonus. This method would never be attempted as it would be defeated from the get go.
Judge Carey said
"In a troubled industry as this one, the argument could be made that bonuses should not be paid, or certainly not of this magnitude," the judge said.”