Solyndra Bankruptcy: Solar Panel Manufacturer Asks Judge To Approve $500,000 In Bonuses

DOVER, Del. -- A California solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy is asking a Delaware judge to approve up to $500,000 in employee bonuses.

A hearing on the request by Solyndra LLC of Fremont, Calif., is set later this month.

Solyndra says the performance-based incentives will help it retain key employees whose work is critical to a successful reorganization and sale of the company's assets.

The bonuses would be for up to nine equipment engineers, up to six general business and finance employees, up to four facilities workers and up to two information technology workers.

The bonuses would range from 8 percent to 38 percent of a worker's base pay. The employees in question make between $72,000 and $206,000 a year.

Comments

[oldebuzzard]

01:44 PM on 01/23/2012

This is standard procedure in a bankruptcy. When the company I worked for went through "reorganization" I was among those "let go", while the "key employees" (who had bankrupted the company) got retention bonuses to stay. Of course, after reorganization, they all went on to other jobs with other companies.

It all makes sense??

[aligatorhardt]

12:33 AM on 01/21/2012

Bonuses are for success, not for failure. Tax money should not be wasted on undeserved bonuses. Bonuses only come from profit, to take bonuses when failing is embezzlement.

[IstUngeheuer]

01:32 PM on 01/20/2012

http://hotair.com/archives/2012/01/20/video-why-is-solyndra-destroying-millions-of-dollars-in-parts/

[Mac88]

08:31 PM on 01/19/2012

Just say no to thugs!

[MsLizabeth]

03:50 PM on 01/19/2012

Oh, I think those employees are already looking for other jobs. Try another excuse.

[mudshark12]

11:23 PM on 01/16/2012

"A California solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy is asking a Delaware judge to approve up to $500,000 in employee bonuses."

Pity they didn't name this guy, but I'm willing to bet that he's not hard to spot because anyone with a set of balls THAT big would be walking bow-legged and might even have a special cart so they would drag on the ground while he was moving. Talk about chutzpah!

Was he surprised when the judge told him NO! ?? That is, I HOPE the judge denied this request but the article didn't say and in this crazy age NOTHING is sure anymore.

[MsLizabeth]

03:53 PM on 01/19/2012

I don't think corporations have genitalia.

Seriously, you are aware that the request was made by an attorney for the corporation, aren't you?

Now go see what Betty White had to say about your fixation with male genitalia. Weak and vulnerable are words that come to mind.

[mudshark12]

08:02 PM on 01/19/2012

I'm quite aware that the request was made by an attorney for the corporatio­n. "Big set of balls" is a figure of speech, albeit maybe a tad vulgar. It certainly does take a large amount of chutzpah to do something like that.

If I offended you, please forgive me.

[Mac88]

08:32 PM on 01/19/2012

That was a great laugh not just a good one!
F&F

[mudshark12]

11:16 PM on 01/19/2012

Occasionally I have my moments, glad you liked it.

[SeenItBefore]

10:33 PM on 01/16/2012

I don't see the problem... Goldman paid bonuses for crashing the economy, the houses of Congress paid themselves pay raises while us on S.S. did without, so... why shouldn't the exec's of a bankrupt company with a failed business plan (let's make solar panels and sell them for 4 times what the Chinese make and sell them) collect a bundle to frame their incompetence.

My company isn't doing so well after the banks, who were given billions of taxpayer dollars, refuse to loan money for new construction projects... where are MY bonuses?

[gloriaswanson43]

02:08 PM on 01/16/2012

No.

[cmadison]

02:00 PM on 01/16/2012

You can have your bonuses when the loans are paid in full and the company actually turns a profit. Ever heard of return on investment, Solyndra?

[VJKramer]

12:47 PM on 01/16/2012

Had to look at my calendar to see if it's April 1st.

[4everright]

09:35 AM on 01/16/2012

Solyndra...a perfect example of why government should not be choosing winners and losers.

[pbr56]

09:20 AM on 01/31/2012

Then why are we giving huge amounts of money to defense contractors, oil companies, ethanol producers, and drug manufacturers. Are you equally against those, or just a hypocrite.

[ur2nutty4me]

07:25 AM on 01/16/2012

Let's give Congress and the Supreme Court Justices a raise while we are at it for such a fine job they are also doing..................Maybe more tax breaks for Goldman Sachs............ What a frigin zoo we are running.

[pbr56]

09:20 AM on 01/31/2012

Luckily, we don't have any say in congress' pay. They do that themselves.

[Tiggy]

09:53 PM on 01/15/2012

As a tax payer already on the hook for millions from this company I am outraged and offended by this extortion attempt. If they can find better else where, let them go.

[Andrew Harvey]

08:48 PM on 01/15/2012

this is a good example of why governments shouldn't become investors in commercial enterprises.

So here's a failed company that is trying to work its way out of bankruptcy and because it took out a federal loan, it now has to ask permission of a federal judge to pay its people a bonus. It's none of our business to gets paid what. These aren't donald trumps here, these are middle class people. If that's what the company feels is necessary to retain these workers, then so be it.

[Tiggy]

09:57 PM on 01/15/2012

You can't get tax dollars..ie low interest loans without some restrictions. The fact that it is tax dollars makes it our business. As to not getting a bonus, my husband has not received one since the economic bust. His company stopped paying them to remain solvent and keep him employed. He is still there so the threat of losing "talent" is absurd. If they can find better and want to find better then they are free to go.

[AvgJoeBlow]

09:31 AM on 01/16/2012

I swear that is now a text book business school solution, pioneered by the Airlines Top Management. Yea, too bad. How many of us lost our jobs because we hitched our horses to the wrong wagons? Bonus, they begrudge us unemployment compensation.
-AJB

[Mac88]

08:44 PM on 01/19/2012

Why, haven't they already proved their worth?

[Andrew Harvey]

09:26 PM on 01/19/2012

Have you ever held a job before? Do you think retaining people is easy in a situation where a company could fold at any time? Do you think it might make practical sense that you might up someone's compensation in such a situation?

[Bullitt08]

08:08 PM on 01/15/2012

No way!