Borders, the bankrupt bookseller, is trying to get permission to pay $8.3 million in bonuses to executives, according to the AP.
The company claims that five executives are leaving the company on a weekly basis and this is one way it can try to hold onto them.
From the AP:
The company wants to give its CEO, financier Bennett LeBow, as much as $1.7 million. In addition, it wants to give $1.1 million to executive vice presidents, $371,000 to the vice president for human resources, $2.4 million in other bonuses and $1.2 million in payments to 25 of its directors and a few other executives.
Bill Ackman and Bennett LeBow lost big on the firm’s bankruptcy. Ackman’s original investment of $233 million was worth only $2.4 million as of the firm’s bankruptcy in February.