It’s hard to imagine, but declaring bankruptcy could earn executives more money as they continue working to unwind their firms’ affairs.
So is the case of failed law firm Dewey & LeBoeuf LLP, which declared chapter 11 bankruptcy in May 2012, and its chief finance man Frank Canellas, who stands to make $665,000 this year, The Wall Street Journal reported.
The sum includes a controversial $165,000 bonus that has yet to be approved.
Canellas made just $615,000 last year, when Dewey still employed 1,000 lawyers, the Journal reported.
But before receiving his $165,000 bonus, he must first provide proof of a job offer from “another business at the same or greater rate of compensation,” ex-partners at the firm argue, the Journal reported.
You know—to justify getting a bonus while his employer unravels, according to the Journal.
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