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Technology Stocks : GT Advanced Technologies Inc.
GTATQ 0.0215-4.4%Mar 17 4:00 PM EDT
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From: Sam12/31/2014 2:38:32 PM
4 Recommendations

Recommended By
david1951
Glenn Petersen
Labrador
The Ox

   of 86
 
The very definition of "chutzpah".

GT Advanced asks for approval to pay millions in exec bonuses
  • Declaring the payouts necessary to motivate "the key drivers" of its restructuring, GT Advanced ( OTCPK:GTATQ -3%) has asked the court handling its Chap. 11 bankruptcy to sign off on millions in executive bonuses.
  • If the plans are approved, GT expects to pay $2.275M to nine senior execs through a program that could double the salaries of certain execs if targets are hit. It expects to pay $1.4M to 28 other employees who don't qualify as "insiders."
  • For obvious reasons, GT doesn't believe equity bonuses will serve as an effective motivator. Pre-bankruptcy sales by CEO Tom Gutierrez and other execs have received a lot of scrutiny.
  • Shares are at $0.35 on the pink sheets.
  • Previous: GT Advanced's settlement cleared; furnace proceeds in focus
1:13 PM | 28 Comments

IMHO, if their shame at the way things have turned out doesn't motivate them, then they should be immediately fired and all of the money that they got over the past year from selling stock--and it was a considerable amount of money--should be clawed back.

And it is at least plausible that someone (or two or three) should go to jail for fraud.
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