{"id":178462,"date":"2018-11-19T19:30:00","date_gmt":"2018-11-20T00:30:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2018\/11\/19\/not-enough-bullets-27\/"},"modified":"2018-11-19T19:30:00","modified_gmt":"2018-11-20T00:30:00","slug":"not-enough-bullets-27","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2018\/11\/19\/not-enough-bullets-27\/","title":{"rendered":"Not Enough Bullets\u2026\u2026\u2026"},"content":{"rendered":"<p>After running a former icon of American retail into the ground, <a href=\"https:\/\/edition.cnn.com\/2018\/11\/16\/business\/sears-executive-bonuses\/index.html\">Sears executives are seeking to secure for themselves about $25 million in bonuses<\/a>, even though the company is in bankruptcy:<\/p>\n<blockquote><p><span style=\"color: blue;\">Sears is seeking court approval to pay executives as much as $25 million in annual bonuses while the company struggles to restructure in bankruptcy.<\/span><\/p><\/blockquote>\n<blockquote><p><span style=\"color: blue;\">Three top executives could get nearly $1 million each if the company goes out of business. If Sears remains in business, they could get nearly $500,000 each for hitting the top performance targets.<\/p>\n<p>Sears filed two different types of bonus plans in <a href=\"http:\/\/www.cnn.com\/2018\/10\/15\/business\/sears-bankruptcy\/index.html\">bankruptcy court <\/a>Thursday. The first is for the top 18 &#8220;key&#8221; executives, who would collectively get as much as $2.1 million per quarter up to a maximum of $8.5 million. The bonuses would only be paid in full if Sears reaches its cash-flow targets. Sears Holdings, which includes both Sears and Kmart, has been burning through cash at a rate of about $125 million a month.<\/span><br \/><span style=\"color: blue;\"><br \/>A second retention bonus plan was designed to encourage 322 other unnamed executives to stay put during Sears&#8217; reorganization. They would collectively get $16.9 million over the course of a year, which works out to an average of about $52,000 annually per executive. No executive could receive more the $150,000 in bonuses for staying with the company during the bankruptcy process.<\/span><\/p><\/blockquote>\n<p>Seriously:&nbsp; These folks are all likely subject to non-compete agreements, but still they are going to get millions of dollars.<\/p>\n<p>It&#8217;s, &#8220;Heads I win, tails you lose,&#8221; capitalism, and it needs to stop.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After running a former icon of American retail into the ground, Sears executives are seeking to secure for themselves about $25 million in bonuses, even though the company is in bankruptcy: Sears is seeking court approval to pay executives as much as $25 million in annual bonuses while the company struggles to restructure in bankruptcy. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[365,368,364,456,407],"class_list":["post-178462","post","type-post","status-publish","format-standard","hentry","tag-business","tag-corruption","tag-evil","tag-finance","tag-justice"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/178462"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=178462"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/178462\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=178462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=178462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=178462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}