Right 850 million to keep the whole thing of float right seems about now probably be depleted at this point or maybe that's just a little bit left when people getting raises holiday pay overtime all over the place we're company that's going bankrupt things are just not making any sense at all. People say there's something happening February the people say there's something happening March anybody have any details about what the hell's going on
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The Golden Parachutes have already been arranged!
In layman terms, "CEO and other top execs, we will give you all of this money so you can be the placeholder for this major layoff and Chapter 7. For fun, keep leaking to the company everything will be ok. Its more fun that way when they all loose their jobs waiting for that last check while you have millions up front."
No surprise to me. This retention bonus garbage has been done by other companies that went bankrupt then belly up.
wow, that is interesting!
Retention Bonus Program
On November 7, 2019, the Company entered into retention award letter agreements (each a “Retention Agreement”) with certain key employees, including each of the NEOs, pursuant to
which retention payments were paid to such employees on November 8, 2019.
The NEOs received the following retention payments:
NEO Retention Award Amount
Eric Beringause $4,675,000
Gary W. Rahlfs $790,000
David Bernard $542,500
Base Salary Increases
The Board approved increases in the base salary for certain key employees to better align their base pay with the applicable market median. The table below sets forth any adjusted base
salary for the Company’s named executive officers (each an “NEO”).
NEO Current Base Salary Adjusted Base Salary
Eric Beringause $800,000 $1,050,000
Gary W. Rahlfs $500,000 $600,000
David Bernard $350,000 N/A
Don't forget the bonuses and also RETENTION bonuses the management wrote to key employees before they disclosed the Chapter 11 paid two or three days prior.
- Management totally did not indicate this was coming, in fact they indicated they were secured new debt and working towards getting out of this situation and not looking to sell.
- CEO - tried to instill confidence in the market just weeks before by buying a position on the open market.
Pretty upsetting, and certainly a different direction that indicated in public communications.
If anybody is eligible to freeze any retirement they have saved up. it may be something you want to consider. If corporate people are how i think they are based on the last several years of big companies closing, little to no notice was given to employees and in some cases they were given crumbs as some type of "see we take care of our people" garbage. I think toys r us gave people that had been there for x amount of years a months worth of pay and called it good with little to no notice. But somehow the big bosses usually end up getting a substantial amount...funny how that works. Just be aware of this and try to stay ahead and plan accordingly.
Go on dean foods website click the epiq link
how do you access the equip site?
go on the epiq website and look at the final order.look at the last page it says a lot
What do we know?
February 10th is only thing currently on the court schedule and it's just a meeting of the creditors. Court has not even established a deadline for creditors to file a claim.
Executive leadership team getting paid even more then they were before bankruptcy despite their failures.
A bunch of lawyers are also getting richer off this.
Those are about all we really know definitively.