Elk Grove Promenade Developer Executives Seek Multi-Million Dollar Bonuses
Developers responsible for the Elk Grove Promenade are seeking court permission to pay 11 executives as much as $11.6 million in incentive b...
https://www.elkgrovenews.net/2009/10/elk-grove-promenade-developer-execs.html
Developers responsible for the Elk Grove Promenade are seeking court permission to pay 11 executives as much as $11.6 million in incentive bonuses according to court filings.
Prior to the stop of construction 14 months ago, The Elk Grove Promenade shopping center was being developed by Chicago-based General Growth Properties (GGP). Last April GGP sought Chapter 11 bankruptcy protection.
GGP’s April filing was the largest real estate bankruptcy in U.S. history after loading up on $27 billion in debt. GGP reportedly owes the City of Elk Grove more than $100,000 in development fees.
Attorneys tell judge lack of incentive ‘devastating’ for executives
In seeking court permission to pay the incentives, GGP’s attorneys wrote “without the employee incentive program, employees’ direct compensation potential will remain substantially below market and the effect on their incentives will be devastating.”
A hearing on the motion will be held on October 15.
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$11 million would go a long way toward finishing the mall! High time these overpaid individuals have a reality check!
The argument their representative is making to the bankruptcy court is beyond ridiculous!
Well, consider the ramifications to GGP if they were to lose even a few of these people.
Remember, these 11 will be the best people needed to get GGP back to black, the best people to help them emerge as a leaner, more competitive company better able to get GGP back to what they do best -- commercial sprawl. I mean, you want this mall finished, don't you? If so, these 11 in Chicago should get their incentives so they stay to continue their important work.
Never mind the fact that they drove the company into the ground in the first place. True, yes, but lots of companies have gone under; they aren't unique. Never mind the fact that there are probably 5,700 other qualified out-of-work executives who'd be willing to work at half the price with no performance compensation for non-performance. Yes, but who can live in Chicago's Near north Side on only six figures? It's not like living in Elk Grove, Sarah...
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