Winn-Dixie, bankrupt, awards CEO $1.15 mlllion bonus - GoFuckYourself.com

directfiesta · 02-12-2006, 10:23 AM

for " a heck of a job "

NEW YORK, Feb 10 (Reuters) - Winn-Dixie Stores Inc. (WNDXQ.PK: Quote, Profile, Research), a grocer operating under bankruptcy protection, on Friday said it had awarded chief executive Peter Lynch a $1.15 million bonus, provided he remains in his job at least through Aug. 31.

Jacksonville, Florida-based Winn-Dixie said Lynch would forfeit the retention bonus if the company fires him for cause, or he leaves without good reason and not because of a disability.

The bonus is net of taxes, and requires approval by a Florida bankruptcy judge. Lynch became chief executive in December 2004.

Winn-Dixie filed for Chapter 11 protection from creditors last February, after losing market share to such competitors as Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) and privately-held Publix Super Markets.

The company announced Lynch's bonus less than two weeks after saying its common shareholders would probably receive little or no value for their stock. Winn-Dixie in December said it expected to emerge by June.

Winn-Dixie disclosed the retention bonus in a regulatory filing. The company's shares closed Friday at 20.5 cents, down less than half a cent.

http://today.reuters.com/business/ne...D=nN1 0385875

tony286 · 02-12-2006, 10:28 AM

that is so fucked up

detoxed · 02-12-2006, 10:29 AM

Well to keep someone around running them through bancruptcy they do need to pay them.

MandyBlake · 02-12-2006, 10:33 AM

of course! that's how corporations work.

Mr Dickovitch · 02-12-2006, 10:34 AM

Government controlled stores would be better. It worked awesome in the USSR.

Relish XXX · 02-12-2006, 10:34 AM

Golden rule. The richer get richer the poor get poorer.

directfiesta · 02-12-2006, 10:40 AM

Quote:

Originally Posted by detoxed

Well to keep someone around running them through bancruptcy they do need to pay them.

Amazing how you answer without reading even the title ...

That is a BONUS !!! Do you know what a BONUS is ? Do you think it is " instead " of a SALARY ?

I have always been under the impression that a BONUS is on TOP of a SALARY ... stupid me !

directfiesta · 02-12-2006, 10:43 AM

Quote:

Originally Posted by Mr Dickovitch

Government controlled stores would be better. It worked awesome in the USSR.

You are an idiot, as usual ... Your reply has no relevancy ... Where do you see " Government controlled ", where do you see USSR ???

INVESTORS ( re: capitalistic system ) got fucked by EXECUTIVES ( re: capitalistic system ) and it is OK by you ...

You have nothing to say, so you spurt out another one of your numerous idiocies ....

kenny · 02-12-2006, 10:56 AM

That is fucked up.

Doesn't seem like he deserves a bonus if the company he runs is in bankruptcy.

Hell - let me run it. I can run a company into the ground just as good as the next guy

CEOs are always way overpaid.

FlyingIguana · 02-12-2006, 03:02 PM

and? if you want a ceo you have to pay. i don't know if this guy is a good turnaround manager but if he is, thats not a big salary. options might have been a better way but who knows if he would have accepted.

chances are the new equity holders will be the old debt holders. thats usually how it goes in bankruptcies

chadglni · 02-12-2006, 03:14 PM

Quote:

Originally Posted by directfiesta

Amazing how you answer without reading even the title ...

That is a BONUS !!! Do you know what a BONUS is ? Do you think it is " instead " of a SALARY ?

I have always been under the impression that a BONUS is on TOP of a SALARY ... stupid me !

Dumbass, a CEO won't work for a base salary only. Bonuses are expected, discussed, and understood by those with a clue.

woj · 02-12-2006, 03:24 PM

That 1 million isn't that much compared to the size of the company. It's almost like an affiliate program giving a $100 bonus to a designer for doing a good job. It sound like a lot of money, but very few people can run a company with 30k employees and 10 billion in annual revenues...

jjjay · 02-12-2006, 03:59 PM

stop crying you fucking hoser

fl_prn_str · 02-12-2006, 04:06 PM

It is pretty funny that a bankrupt supermarket chain was one of the lead sponsors when the super bowl was held in J'Ville last year.

wyldblyss · 02-12-2006, 04:09 PM

Doesn't surprise me, happens all the time

chadglni · 02-12-2006, 04:16 PM

Quote:

Originally Posted by fl_prn_str

It is pretty funny that a bankrupt supermarket chain was one of the lead sponsors when the super bowl was held in J'Ville last year.

Hey you're bankrupt, quit trying to gain more customers to pull yourself out of it to save thousands of jobs. Instead you should just close down completely.

WarChild · 02-12-2006, 04:18 PM

It amazes me such outrages continue in this World with Inspector Directfiesta on duty. It's almost like reporting things on GFY is ineffectual at changing anything.

02-12-2006, 10:23 AM	#1
directfiesta Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: Montreal, Quebec Posts: 29,706	Winn-Dixie, bankrupt, awards CEO $1.15 mlllion bonus for " a heck of a job " NEW YORK, Feb 10 (Reuters) - Winn-Dixie Stores Inc. (WNDXQ.PK: Quote, Profile, Research), a grocer operating under bankruptcy protection, on Friday said it had awarded chief executive Peter Lynch a $1.15 million bonus, provided he remains in his job at least through Aug. 31. Jacksonville, Florida-based Winn-Dixie said Lynch would forfeit the retention bonus if the company fires him for cause, or he leaves without good reason and not because of a disability. The bonus is net of taxes, and requires approval by a Florida bankruptcy judge. Lynch became chief executive in December 2004. Winn-Dixie filed for Chapter 11 protection from creditors last February, after losing market share to such competitors as Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) and privately-held Publix Super Markets. The company announced Lynch's bonus less than two weeks after saying its common shareholders would probably receive little or no value for their stock. Winn-Dixie in December said it expected to emerge by June. Winn-Dixie disclosed the retention bonus in a regulatory filing. The company's shares closed Friday at 20.5 cents, down less than half a cent. http://today.reuters.com/business/ne...D=nN1 0385875 __________________ I know that Asspimple is stoopid ... As he says, it is a FACT ! But I can't figure out how he can breathe or type , at the same time ....

02-12-2006, 10:33 AM	#4
MandyBlake The one and only! Industry Role: Join Date: Nov 2002 Location: Atlanta, GA Posts: 17,761	of course! that's how corporations work. __________________ Mandy's Playhouse Her First Fat Girl If you're interested in promoting my sites, ICQ me! 178411921

02-12-2006, 10:34 AM	#6
Relish XXX Confirmed User Join Date: Dec 2004 Location: www.adultlabel.com Posts: 4,904	Golden rule. The richer get richer the poor get poorer. __________________

02-12-2006, 10:56 AM	#9
kenny Confirmed User Industry Role: Join Date: Mar 2002 Posts: 7,245	That is fucked up. Doesn't seem like he deserves a bonus if the company he runs is in bankruptcy. Hell - let me run it. I can run a company into the ground just as good as the next guy CEOs are always way overpaid. __________________ 7

02-12-2006, 03:24 PM	#12
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	That 1 million isn't that much compared to the size of the company. It's almost like an affiliate program giving a $100 bonus to a designer for doing a good job. It sound like a lot of money, but very few people can run a company with 30k employees and 10 billion in annual revenues... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

02-12-2006, 10:28 AM	#2
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	that is so fucked up

02-12-2006, 10:29 AM	#3
detoxed vip member Join Date: Jan 2003 Posts: 17,798	Well to keep someone around running them through bancruptcy they do need to pay them.

02-12-2006, 10:34 AM	#5
Mr Dickovitch Confirmed User Join Date: Jul 2004 Posts: 1,070	Government controlled stores would be better. It worked awesome in the USSR.

02-12-2006, 03:02 PM	#10
FlyingIguana aspiring banker Join Date: Mar 2002 Location: toronto Posts: 10,870	and? if you want a ceo you have to pay. i don't know if this guy is a good turnaround manager but if he is, thats not a big salary. options might have been a better way but who knows if he would have accepted. chances are the new equity holders will be the old debt holders. thats usually how it goes in bankruptcies

02-12-2006, 03:59 PM	#13
jjjay Registered User Join Date: Jun 2005 Posts: 1,813	stop crying you fucking hoser

02-12-2006, 04:06 PM	#14
fl_prn_str Confirmed User Industry Role: Join Date: Aug 2004 Location: Tampa, FL Posts: 5,736	It is pretty funny that a bankrupt supermarket chain was one of the lead sponsors when the super bowl was held in J'Ville last year.

02-12-2006, 04:09 PM	#15
wyldblyss Confirmed User Join Date: Nov 2003 Location: The Buck Starts Here Posts: 5,779	Doesn't surprise me, happens all the time

02-12-2006, 04:18 PM	#17
WarChild Let slip the dogs of war. Industry Role: Join Date: Jan 2003 Location: Bermuda Posts: 17,263	It amazes me such outrages continue in this World with Inspector Directfiesta on duty. It's almost like reporting things on GFY is ineffectual at changing anything. __________________ .