As per Delaware shareholder services
"Beacon Power Allowing All Employees to Gamble on Sale
Beacon Power Corp., a developer of flywheel technology to store electric energy, is proposing a bonus program for all employees where the workers are as likely to lose as they are to win.
If approved by the bankruptcy court in Delaware at a Dec. 15 hearing, any employee can defer up to 25 percent of income. The workers have already been given a 20 percent salary reduction.
For all of the workers who agree to participate, the aggregate deferral can't exceed $100,000. If the business is sold for enough to repay the cash collateral of the U.S. Energy Department used during bankruptcy, the workers will receive a bonus up to 100 percent of the deferred salary.
Beacon has power to use the Energy Department's $3 million in cash on condition that the assets be sold not later than Jan. 25.
There will be a hearing in bankruptcy court on Dec. 15 for approval of auction and sale procedures. The proposed schedule calls for initial indications of interest by Jan. 9, followed by formal bids on Jan. 23, the auction on Jan. 25, and a hearing to approve the sale on Jan. 30."
