Replies to post #207 on Smurfit-Stone Container (fka SSCC)

[jgbuz]

I also fired off a email to IR, asking how a company that has people laid off and looking into Bankruptcy can pay bonuses

[e-mail]

[monkeyfrog]

Saw that Wed, afternoon- shoulda clued me in when I read it- said they paid the bonuses in cash- something about not enough stock....

Payment of the MIP awards for 2008 was made entirely in cash. The MIP was amended to provide for the all-cash payout because there were an insufficient number of shares available under the plan to pay a portion of the awards in Restricted Stock Units (RSUs"), as provided in the plan. The amendment also eliminated the Company premium that had previously been awarded in the form of RSUs representing 20% of the portion of the executive's MIP award which, prior to the amendment, would have been required to be deferred into RSUs.

Hmmm they need to pay 7 million this week - wonder why they broke the piggy bank for the execs instead?

[kzivann]

Shareholders screwed, suppliers screwed, workers screwed.....management gets millions in CASH bonuses because not enough stock available to issue restricted shares....unbelievable...unfettered greed...imho