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turbinetree

(24,703 posts)
Wed Dec 4, 2019, 03:08 PM Dec 2019

Bankruptcy judge considers $1.3M bonus for Purdue Pharma CEO

Source: Associated Press

By GEOFF MULVIHILL 17 minutes ago

WHITE PLAINS, N.Y. (AP) — The judge overseeing the bankruptcy case of OxyContin maker Purdue Pharma will consider Wednesday whether the company’s CEO should get a bonus equal to half his $2.6 million salary.

Attorneys general representing about half the states say the company’s chief executive Craig Landau shouldn’t get a bonus, arguing in court filings that he bears some responsibility for the national opioid epidemic that they say the company’s signature painkiller helped fuel.

“Purdue should not award bonus payments to Landau before resolving the allegations that Landau committed deadly, illegal misconduct,” the states said in a filing this week.

A hearing is scheduled Wednesday afternoon in U.S. Bankruptcy Court in White Plains, New York, where the company has sought protection from creditors as it tries to settle 2,700 lawsuits it faces over the toll of opioids.



Read more: https://apnews.com/ae2700130c023935efa2054be601175e

9 replies = new reply since forum marked as read
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Bankruptcy judge considers $1.3M bonus for Purdue Pharma CEO (Original Post) turbinetree Dec 2019 OP
That's rich - CEO drags company into bankruptcy.... CEO gets huge bonus groundloop Dec 2019 #1
Clever bank robbers who got caught should get a million $$$ bonus before going to prison Bengus81 Dec 2019 #2
All that decision needs is an NYC microsecond and a two letter word beginning with an ... marble falls Dec 2019 #3
Gold-Plated Pushers quid amateur quo Dec 2019 #4
$1.3M bonus for one. Hundreds of thousands losing access to food stamps. USA! USA! n/t TheFourthMind Dec 2019 #5
Exposed ck4829 Dec 2019 #6
I have another retirement plan for this "gentleman" Sherman A1 Dec 2019 #7
This Has Happened Before ProfessorGAC Dec 2019 #8
Agreed................................ turbinetree Dec 2019 #9

groundloop

(11,519 posts)
1. That's rich - CEO drags company into bankruptcy.... CEO gets huge bonus
Wed Dec 4, 2019, 03:11 PM
Dec 2019

What the hell is wrong with this country?

marble falls

(57,097 posts)
3. All that decision needs is an NYC microsecond and a two letter word beginning with an ...
Wed Dec 4, 2019, 04:58 PM
Dec 2019

"n" and ends with an "o" prefaced with "Hell"

 

quid amateur quo

(28 posts)
4. Gold-Plated Pushers
Wed Dec 4, 2019, 05:00 PM
Dec 2019

Ethically, no different from the guy on the street corner. Actually, let me take that back: ethically lower than the guy on the street corner, who's at great risk to his life, and makes far less money.

Sherman A1

(38,958 posts)
7. I have another retirement plan for this "gentleman"
Thu Dec 5, 2019, 06:20 AM
Dec 2019

and it would include public housing and an orange jump suit.

ProfessorGAC

(65,044 posts)
8. This Has Happened Before
Thu Dec 5, 2019, 11:14 AM
Dec 2019

And every time it happens, it is illogical.
Remember when Sears was reorganizing? Dozens of execs who drove the truck into the ditch were awarded bonuses because they couldn't afford the talent loss in the reorganization process! What? What talent. The same highly skilled managers that ruined the company? Utterly stupid.
Same thing here. Even discounting the legal issues, there is no way a CEO whose company is in the ditch deserves extra rewards!

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