- 11 U.S.C.
In re Surety Capital Corp.
Oct
16
2008
Ruling
Bonus to management firm on sale of bank owned by the estate approved over objection as provided for in chapter 11 plan.
Procedural posture
An interested party (objector) filed an objection to debtor's first amended plan of reorganization as modified. While several objections were filed, the only objection remaining for disposition related to debtor's proposed payment of a $50,000 bonus to debtor's chairman who was also a member of a firm that was providing management services to debtor under a consulting agreement. The plan had been confirmed pending a ruling on the bonus claim.
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Court
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