Refco Wins Court OK To Pay $1.4M In Retention Bonuses By PATRICK FITZGERALD Of DOW JONES NEWSWIRES WASHINGTON -- Refco Inc. (RFXCQ) won bankruptcy court approval to pay $1.4 million in retention bonuses to 32 key employees to keep them from jumping ship as the company winds down its business. Judge Robert D. Drain of the U.S. Bankruptcy Court in Manhattan Tuesday signed off on the retention plan following a hearing. Under the plan, key employees with "the knowledge and expertise necessary to lead the wind-down" of Refco's operations will receive a year-end bonus equal to four months' base salary. They'll also get performance bonus equal to one month's salary for each month they stay with Refco from Dec. 1, 2005, through March 31. Workers in supporting positions who have "institutional knowledge and experience" will get a year-end bonus equal to two months' base salary and a half month's performance bonus for every month they stay with the company through March 31. The employees need to stay on Refco's payroll through March to receive full payment. The company didn't identify the employees but said none is a Refco officer or director. The bonuses will be paid to 11 employees of Refco Capital Markets Ltd. and 6 employees of Refco F/X Associates LLC, plus 15 back-office employees. Bonuses for the 15 employees will be split among Refco Securities LLC, a regulated unit that isn't under bankruptcy protection, Refco Capital Markets, Refco F/X and its flagship futures business Refco LLC, which Man Financial Inc. agreed to buy in November 2005. Refco, once one of the country's largest independent commodities brokers, filed for Chapter 11 Oct. 17, after disclosing its former chief executive, Phillip Bennett, had hidden $430 million in bad debt. ---By Patrick Fitzgerald, Dow Jones Newswires; 202-862-3544; [email protected] [ 本帖最后由 小资 于 2006-1-23 09:57 编辑 ]