Dewey Finance Chief Bonus - Business Insider

It's hard to imagine, but declaring bankruptcy could earn executives more money as they continue working to unwind their firms' affairs.

So is the case of failed law firm Dewey & LeBoeuf LLP, which declared chapter 11 bankruptcy in May 2012, and its chief finance man Frank Canellas, who stands to make $665,000 this year, The Wall Street Journal reported.

The sum includes a controversial $165,000 bonus that has yet to be approved.

Canellas made just $615,000 last year, when Dewey still employed 1,000 lawyers, the Journal reported.

But before receiving his $165,000 bonus, he must first provide proof of a job offer from "another business at the same or greater rate of compensation," ex-partners at the firm argue, the Journal reported.

You know?to justify getting a bonus while his employer unravels, according to the Journal.

Source: http://www.businessinsider.com/dewey-finance-chief-bonus-2012-10

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