Court nixes CEO bonus
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A federal bankruptcy court last week denied a request from Granite Broadcasting Corporation to pay a 460K bonus to CEO and founder W. Don Cornwell. Granite recently emerged from Chapter 11 reorganization, with Silver Point Capital now its principal owner (6/6/07 TVBR #110). Cornwell still has his job, but the 2006 bonus had been counted as a pre-bankruptcy debt and the bankruptcy judge refused to let him collect it.
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