Pay for Performance 0
Because there’s a lot of jobs out there for persons who have experience driving companies into the ground:
Yet the 41 employees left at the Spring House firm who are still being paid (chairman and chief executive Dennis Alter is forgoing his $1 million annual salary during bankruptcy) make an average annual salary of $268,000, according to bankruptcy filings.
(snip)
In a Bankruptcy Court document this month, Advanta said that it needed to keep paying the employees because it “cannot maximize value without their continued support and the historical knowledge, experience and industry relationships.”
Meanwhile, investors are left holding the (empty) bag.
