first_imgCreditors, workers challenge Mission Coal bankruptcy bonuses for top brass FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Unsecured creditors and the unionized workforce of Mission Coal Co. LLC filed objections to two incentive programs the company proposed to retain employees during its bankruptcy sale process. Mission Coal asked the U.S. Bankruptcy Court for the Northern District of Alabama to approve two plans on Nov. 28: a key employee incentive plan, or KEIP, and a key employee retention plan, or KERP. The KERP is a $1.1 million proposed incentive program that Mission said is designed specifically to retain 40 “critical non-insider employees” through the reorganization, while the KEIP provides up to $281,875, depending on certain sales metrics, to encourage two senior members of management to meet “challenging sale-related process and pricing goals.”A committee of Mission’s unsecured creditors wrote in a Dec. 12 filing that they do not object to the broader KERP program, but do object to KEIP bonuses they said are unnecessary and duplicative of pre-petition bonuses that were paid to the same two executives on the eve of the company’s bankruptcy. Just two days before the petition date, the unsecured creditors wrote, Mission doled out $1.5 million in bonuses to three top executives, including the two who would benefit from the new program: Gary Broadbent, the general counsel and vice president of human resources, and Vice President of Accounting Alan Jones. “The proposed KEIP does not properly incentivize the debtors’ executives to achieve significant value-enhancing performance during the pendency of these Chapter 11 cases,” attorneys for the unsecured creditors wrote. “Moreover, the proposal to reward two executives who each received payments of $365,000 a mere two days before the petition date is unseemly, at best.”The United Mine Workers of America, or UMWA, the union representing some of those employees, said it was not consulted in the design of the retention plans and urged the rejection of both of the proposed programs.More: ($) Mission Coal sees backlash from workers, creditors over incentive programslast_img

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first_img The mobilization of Brazilian military troops to the southern and western border regions of Brazil resulted in the seizure of 25,935 pounds of explosives in the states of Rio Grande do Sul and Mato Grosso. A major load was located in Itiquira, a region in the city of Rondonopolis (Mato Grosso), stored in a truck that transported the product to the quarry region without authorization. The military found 25,604 pounds in the vehicle alone. On Aug. 6, Army soldiers, supported by Federal Police agents seized 330 pounds of dynamite in the Brazilian towns of Ametista do Sul and Frederico Westphalen, in Rio Grande do Sul. These are the initial results yielded by Operation Ágata 5, which started at the beginning of the week covering 2,423 miles of border with Argentina, Bolivia, Paraguay and Uruguay. In the past few days, troop participation intensified and reached 17,000 soldiers patrolling the states of Rio Grande do Sul, Santa Catarina, Parana, and Mato Grosso do Sul. This represents a 70% increase of military and civil contingents at the borders. On Aug. 9, Brazilian Minister of Defense Celso Amorim; Army Commander General Enzo Martins Peri, and the Chief of the Joint Staff of the Armed Forces, General José Carlos De Nardi, visited the targeted area covered by Ágata 5. The vandalism of ATM machines in greater Rio Grande do Sul prompted the Intelligence Department of the Army to reassess the storage and trade of dynamite. In past weeks, gangs used explosives to vandalize equipment in four different towns in Rio Grande do Sul. The last incidence took place in the early hours of Aug. 7, in Sao Francisco de Paula, the Serra region. In 2012, the number of vandalized ATM machines reached 12. The operation resulted in the seizure of explosives. Besides dynamite, the troops found 9,000 meters of twine, 315 fuses, 661 pounds of marijuana, six guns and 86 parcels filled with illegal materials. In the last 48 hours of operation, 8,966 inspections and searches were conducted. The Brazilian Air Force and Civil Aviation Agency searched 11 airfields, including its airplanes and pilots. Operation Ágata 5 was established by an ordinance signed by President Dilma Rousseff on June 8, 2011. It outlined the Border Patrol Strategic Plan in which the Ministry of Defense, through the Joint Staff of the Armed Forces, would lead the operations along the borders of ten countries with 710 Brazilian towns within 11 of its states. In this edition, the Navy, Army, and Air Force, with the participation of regulating agencies, Federal Police, Federal Highway Patrol, state and municipal forces will fight against the smuggling of narcotics, weapons, contraband and stolen cars, among other illegal activities. In the targeted area, the Armed Forces count on the support of fighter planes F5, Super Tucano, Unmanned Aerial Vehicles (UAV), radar airplanes, 30 ships from different ports, Urutu and Cascavel tanks, and light and heavy weapons. The first two days of Operation Ágata produced the interception of an airplane by the Brazilian Airspace Defense Command and the inspections of 40 vessels. There were 54 patrols in naval, ground, and air missions. By Dialogo August 10, 2012last_img

first_imgNow that Chris Christie is officially running for president, his record as governor of New Jersey will be getting a lot more scrutiny. As we reported with The Washington Post in April, there’s plenty to look at.Our reporting focused on Republican Christie’s fiscal record, an area where he’s claimed some of his biggest achievements – and committed some of the “Budget Sins” he attacked his predecessors for.Kicking off his campaign today, Christie used familiar rhetoric to champion his record in New Jersey. “We rolled up our sleeves and we went to work and we balanced six budgets in a row,” he said. “We’ve refused to raise taxes on the people of this state for six years.”But as our earlier reporting showed, Christie’s fiscal record doesn’t always line up with his campaign’s “Telling It Like It Is” tagline. Take public employee pensions, a chronic problem in New Jersey.When Christie signed his sixth budget on Friday, he reiterated his claim that his contributions to the state’s pensions have far outpaced those of his predecessors. As we pointed out in April, that’s only true if you exclude a $2.75 billion pension contribution by former Republican Gov. Christine Todd Whitman.Christie doesn’t count Whitman’s payment because it was made with borrowed money, allowing him to assert that pension contributions under his administration are “more than twice as much as any other governor in New Jersey history.”More recently, Christie has also claimed a pension victory from a New Jersey Supreme Court decision that came out in his favor. But again, the circumstances are more complicated than he describes.“We just won a major court decision supporting the pension reforms that we put into place in 2011,” Christie told ABC’s George Stephanopoulos during a recent interview on “This Week.”The details: The court ruling actually allowed Christie to avoid making a full $2.25 billion payment to the pension funds due by today, as dictated by the reforms. To allow for a smaller contribution – $893 million – Christie’s lawyers had argued that a key provision of the reforms was unconstitutional.In the past, Christie has claimed the pension reforms as one of his biggest political wins.Entangled in the recent pension wrangling was another issue we reported on in April – a reduction in the state’s Earned Income Tax Credit under Christie. The cut effectively raised taxes on the working poor.New Jersey Democrats, who control the legislature, had pushed a “millionaires’ tax” to help make the full pension contribution in the state’s 2016 fiscal year. Christie vetoed the tax – and then sent a surprise proposal back to lawmakers to restore the prior cut in the tax credit and raise it even higher.But the proposal came with a catch – it required concurrence with the millionaires’ tax veto. Democrats groused that it would give Christie a campaign sound bite, but they went along anyway. The tax credit increase now awaits Christie’s signature.Related coverage: See our complete list of Christie’s “Budget Sins.”ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for their newsletter. Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York last_img

first_imgWe all live busy lives, so we leverage the best tools we can find to learn while we sit on airplanes, in a doctor’s waiting room, or at our own desks during those few minutes before our next teleconference gets underway. While it’s long been the case that you can pull out your latest copy of Credit Union Management magazine to read at these times, sometimes all you have with you is your phone.Enter CUES Learning Portal, powered by Degreed, which will become available to CUES members on Oct. 1.This new portal is a curated learning site, which means that it’s not just a mish-mash of things you can read, watch or listen to. Instead it’s a place where you can customize your learning by setting your topic preferences, following learning pathways established by content and learning experts, and looking at the online courses people you respect are taking and recommending. Here are a few additional reasons I think you’ll find CUES Learning Portal a curated site worth using:1. CUES Learning Portal is home to diverse content. Many websites host content from a small number of their own creators, leaving little room for diversity. With fewer authors, you get a smaller assortment of thoughts, ideas and opinions. In contrast, curated sites like CUES Learning Portal overcome this limitation by compiling information from multiple sources across the internet with our own industry-leading content. 2. You can develop your interest in new topics and skills while using the site. With hundreds of useful articles available, you are bound to find a fascinating new topic to improve your business skills, deepen your understanding of your industry or even expose you to something new to do for fun.3. You can use CUES Learning Portal to track learning. On our new portal, you can mark every learning item you complete, providing an easy way to see your progress. You can return to this content anytime to review, refresh or relearn all the information from your previous learning sessions. You can even share content with your colleagues—and assign content to your staff and track their progress.You’re busy. Your team members are busy. A curated content site like CUES Learning Portal is a great new tool for doing more talent development in the limited time available. And it’s just one more great offering among the new 2019 CUES membership benefits.After you and your staff have tried it out, I’d love to hear your feedback. 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Pembroke Since joining CUES in March 2013, John Pembroke has played a leadership role in developing and launching a new direction in CUES’ strategy, branding and culture. Under his guidance, CUES … Web: www.cues.org Detailslast_img

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