Philip Falcone's bankrupt LightSquared Inc. won court permission to award bonuses to four key executives under a revised plan that pays them the most if the company sells its assets or exits bankruptcy before July, Bloomberg News reported yesterday. Bankruptcy Judge Shelley Chapman approved the amended plan after LightSquared resolved concerns raised by a group of lenders owning $1.1 billion in debt and the U.S. Trustee in the case. While the executives, including Chief Executive Officer Douglas Smith and Chief Financial Officer Marc Montagner, may be paid more under the new plan, it requires them to exit bankruptcy sooner and keep the company to a strict budget, Matthew Barr, a LightSquared lawyer, told Chapman today. Managers also have an incentive to meet three regulatory milestones by Dec. 31, 2013, Barr said.
