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Judge Denies $760,000 Bonus Payment to Samson CEO

Submitted by jhartgen@abi.org on

Bankruptcy Judge Christopher Sontchi ruled yesterday that the resigning chief executive of Samson Resources Corp. won’t be paid outright a $760,000 bonus promised as part of his third-quarter compensation package, the Wall Street Journal reported today. Judge Sontchi said that he would allow CEO Randy Limbacher, who is stepping down next month, to have an unsecured claim for the amount of the bonus, but that he wouldn’t allow the company to pay the amount outright in full. Judge Sontchi said that Limbacher had earned the bonus, but it didn’t qualify for this priority payment.