Orrin Hatch: “We have language in this issue which would mitigate what I believe are…”

On the recordMarch 9, 2005

We have language in this issue which would mitigate what I believe are unintended effects of this amendment. Under this modified language, all payments where ``misconduct, fraud, or mismanagement'' is present are prohibited. This language also keeps the burden on chapter 11 companies to prove that retention bonuses are ``necessary, fair and reasonable,'' and ``likely to enhance a successful reorganization.'' This seems like a reasonable fix to me and I hope we include this language in the bill. I appreciate any help my friend from Massachusetts would give on that particular issue because if we are interested in doing what is right, this will do what is right.

Said by

Orrin Hatch

Republican · Utah

Source

govinfo.gov

Editor's note · Context

Discussing amendments related to bankruptcy and retention bonuses during a Senate floor debate.

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Orrin Hatch: “We have language in this issue which would mitigate what I believe are unintended effects of this amendment. Under this…”

Editor's note · Context