Toys R Us was taken over in a debt-loading act of financial engineering in 2005; over the years, despite turning a profit, the service on that debt dragged Toys R Us lower and lower until the management team picked by the financial engineers finally bankrupted the company.
The top 17 execs at the company received $8.2 million in "retention bonuses" mere days before they took the company into bankruptcy. Now they want millions more -- $16M-$32M just to stay with the company while it "restructures."
The bankruptcy trustee is fighting not to pay the bonuses.
"It defies logic and wisdom," the objection by trustee Judy A. Robbins states, that Toys R Us is proposing "multimillion-dollar bonuses for the senior leadership of a company that began the year with employee layoffs and concludes it in the midst of the holiday season in bankruptcy.
"Apparently," Robbins said, "this Christmas, Toys R Us intends to deliver not only 'children their biggest smiles of the year' but the insiders, too,’ " which is a reference to court claims by Toys R Us that its No. 1 goal is to keep children happy.
Toys R Us bankruptcy trustee blasts executive bonus plan [Joan Verdon/USA Today/The (Bergen County, N.J.) Record]
Amazon bills its Rekognition image classification system as a "deep learning-based image and video analysis" system; it markets the system to US police forces for use in analyzing security camera footage, including feeds from police officers' bodycams.
Aaron Schlossberg has spent years showering his fellow New Yorkers with racist abuse, but it wasn't until he went on an unprovoked racist tirade against a server and customers at a restaurant near his law office that he became infamous.
Back in March, the House passed the Music Modernization Act, a welcome bill made it easier for musicians to get paid reliably for digital streaming.
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