The company's top executives have apparently been a really big help post-biting the big one so this is only fair.
Louis Freeh, the former Federal Bureau of Investigation director now in charge of unwinding what is left of the New York company, is expected to ask a bankruptcy-court judge as soon as this month to approve performance-related payouts for the chief operating officer, finance chief and general counsel at MF Global, these people said. All three executives kept their jobs after the company's Oct. 31 failure in order to help Mr. Freeh untangle the firm's assets and maximize payouts to creditors. Under the expected pay plan, the three executives and as many as 20 other MF Global employees working for Mr. Freeh would get the bonuses only if they hit specified targets such as increasing the value of MF Global's estate for creditors.
Frank Piantidosi, an adviser to Mr. Freeh's firm in the MF Global case, said the compensation proposal is aimed at rewarding employees for preserving the bankruptcy estate's value, assisting in asset sales and negotiating with MF Global units outside the U.S. "It's quite honestly saving a considerable amount of the estate's resources" to keep Messrs. Abelow and Steenkamp and Ms. Ferber, Mr. Piantidosi said. Without them, Mr. Freeh would need to hire more consultants and accountants to wade through MF Global's complicated financial records, he added.