That’s about the only thing you can say working for Blockbuster (NYSE: BBI) now, nevermind those movie studio deals that it closed over the last few weeks. Even Icahn’s given up, further cutting his stake, according to an SEC filing earlier today. But, in its proxy filing couple of days ago, the company outlines compensation for its top execs for 2009, and somehow they all manage to eke out some bonuses for the year.
Here are a sample of the phrases used to justify those, despite it being on the brink of bankruptcy: “their contributions to the completion of a $675 million senior secured notes offering during difficult economic conditions”; “led the efforts to complete the offering”; “Because we believe the completion of the notes offering will enhance our liquidity and improve our operating flexibility, we determined that it was appropriate to compensate these named executive officers for their contributions to the transaction”; “awarded in recognition of his leadership in the amendment and extension of our revolving credit facility and cost-cutting efforts”; etc. Note none of these are for actual business development performance, just financial engineering.
Click on the image below for the full compensation summary chart.