So why would the board agree to additional compensation for a few named executives, at the decidely very late hour of February 15, 2012?There was no need to incentivize management to find a buyer. A "serious", and clearly financially-sound, buyer was already in negotiations with Solo, if this press report of Dart's remarks is to be believed (see page 2, middle of the page):
. . .Dart expressed interest in Solo. Talks became serious in December and January. The two began working out details after Dart placed a second offer for Solo in late February. . . .
If I worked at Solo Cup -- or owned the public debt of Solo -- this latest disclosure would make me furious. It seems a pure "give-away" of $500,000 in cash, to two officers -- to do a job they had already promised to do -- i.e., with no added benefits.
Unfortunate. But I do believe the press account is accurate.
