Seventeen key LandAmerica Financial Group Inc. employees at the bankrupt company could receive a total of nearly $500,000 in incentive bonuses if they meet certain goals.
If the employees meet such goals as selling remaining subsidiaries or closing others, they could be eligible for the incentive, Judge Kevin R. Huennekens ruled this morning during a hearing in U.S. Bankruptcy Court in Richmond.
McGuireWoods attorney Dion W. Hayes, who represents the Henrico County company, said the money was needed because employees are "essentially working their way out of a job."
Without them, Hayes said, the former title insurer would be forced to seek outside help and pay hourly fees.
No one spoke in opposition to the plan.
-- Emily C. Dooley
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