THP - T.H. Properties - and Volunteering - Missing pay periods

[aabiltmore]

If going bankrupt and filing for Chapter 11 earns you this amount of money, I really need to consider my options and my career at this time.
I always knew I was doing something wrong in life - THP on a regular basis reminds me of that.

[Burbank Grove]

Now that we know they are getting paid for the work that they did not do...
Nothing surprises me at this point, they probably get a Quarterly bonus too.
Are they are hiring, sounds like an EASY job.

[crashtc]

I am floored....just their salaries for the year! HOLY CRAP! must be nice to make that much money...I understand the need for them to make $...to survive...but hey we can't help like that...we have to pull OURSELVES up & get ourselves straight. How about making a salary like a "Normal" person would make? Why live in oppulance when your company is making money...you make money with your company...not by petitioning the court.

your company is your pay check. Why reward incompetence?

[B_robert]

Wow. Don't know really what to say on this one. They are the principles of a failed company. Seems to me that they need to take a hit to assist the company back on the road to solvency bit obviously that's not the case. The reason this is filed is because without such a motion they wouldn't be able to be paid out of the overhead allotted in the cash collateral motions. So I understand the need for the motion but it's a pretty ballsy move to reach for the stars when your company's in the crapper.

Honestly sometimes I wonder whether this company realizes that it's in chapter 11 and it got there, partly, by a failure to contract it's business aspirations in light of the larger economic reality. They still want to be that top 100 builder and can't seem to understand that it needs to learn to crawl again before it can run.

Typically I try to be objective about many of these things because there are mnay forces at play but this one is a doozy. Volunteer my foot. When it's your company on the line you don't "volunteer" you work to make it viable again and do what's necessary to become profitable. That'd why your a principle, not an employee.

[B_robert]

Wow. Don't know really what to say on this one. They are the principles of a failed company. Seems to me that they need to take a hit to assist the company back on the road to solvency bit obviously that's not the case. The reason this is filed is because without such a motion they wouldn't be able to be paid out of the overhead allotted in the cash collateral motions. So I understand the need for the motion but it's a pretty ballsy move to reach for the stars when your company's in the crapper.

Honestly sometimes I wonder whether this company realizes that it's in chapter 11 and it got there, partly, by a failure to contract it's business aspirations in light of the larger economic reality. They still want to be that top 100 builder and can't seem to understand that it needs to learn to crawl again before it can run.

Typically I try to be objective about many of these things because there are mnay forces at play but this one is a doozy. Volunteer my foot. When it's your company on the line you don't "volunteer" you work to make it viable again and do what's necessary to become profitable. That'd why your a principle, not an employee.

[B_robert]

Sorry for the double post. The hazards of using an iPhone to post

[northgate#46]

This is truly unreal. I find it amusing that they want to be paid by the company that they but into this situation from their own mismanagement. How about you file to get northgate going and focus on that instead of your own damn pockets.

On another note, Sure was a nice article in on the front page of Tuesdays intelligencer

[ALechman]

At least they are not being greedy...I mean they are taking a pay cut:-)

[wgicon]

#7 on the documents states that "Any creditor or party of interest who objects to the Debtor's retention of an compensation paid to said officers must do so in accordance with Local Bankruptcy Rule 4002-1(e)."

Does anyone know what this entails? Seems that anyone who has paid deposits for homes that aren't being built or everyone who has settled and has work yet to be completed would at least be a "party of interest."

[B_robert]

Technically, you are correct....we are all "parties in interest," but it would require you to file an objection with the court on a per se basis. Without any real legal basis for your objection, it would be likely considered an "opinion" and while duly noted by the Court, it would be glossed over. Cynical? Yes, but the likely reality.

The creditor's committee is aware of the motion and it's an item, among others, that will be discussed during our next conference call.