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On eve of bankruptcy, U.S. companies shower execs with bonuses
(Reuters) – Approximately a third of more than 40 huge providers in search of U.S. individual bankruptcy security in the course of the coronavirus pandemic awarded bonuses to executives in just a month of submitting their situations, in accordance to a Reuters investigation of securities filings and courtroom documents.
FILE Photograph: A Neiman Marcus division retail store stands up coming to vacant parking lots at the King of Prussia Shopping mall which stays shut due to the ongoing outbreak of the coronavirus disorder (COVID-19) in Upper Merion Township, Pennsylvania U.S., Could 21, 2020. REUTERS/Lucas Jackson/File Picture
Beneath a 2005 bankruptcy regulation, businesses are banned, with several exceptions, from shelling out executives retention bonuses while in bankruptcy. But the firms seized on a loophole by granting payouts ahead of filing.
Six of the 14 corporations that approved bonuses in just a thirty day period of their filings cited enterprise challenges executives confronted in the course of the pandemic in justifying the compensation.
Even much more corporations paid out bonuses in the 50 percent-yr period of time in advance of their bankruptcies. 30-two of the 45 providers Reuters examined authorised or compensated bonuses in just 6 months of filing. Approximately fifty percent licensed payouts within two months.
8 firms, together with J.C. Penney Co Inc and Hertz International Holdings Inc, accredited bonuses as couple as 5 times right before in search of bankruptcy defense. Hello-Crush Inc, a provider of sand for oil-and-gasoline fracking, paid govt bonuses two days just before its July 12 filing.
J.C. Penney – compelled to briefly shut its 846 office merchants and furlough about 78,000 of its 85,000 workforce as the pandemic unfold – approved nearly $10 million in payouts just before its May possibly 15 submitting. On Wednesday, the firm explained it would completely close 152 retailers and lay off 1,000 workers.
The company declined to comment for this story but stated in an before statement that the bonuses aimed to retain a “talented administration team” that had produced progress on a turnaround just before the pandemic.
The other firms declined to comment or did not respond. In filings, quite a few reported economic turmoil had rendered common payment designs obsolete or that executives acquiring bonuses had forfeited other compensation.
Luxury retailer Neiman Marcus Team in March quickly closed all of its 67 shops and in April furloughed a lot more than 11,000 personnel. The corporation compensated $4 million in bonuses to Chairman and Main Government Geoffroy van Raemdonck in February and far more than $4 million to other executives in the months before its May 7 personal bankruptcy submitting, court information present. Neiman Marcus drew scrutiny this week on a approach it proposed soon after submitting for individual bankruptcy to shell out further bonuses to executives. The corporation declined to remark.
Hertz – which a short while ago terminated additional than 14,000 employees – paid senior executives bonuses of $1.5 million times just before its May well 22 personal bankruptcy, in element to figure out the uncertainty they faced from the pandemic’s affect on travel, the organization reported in a submitting.
Whiting Petroleum Corp bestowed $14.6 million in excess payment to executives times prior to its April 1 bankruptcy. Shale pioneer Chesapeake Electricity Corp awarded $25 million to executives and decreased-degree workers in May, about 8 weeks before submitting individual bankruptcy. Both equally cited fallout from the pandemic and a Saudi-Russian oil rate war, which they explained rendered their incentive strategies ineffective.
Reuters reviewed fiscal disclosures and courtroom documents from 45 corporations that filed for bankruptcy concerning March 11, the working day the Earth Health and fitness Business declared COVID-19 a pandemic, and July 15. Making use of a databases presented by BankruptcyData, a division of New Generation Investigate Inc, Reuters reviewed firms with publicly trade stock or personal debt and much more than $50 million in liabilities.
This kind of bonuses have very long spurred objections that organizations are enriching executives whilst reducing positions, stiffing creditors and wiping out stock buyers. In March, creditors sued former Toys ‘R’ Us executives and directors, accusing them of misdeeds that incorporated paying out administration bonuses days right before its 2017 bankruptcy. The retailer liquidated in 2018, terminating additional than 31,000 folks.
A lawyer for the executives and directors stated the bonuses have been justified, specified the further function and stress on management, and that Toys ‘R’ Us experienced hoped to keep on being in small business right after restructuring.
In June, congressional Democrats responded to the pandemic-induced wave of bankruptcies by introducing laws that would reinforce creditors’ legal rights to claw again bonuses. The bill – the newest iteration of a proposal that has very long failed to obtain traction – faces slim potential clients in a Republican-controlled Senate, a Democratic aide explained.
Firms paying pre-bankruptcy bonuses know they would confront scrutiny in court on compensation proposed immediately after their filings, said Clifford J. White III, director of the U.S. Trustee Program, a Justice Department division billed with checking bankruptcy proceedings. But the trustees have no electrical power to halt bonuses paid out even days ahead of a company’s personal bankruptcy filing, he claimed, permitting corporations to “escape the transparency and courtroom overview.”
DODGING Bonus Limitations
The 2005 laws needed executives and other corporate insiders to have a competing position present in hand right before receiving retention bonuses throughout personal bankruptcy, among other limitations. That pressured failing corporations to devise new methods to pay back the bonuses, according to some restructuring authorities.
Just after the 2008 monetary crisis, corporations usually proposed bonuses in individual bankruptcy court, casting them as incentive programs with goals executives have to fulfill. Judges mainly accepted the strategies, ruling that the general performance benchmarks place the payment further than the purview of the restrictions on retention bonuses. The programs, however, sparked objections from Justice Office screens who known as them retention bonuses in disguise, generally with straightforward milestones.
Sooner or later, firms found they could keep away from scrutiny completely by approving bonuses ahead of individual bankruptcy filings. Dozens of providers have authorized these types of payouts in the final 5 years, explained Brian Cumberland, an government compensation specialist at consulting firm Alvarez & Marsal who advises providers going through economical restructurings.
Corporations argue the bonuses are very important to retaining executives whose departures could torpedo their corporations, finally leaving significantly less money for creditors and employees. Now, some organizations are bolstering all those arguments by contending that their company would not have cratered with out the financial turmoil of the pandemic.
The pre-bankruptcy payouts are desired, providers say, mainly because possible stock awards are worthless and it would be extremely hard for executives to fulfill enterprise targets that ended up crafted in advance of the financial disaster. The bonuses guarantee balance in management that is wanted to maintain faltering functions jointly, the companies contend.
Some experts argue the bonuses are tricky to justify for executives who could have couple better work choices in an financial crisis.
“With double-digit unemployment, it’s a peculiar time to be paying out retention bonuses,” stated Adam Levitin, a professor specializing in individual bankruptcy at Georgetown University’s law school.
Shut Suppliers, Big BONUSES
J.C. Penney has not posted an once-a-year earnings considering the fact that 2010 as it has struggled to grapple with the change to on the net buying and competitiveness from lower price vendors. The 118-12 months-previous chain, at various details, used much more than 200,000 individuals and operated 1,600 merchants, figures that have considering that been slice far more than 50 %.
On Could 10, J.C. Penney’s board approved payment changes that paid out prime executives, together with CEO Jill Soltau, almost $10 million. On Might 13, Soltau gained a $1.7 million long-time period incentive payment and a $4.5 million retention bonus, court filings present.
The annual pay out of the company’s median staff, a portion-time hourly employee, was $11,482 in 2019, a organization filing displays.
J.C. Penney filed for bankruptcy two days just after paying Soltau’s bonuses. At a hearing the next working day, a creditors’ lawyer argued the payouts have been built to thwart courtroom critique. The payouts had been timed “so that they didn’t have to set it in entrance of you,” reported the lawyer, Kristopher Hansen, addressing U.S. Personal bankruptcy Decide David Jones.
Jones – who is also overseeing the Whiting Petroleum, Chesapeake Energy and Neiman Marcus scenarios – informed Reuters that such bonuses are “always a concern” in individual bankruptcy instances. “That explained, the adversarial approach demands that get-togethers place the concern in advance of me prior to I can choose motion,” he additional, emphasizing he was talking of common dynamics applicable to any case. “A comment designed in passing by a attorney is not ample.”
In its assertion before this yr, J.C. Penney said the bonuses had been among a collection of “tough, prudent decisions” taken to safeguard the firm’s foreseeable future.
Dennis Marten – a shareholder who explained he once labored at a J.C. Penney retail outlet – disagrees. He has appeared at court docket hearings pleading for an investigation of the company’s leadership.
“Shame on her for obtaining the gall to get that revenue,” he said of Soltau.
Reporting by Mike Spector and Jessica DiNapoli Editing by Brian Thevenot
Acrylic nails are a popular choice for those looking to add length, strength, and style to their natural nails. Whether you’re new to the world of acrylics or a seasoned nail enthusiast, there are always questions that arise about the application, maintenance, and overall care of these enhancements. This guide will answer all your acrylic nail questions to ensure your next manicure is a complete success.
What Are Acrylic Nails?
Acrylic nails are artificial nail enhancements made from a mixture of liquid monomer and powder polymer. When combined, they form a hard protective layer that can be molded into various shapes and lengths. Once hardened, they provide a durable and long-lasting canvas for nail polish, art, or simply a natural look. For more in-depth information, check out Acrylic Nail FAQs to get all the details you need before your next salon visit.
How Are Acrylic Nails Applied?
The application process of acrylic nails begins with the preparation of your natural nails. The nail technician will clean your nails, file them down, and apply a bonding agent to help the acrylic adhere. The acrylic mixture is then applied in thin layers, sculpted to the desired shape, and allowed to dry. Once set, the nails are filed, shaped, and buffed to a smooth finish.
Acrylic nails can be customized in terms of length and shape, making them a versatile choice for anyone looking to enhance their look.
How Long Do Acrylic Nails Last?
Typically, acrylic nails can last anywhere from two to three weeks before requiring a fill. During a fill, the nail technician will replace any grown-out acrylic and maintain the structure of the nails. With proper care, acrylic nails can be worn for extended periods, but it’s essential to give your natural nails a break occasionally to maintain nail health.
How Do You Care for Acrylic Nails?
Caring for acrylic nails is crucial to ensuring they last as long as possible and that your natural nails remain healthy underneath. Here are some essential tips:
- Avoid excessive water exposure: Prolonged exposure to water can weaken acrylic nails, making them prone to lifting or damage. When washing dishes or cleaning, consider wearing gloves to protect your nails.
- Moisturize cuticles regularly: The acrylic application process can sometimes dry out your cuticles. Regularly apply cuticle oil to keep your cuticles hydrated and prevent hangnails.
- Be gentle with your nails: Acrylics can be strong, but they’re not indestructible. Avoid using your nails as tools to open packages or scrape things, as this can lead to breakage.
- Schedule regular fills: As your natural nails grow, gaps will appear between the acrylic and your cuticles. Regular fills ensure your nails maintain a smooth, polished look and help prevent lifting.
How Do You Remove Acrylic Nails Safely?
Proper removal is crucial to avoid damaging your natural nails. It’s highly recommended to have acrylics removed by a professional at the salon. However, if you prefer to remove them at home, follow these steps:
- Soak in acetone: Start by soaking a cotton ball in acetone, then place it on each nail. Wrap your fingers in aluminum foil and allow the acetone to work for about 20 minutes.
- Gently scrape off the acrylic: After soaking, use a cuticle pusher or an orange stick to gently scrape off the softened acrylic. Be patient and avoid forcing the acrylic off, as this can damage your natural nails.
- Buff and moisturize: Once the acrylic is completely removed, buff your natural nails to smooth out any rough spots and apply cuticle oil to restore moisture.
Are Acrylic Nails Safe for Your Natural Nails?
When applied and removed properly, acrylic nails should not cause significant damage to your natural nails. However, improper removal or overuse without giving your nails time to breathe can lead to thinning, weakening, or breakage of your natural nails.
If you plan on wearing acrylic nails long-term, it’s a good idea to take breaks between applications and ensure you’re nourishing your nails with oils and treatments.
What Are the Best Acrylic Nail Shapes?
Choosing the right nail shape is essential for creating a look that complements your hands. Some of the most popular acrylic nail shapes include:
– Square: A straight-edged, classic look perfect for shorter nails.
– Oval: A soft, rounded shape that elongates the fingers.
– Coffin: Also known as ballerina shape, this trendy look features a tapered edge with a flat tip.
– Stiletto: A dramatic, pointy shape ideal for those who want a bold statement.
Each shape offers a unique aesthetic and can be tailored to suit your personal style.
Are There Any Alternatives to Acrylic Nails?
If you’re looking for a different type of nail enhancement, consider these alternatives:
– Gel nails: Gel nails offer a glossy finish and are cured under UV or LED light. They’re less rigid than acrylics and can feel more natural.
– Dip powder: This method involves dipping the nails into a colored powder and sealing them with a clear coat. It provides a similar look to acrylics but is generally less damaging to the natural nails.
Conclusion
Acrylic nails are a versatile and durable option for achieving customized, beautiful nails. By understanding the application process, knowing how to care for them, and safely removing them, you can enjoy long-lasting manicures that enhance your style. With the ability to choose from a variety of shapes and designs, acrylic nails offer endless possibilities for self-expression. Remember to take care of your natural nails in between applications to keep them healthy and strong. Whether you’re a first-time user or a seasoned pro, acrylic nails can be a fantastic way to express your personality and keep your nails looking flawless for weeks.
When sanctions were imposed on Russia for its war against Ukraine, their objectives were twofold: to reduce Russian military capacity by limiting modern weapons and to lower Russian revenue streams. While in the beginning, the sanctions indeed weakened the Russian economy, they have fallen short of their initial objectives – mostly because Russia has found ways to circumvent many of them. The Kremlin has exploited international corruption, relied on foreign third parties, and utilized loopholes in trade restrictions. One such individual who allegedly provides services to Russian-linked companies is Jacqueline Troost Omvlee, a Geneva-based Dutch citizen.
Jacqueline Troost Omvlee is married to Niels Troost, an oil trader sanctioned by the United Kingdom. He and his company, Paramount Energy & Commodities SA, are among the 50 individuals and organizations blacklisted in response to the business connections with Russia. His wife, Jacqueline, helps to facilitate financial transactions for Niles Troost and Russian oligarchs including Gennady Timchenko, a Russian billionaire oil trader and Putin`s close associate.
Gennady Timchenko and his family have been sanctioned in many countries for backing the Kremlin’s war machine. However, with the help of Jacqueline Troost Omvlee, he seems to find ways to evade sanctions and continue his financial operations. In these illegal schemes, individuals like Jacqueline often serve as a front person for sanctioned oligarchs and their business assets. Russian-linked companies set up subsidiaries around the world, often registering new entities in offshore havens or countries where regulations are relatively lax or non-existent. To obfuscate the arrangements, the daughter companies spawn offspring in the form of subsidiaries, as the chain of concealment stretches on and on. The result is like a giant Matryoshka doll.
Jacqueline’s involvement in financial transactions that potentially support Timchenko’s interests raises significant concerns about the efficacy of Western sanctions. The fact that Jacqueline Troost Omvlee continues to operate without facing sanctions herself highlights a significant loophole in the enforcement mechanism. Various shady schemes and tactics designed to circumvent sanctions often hide the activity of individuals such as Jacqueline, making it difficult for authorities to detect and punish them for their involvement.
Jacqueline Troost Omvlee’s role in her husband’s financial dealings as well as her alleged ties to Russian business schemes, emphasizes the need for stronger international sanctions. Her actions not only aid in sanctions evasion but also diminish the overall effectiveness of the measures designed to isolate and pressure those supporting the Russian regime. Therefore, sanctioning Jacqueline Troost Omvlee is not only a matter of addressing her individual actions but also a necessary step to reinforce the credibility and effectiveness of the sanctions regime. By targeting individuals who play a key role in evading sanctions, authorities can send a strong message that efforts to undermine international sanctions will not go unpunished. This measure is crucial for maintaining the integrity of the sanctions system and ensuring that it achieves its intended goal of isolating and restraining those who support destabilizing activities.
European countries and the US need to expand their sanctions-tracking and investigative actions to improve the monitoring of sanctions compliance and to introduce new measures against systematic violators of law. The sanctioning states have the resources and capacity for this, and need to take action now.
Ensuring a long and healthy life for your Hermann’s Tortoise requires a combination of proper care, nutrition, and habitat management. Hermann’s Tortoises, known for their charming personalities and distinctive shells, can live for several decades with the right conditions. Understanding their needs and providing a suitable environment is key to helping them thrive. Here’s how you can support your Hermann’s Tortoise in living a long, happy life.
Creating an Optimal Habitat
One of the most critical factors in promoting the longevity of your Hermann’s Tortoise is the creation of a suitable habitat. Providing an environment that mimics their natural surroundings is essential for their overall health. An appropriate habitat helps prevent stress and supports their well-being. For detailed guidance on setting up an ideal habitat, including specific requirements for outdoor enclosures, visit this comprehensive guide on Habitat for Hermann’s Tortoise.
- Outdoor Enclosure: Hermann’s Tortoises thrive in outdoor enclosures that provide ample space to roam, bask, and forage. An outdoor setup should include a secure, predator-proof area with access to natural sunlight. Incorporate areas for basking and shade to allow the tortoise to regulate its body temperature. Additionally, include plants, rocks, and hiding spots to simulate their natural habitat and encourage natural behaviors.
- Indoor Habitat: If an outdoor enclosure is not feasible, an indoor habitat can also support a long lifespan if set up correctly. Use a large, well-ventilated enclosure with appropriate heating and UVB lighting. Provide a substrate that allows for burrowing and offer various hiding spots and enrichment items.
Diet and Nutrition
A balanced diet is vital for maintaining the health and longevity of your Hermann’s Tortoise. They are primarily herbivores, and their diet should reflect their natural feeding habits.
- Leafy Greens: Offer a variety of leafy greens such as kale, collard greens, and dandelion greens. These vegetables provide essential vitamins and minerals that support overall health.
- Vegetables and Fruits: Supplement their diet with other vegetables like carrots, squash, and bell peppers. Fruits should be given in moderation due to their high sugar content.
- Calcium and Supplements: Provide a calcium supplement to support shell and bone health. A cuttlebone or powdered calcium can be added to their food. Ensure that they also have access to fresh, clean water at all times.
Regular Health Checks
Routine health checks are essential for early detection of potential health issues. Regular veterinary visits help ensure your tortoise remains in optimal condition and addresses any health concerns promptly.
- Observation: Monitor your tortoise’s behavior and physical condition regularly. Changes in appetite, weight, or activity level can indicate health problems.
- Preventative Care: Schedule annual check-ups with a veterinarian experienced in reptile care. Regular exams help catch any issues early and keep vaccinations and other preventative treatments up to date.
Environmental Enrichment
Providing environmental enrichment helps keep your Hermann’s Tortoise mentally stimulated and active. Enrichment can reduce stress and prevent boredom, contributing to a better quality of life.
- Foraging Opportunities: Hide food items around the enclosure to encourage natural foraging behavior. This not only provides mental stimulation but also mimics their natural hunting practices.
- Variety: Change the layout of their enclosure periodically and introduce new objects or plants to keep their environment interesting and engaging.
Conclusion
By focusing on creating the right habitat, providing a balanced diet, ensuring regular health checks, and offering environmental enrichment, you can significantly enhance the lifespan and well-being of your Hermann’s Tortoise. For further details on creating an ideal habitat, including tips for designing an outdoor enclosure, refer to this helpful guide on Habitat for Hermann’s Tortoise. Implementing these practices will help ensure that your tortoise enjoys a long, healthy life.
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