Hertz Paid $16.2 Million In Bonuses Days Before Declaring Ba

https://www.carscoops.com/2020/05/h...onuses-days-before-declaring-bankruptcy/

Maybe they are just transitioning to greatness.

Took their "golden parachute" while they still could, and to hell with the business and the rest of the employees.

Seems they should have had a better business plan as the rental car business evolved, instead of accruing debt.
On the other hand, I'm sure the loss of airport traffic from this virus is huge.
It'll be interesting to see how they restructure and what happens to their fleet.

Course screw the employees that do the work !! . . . amazing that upper management think the jobs that THEY do are more important than the actual feet on the street ! Often wonder about the "bloat" of management . . .

It's a terrible company. I deal with them every day.

I wonder how much OJ got Wasn't he a shareholder in the company ?

Gus

SAME THING JC Penny's did ..............

Makes one wonder if this was a "convenient" accidental insurance fire only miles from the Hertz headquarters weeks before filing bankruptcy to fill the bank coffers.

https://www.cnn.com/2020/04/05/us/airport-fires-cars-trnd/index.html

Pretty much what every business does when the ship is going down, management "man's the life boats" first, anything if left over, is fodder for the crew....

Hostess pulled the same stunt before they restructured to kill the labor union there. After a few months members here posted their happiness that they could get their new and improved scab Twinkies.

new normal

yep, its now ok to be a criminal up front and in your face

It looks bad but in a lot of situations it is what they have to do to meet their other obligations. If it was criminal the courts would rule against it but they don't. Most of the time the creditors aren't able to claw back any of those bonuses since they are typically paid out according to an established bonus plan. They also pay out big retention bonuses to keep people on the job during the bankruptcy and stuff like that. There is a lot of money to be made during a bankruptcy if you're on the right side of the table. Icahn is the guy getting creamed in this deal. Looks like he might lose his $1.5B investment in the company.

Boy, the 1% just can't get a break, first the Pandemic, now this!

https://www.youtube.com/watch?v=Fkd1Ei2kNDE&t=0s

Doesn’t this bankruptcy have to be court approved ?

The court would condone such actions?

Thank you for that. He does a good (albeit goofy) job at explaining the Hertz thing. And I think I will watch some more of his videos when I get time.

Business at the independent Avis location I service is down at least 80%, he is on the fence about remaining

One of the local Enterprise locations, the best one to use, recently closed down due to C19.

Yup those poor poor 1%'rs..they have it so rough.........