By The Associated Press
Tuesday, February 9, 2010
An SEC filing shows that Smurfit-Stone Container Corp. paid about $50.4 million in bonuses last year — including $8.1 million to executives — and the company still owes about $1.18 million in property taxes to Missoula County.
The filing signed Jan. 28 says Smurfit-Stone CEO Patrick Moore got more than $1.5 million in bonus pay in 2009. President and chief operating officer Steve Klinger took in nearly $1.1 million the same year.
Smurfit-Stone spokesman Mike Mullin declined to say if the bonuses were paid out in cash or stock options or some combination.
Harold Dye, a bankruptcy attorney in Missoula, says the county will probably get paid because property tax claimants are typically among the first in line for payout in bankruptcy cases. He also says bonuses are sometimes used to keep talented people in place during the bankruptcy.
Smurfit-Stone announced Dec. 14 that it was closing its Frenchtown mill in an effort to cut costs and emerge from bankruptcy protection — leaving 417 employees without a job.
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Information from: Missoulian, http://www.missoulian.com