Bonus for Transition Team Members

To: Transition Team

From: Peter Benvenutti on behalf of the Dissolution Committee

I want to thank each of you for your ongoing efforts helping us with the challenging task of winding up the firm’s affairs. We have developed a Transition Team and you have been identified by the firm’s senior management as a critical contributor to that group. As part of finalizing a retention program for team members, your inclusion in the team has been approved by the Dissolution Committee and our banks.
The most significant part of the agreement is that the firm will pay a retention bonus at the end each team member’s employment with the firm. The bonus will be equal to the team member’s salary from October 11, 2008 until the employee completes their term of employment. Each employee’s “stay period” is being communicated to them by their department management early this week. We are now resolving the final details of the retention packages with the banks. We expect to have those details resolved in the next few days and will be including them in a Retention Agreement for your review and acceptance.

The members of the Dissolution Committee deeply appreciate your commitment and efforts.

Peter Benvenutti


11 Responses to “Bonus for Transition Team Members”

  1. 1 Twice as Nice? 21 October 2008 at 3:15 pm

    So, is the transition team essentially being paid double their normal pay? “The bonus will be equal to the team member’s salary from October 11, 2008 until the employee completes their term of employment” suggests that that is the case (provided they’re being paid during the 10/11-termination date too). Must be nice. Not only am I not being paid (haven’t found new job yet), I don’t even have my vacation money to live on in the meantime.

  2. 2 Former Heller Assoc 21 October 2008 at 3:30 pm

    Disgusting. I don’t know who makes me sicker, Heller or these banks.

  3. 3 hellerdrone 21 October 2008 at 3:39 pm

    If I were a Transition Team member I would read any agreement carefully before I sign and make sure you are not signing away any future claims against the firm for WARN Act monies, accrued vacation, etc.

  4. 4 Anon2 21 October 2008 at 4:11 pm

    Good point, Heller Drone. The Dissolution Committee really knows how to rub salt in our wounds. Bastards.

  5. 5 To Heller And Back 21 October 2008 at 5:10 pm

    So THAT’S where OUR money is going …

  6. 6 A Contrarian 21 October 2008 at 6:45 pm

    Well, all of us need certain people — financial services, a small HR crew to keep track of who we are and what we’re owed, etc. — to stay on board and finish with collections and the like. And those people must be sorely tempted to throw in the towel. It doesn’t surprise me that an incentive is being offered to stop them from doing that. It doesn’t feel fair to me either, but we would all be screwed if essential employees flew the coop and the firm was unable to collect its assets. As usual, the devil is in the details — are all employees who are slated to receive these bonuses truly essential?

  7. 7 There's Gonna Be Heller To Pay 21 October 2008 at 10:16 pm

    To ‘Heller and Back’ I do not appreciate your comment.

    I agree with ‘A Contrarian’ – the transition team is necessary, however, will continue to be pared down week by week as the work dwindles. You are right, the team can just throw in the towel and say “Screw everyone!” Even with the latest email, no guarantee in writing has been provided. It’s just an email and can still change. The banks can just keep stringing the team along and drive them nuts, which in fact they accomplished by driving away two ‘Chiefs’ last week. So, essentially, the number of people in the retention team who may qualify for the bonus will be much smaller than the number today.

    Hey, just think, there might be just one guy left in the end. He’ll be a millionaire.

  8. 8 Clear Skies 21 October 2008 at 10:24 pm

    To the remaining financial services, records, mail, facilities, IT, and other people still Heller:

    Thank you for the work you’re doing. While the posts here may suggest otherwise, I am not in the minority. I and many other former Hellerites appreciate it. Best of luck in your remaining days at Heller and whereever you may end up afterwards.

  9. 9 ex-HELLerite 23 October 2008 at 11:41 am

    I can’t believe these people!! How can they be so bold about this? I thought the banks were calling all of the shots? I don’t think the banks would be approving bonuses to anyone!

    Just disgusted!

  10. 10 Observer 25 October 2008 at 12:44 am

    I think you would be surprised by the banks’ attitude about this.
    Some of the people who have been kept, and would get bonuses, are collection specialists in financial services. The ones who are getting that AR in, that the banks And all of us are dependent on.

  11. 11 Always Optimistic 11 November 2008 at 1:54 pm

    I know I’m REALLY late in the game with a response, but of course the banks are in on the bonuses, like Observer stated, they want money rolling in (as I’m sure the rest of us do). I’m sure many of us would have stayed if we had a choice…sometimes we need to step into someone else’s shoes before we pass judgment.

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