In
its filing, the IAM said the Court should not
lose sight of the “complete irony and hypocrisy”
of a motion seeking to provide millions in
bonuses for executives at a company struggling
to survive.“If this motion
is approved, the Beechcraft Eight can rightfully
take their place as the newest poster boys for
corporate greed and excess in the United
States,” said Eldridge. “The 80-year legacy of
Hawker Beechcraft deserves better than this
tawdry spectacle of corporate avarice.”
The IAM also calls for the
motion to be denied because the KEIP fails to
specify any true “incentive thresholds” as
required by U.S. Bankruptcy Code. Rather, the
motion seeks to provide the executives with up
to $5.3 million in “pay to stay” bonuses. The
lack of true incentives going forward reveals
the KEIP for what it really is a retention plan
that fails to satisfy basic Bankruptcy Code
requirements.
Hawker Beechcraft is an
aerospace manufacturing company that builds the
Beechcraft and Hawker business jet lines of
aircraft. The company headquarters is in
Wichita, Kansas, United States, with maintenance
and manufacturing locations worldwide. The
history of Hawker Beechcraft originated in 1994
when Raytheon merged its Beech Aircraft
Corporation and Raytheon Corporate Jets units.