Multimillion-dollar bonuses sought for 3 Asarco execs

Dec 09, 2009 | 12:01 PM | Anne Riley

Asarco LLC has filed a motion with a U.S. bankruptcy court for permission to pay multimillion-dollar bonuses to three of the company's top executives, claiming that their current compensation packages are "disproportionately low" given the time they have spent steering the U.S. copper producer out of bankruptcy.

According to documents filed with the U.S. Bankruptcy Court in Corpus Christi, Texas, Asarco wants the court to authorize a $2.5-million bonus for Joseph F. Lapinsky, president and chief executive officer, and up to $4 million to be allocated between board members Edward R. Caine and H. Malcolm Lovett Jr.....

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