Retailing | The bankrupt Borders Group agreed to revise its $7.8 million retention bonus plan by tying potential payments for top executives to the company's ability to pay unsecured creditors. U.S. Bankruptcy Judge Martin Glenn told the bookseller on Thursday it must make further changes to the proposal, and negotiate with the U.S. trustee, before he would approve it.
The struggling bookseller says that 47 executives and director-level employees have quit since the company declared bankruptcy on Feb. 16 — two dozen just this month — leaving only 15 people in senior management positions. The book chain had sought to pay $6.6 million to 15 executives, including $1.7 million to CEO Michael Edwards, and $1.2 million to 25 director-level managers in a bid to retain key personnel.
Under the new terms, agreed upon by Borders and the creditors before Thursday's hearing, the top five executives would receive $4.9 million at most if they recover $95 million to unsecured creditors under a sale or restructuring by Aug. 15. They could get $1.8 million in $73 million is returned. [The Detroit News, Bloomberg]
Publishing | Deb Aoki, Becky Cloonan, Katherine Dacey, Heidi MacDonald, Jason Thompson and Jason Yadao offer thoughts on Friday's news that Tokyopop is closing its North American publishing operations. [Tokyopop]
Broadway | The final preview performance of director Julie Taymor's version of Spider-Man: Turn Off the Dark was, fittingly enough, marked by a (minor) technical glitch: Peter Parker (Reeve Carney) and Mary Jane (Jennifer Damiano) were left dangling momentarily before their scene started. The troubled $70-million musical now shuts down for three weeks while an expanded creative team, led by new director Philip William McKinley, make sweeping changes. Its new opening date -- the sixth announced -- is June 14. [Showbiz411]
Retailing | Brian Heater takes a tour of Philadelphia's comic stores. [The Daily Cross Hatch]
Creators | Dilbert creator Scott Adams has confessed to sockpuppetry after MetaFilter users accused him of maintaining a false identity online to attack critics and point out his own "certified genius I.Q." [Gawker]
Creators | Kurt Anthony Krug uses the upcoming release of the Captain America and Thor movies as a hook for a brief profile of veteran writer William Messner-Loebs. [Brighton Patch]
Creators | David Brothers spotlights some recent work by Tonci Zonjic, "a master of cinematic comics." [Comics Alliance]
Webcomics | Desmond Wilder recommends 10 webcomics "you need to read before you die." You've probably already read them. [The Bottom Line]