It is annoying to me when a bankruptcy is touted by management as "saving" the company. This is an absolute falsehood by management that is in denial of their failures. You did not save the company; you failed. A prepackaged bankruptcy is similar to a "zero dollar" asset sale where the buyer wants to keep the corporate entity intact due to some contracts they want to retain. When a company fails, all assets eventually wind up in the hands of someone else who uses them. So, the fact that you sold them does not make you better than a failed team.
The company did not survive if the owners lost everything. It failed. You failed.
Worse, you represented others in getting a good deal on the assets so you could keep your jobs.
It is also annoying that it seems the concept of ownership by shareholders is lost. Common shareholders are, more and more, being treated as the lowest of the debt classes in public companies. That is all. At least in private companies, their is hope restored for the owners through a restructuring since they, as owners and executives make deals where those who took the risk still end up with something. Not so in publicly held companies. The managements cut a deal for themselves and want a pat on the back for "saving" a company. Sorry, you're not going to get it from me.
Management contracts and salaries should be considered subordinate to claims of common shareholders. This would mean that if common loses everything, so does management. They should lose their jobs, their salaries and benefits, and probably even have to give back some of what they took from the company from the prior year or two. Then, maybe the reality that they should represent owners would have some meaning.
That is a great idea. All executive salaries should be maxed based on a percentage of some kind relative to performance. This would apply in the year prior to the filing and all bonuses would be called in as well. Basically the last two years salaries and bonuses would be given to common shareholders, taken from any assets to speak of. They would obviously shelter much of this in their crooked bookkeeping schemes somehow I'm sure.