Imperium Renewables operates a huge biodiesel plant in Grays Harbor in Washington State. But now the company has another potentially huge issue to deal with: a lawsuit from a former employee asking for millions of dollars.
Kenneth Orr was the managing director of trading and commodities for Imperium until he was laid off in January. According to the Seattle Times, Orr claims he should be paid millions in bonus pay, ten percent of the $58 million he says he earned for Imperium, plus something called double damages and attorney fees. All told we're talking $12m. Imperium had no comment for the Times but did say in court documents that the amount of Orr's bonus was in dispute.
Imperium - and other biodiesel makers - have had their share of problems recently, thanks in part to high feedstock prices. The company's workforce was downsized in January and Imperium pulled an IPO offering late last year, and after that the former CEO stepped down. For now, the company website still touts biodiesel's great potential.
[Source: Seattle Times]
Kenneth Orr was the managing director of trading and commodities for Imperium until he was laid off in January. According to the Seattle Times, Orr claims he should be paid millions in bonus pay, ten percent of the $58 million he says he earned for Imperium, plus something called double damages and attorney fees. All told we're talking $12m. Imperium had no comment for the Times but did say in court documents that the amount of Orr's bonus was in dispute.
Imperium - and other biodiesel makers - have had their share of problems recently, thanks in part to high feedstock prices. The company's workforce was downsized in January and Imperium pulled an IPO offering late last year, and after that the former CEO stepped down. For now, the company website still touts biodiesel's great potential.
[Source: Seattle Times]
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