Judge OKs raises for executives of Merry-Go-Round

May 27, 1994|By Jay Hancock | Jay Hancock,Sun Staff Writer

A federal bankruptcy judge yesterday granted permission to retailer Merry-Go-Round Enterprises Inc. to double the salary of its chairman, Leonard "Boogie" Weinglass, to $300,000.

Judge E. Stephen Derby also approved a $32,120 raise for Isaac Kaufman, the company's executive vice president, bringing Mr. Kaufman's salary to $225,000.

Merry-Go-Round, which lost $45.6 million last year and entered Chapter 11 bankruptcy proceedings in January, had said in court filings that Mr. Weinglass' raise was justified because he had returned to work full-time at the company since it started experiencing financial trouble.

Mr. Kaufman was worthy of a raise by virtue of his "exceptional performance and contributions," the company said.

None of Joppa-based Merry-Go-Round's creditors objected to the pay increases. Judge Derby approved the raises without comment.

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