How a Texas shale supplier’s founders made fortunes as the firm failed
REUTERS: On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly US$3 million in bonuses to four top executives, including US$1.35 million for CEO and founder Robert Rasmus.
Five days later, the company declared bankruptcy.
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The payout marked the latest in a series of board decisions that allowed the oilfield supplier’s top executives and founders to rake in tens of millions of dollars as shareholders saw the stock price plummet to…
