‘Top Hat’ Plan Cash Now Belongs to Ruby Tuesday Creditors: Judge

U.S. Bankruptcy Judge John Dorsey ruled that more than $20 million of cash tied to benefit plans for retired Ruby Tuesday executives belongs to the chain and all of its creditors because it is insolvent.

• Dorsey overruled objections from participants in the so-called “top hat” deferred compensation plans who argued the cash belongs to them
  • The plan participants intend to appeal the ruling, a lawyer for the group said in a bankruptcy hearing Monday
  • “These are retirees -- some of whom retired from Ruby Tuesday 30 years ago -- this is their income,” Al Holifield of Holifield & Janich said ...