Why on earth would a company go bankrupt and the person who is supposed to be the majority shareholder (owns 72%) still have a hefty paycheck?

I am referencing Bed Bath and Beyond, Bed Bath being owned by a trust that Bed Bath has. Bed Bath apparently owns Bed Bath and Beyond, and the company is now bankrupt. How does a company go bankrupt, yet the CEO has a 1 million+ dollar paycheck (in effect the same as a paycheck). Now I am not a lawyer, but shouldn’t the company in any case have the highest claim to any assets (if 72% owner it would be), and instead of paying shareholder dividends, the companies should just pay off the debt. And the same goes for all companies that go bankrupt, why is it that my tax dollars go to bailing out companies that are bankrupt, when in reality they have assets they are just refusing to use.