Bluebear
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Mon Mar-20-06 11:24 PM
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Bankruptcy as anti-labor tool: DELTA seeks to void employee stock options |
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ATLANTA - Delta Air Lines Inc., which is operating under bankruptcy protection, asked a judge Monday to allow the nation's third-largest carrier to void roughly 93 million stock options held by 70,000 current and former employees and directors. http://news.yahoo.com/news?tmpl=story&cid=2632&ncid=2632&e=3&u=/ap/20060320/ap_on_bi_ge/delta_bankruptcy_3
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KamaAina
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Mon Mar-20-06 11:29 PM
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1. Who would want their crappy stock anyway? |
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It's one level above those Hot Inside Stock Tips you get in your inbox alongside the Christian Debt Counselors, Free Hoodia and whatnot.
Alas, bankruptcy as anti-labor tool has become a trend. Notice the repukes didin't make it harder for corporations to file bankruptcy, just us peons... :grr:
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Coastie for Truth
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Mon Mar-20-06 11:43 PM
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The interpretation of the Bankruptcy Act that allows "executory contracts" (contracts for future performance) to be voided in a Chapter XI reorganization has always been part of the Bankruptcy Code. But, it was extended to "employee benefits" by a very liberal, Democratic judge.
He had been a union lawyer, a liberal law school professor, and a Democratic Party leader before named to the bench. And, academically, a very bright guy.
The decision came up in the rash of iron and steel bankruptcies in the 1970's.
I remember driving from Pittsburgh PA down 8th Avenue through Homestead, West Mifflin, Kennywood, Clairton, and across the Bridge to McKeesport and Versailles, Glassport, etc. during the 1970's - it was like watching a part of my life and history die.
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lindisfarne
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Tue Mar-21-06 03:43 AM
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3. Amazing how all our laws favor the corporation. People accepted |
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stock options in lieu of higher salaries, better benefits, and so on.
Next move: demanding the employees pay back 10% of the total pay they earned while working at Delta.
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DU
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Mon May 06th 2024, 07:06 AM
Response to Original message |