LGA Fleet Service
Veteran
What,wave the bankruptcy magic wand and stiff employees, retirees and creditors alike?
I still need to know how a company that is a for profit organization can simply hand its pension obligations to the US Government claiming poverty then proudly emerge from bankruptcy to accolades from Wall Street.
I was always under the impression that the PBGC existed as a safety net for employees in case their employer went out of business, Not as a convenient "Get out of debt free" card.
I will never view beating creditors, employees and retirees bloody with the Chapter 11 club as a business practice worthy of accolades. :down:
Funny how employee contracts, vendor contracts and any other contract that management wants to get out of can go away in Chapter 11, but executive compensation is the one contract that is holier than the grail and more secure than Fort Knox.