Please expand on your knowledge on what is going on with the "Transition" agreement...Are you some how involved in these talks with the company?
you have been involved as long as I,89......surely after all these givebacks and BK's you have seen the way?
I provided the link to the U BK website and in its entirety all secrets are there for the looking.....apparently to some they missed the education afforded through BK.....i hope and know you learned....
you realize that part of the POR early on was labor givebacks....the secured creditors wouldn't have it any other way.if they didn't have their wishes granted....liquidation was inevitable.then came the rest of the flock..debtors unsecured and so on.....they stood in line for their monies like you and I...IAM is included here also.to gain approval to the BK court,both the judge and the secured creditors had to approve all these labor group contract modifications to give the company a go
ahead to continue in their reorganization plan...POR.
also in this grand plan , vendors had to capitulate somewhat if they ever had any chance of seeing a return on their bad debts.....and these vendors were both secured (basically owning some type of liquidable assests) and non secured creditors....to boot.
and for the courts to approve this POR....there was a time limit these modifications would be imposed(IAM 2009) and had to be agreed to by all participating labor groups and the board of secured creditors and the judge also.this is the plan that was submitted to the BK judge and board of secured creditors for a nod to emerge from BK...also included to this plan was a cornerstone agreement to merge/be aquired by AWA....fine and dandy....all these agreements are bound togehter by the POR....there will be no deviation from this plan or the POR is not met.
there are monetary targets that the court agreed to by certain dates or the POR is in violation....remember those crucial dates at U in the last BK??
well nothing has changed....
if you or anyone else for a minute thinks that the contracts can be opened by bringing in IBT or Kookla-Fran and Ollie.....you shall be in for a big suprise....and take note...like i said before....transition agreements are to merge two or more union contracts into one and not renegotiate...there is a big difference.combining two into one...acceptable by both unions and the company.
everything I have infered here is available in its entirety on the website
here:
you will have to do a lot of digging but i assure you (IBT ) its all there free and clear to all who wish knowledge...
aside from all this diatrbe...anyone see the article in USA Today regarding the newly formed company having problems with the POR and how they may have serious problems in the next two years??seems like somethings quite wrong a mere 60 days from the last emergence...
best of luck to all,
😉