PILOT SPIN
Spin Zone => Spin Zone => Topic started by: President-Elect Bob Noel on July 13, 2020, 08:48:09 AM
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"Pols appeal to Brooks Brothers"
"US Sen Ed Markey [and some others] called on Brooks Brothers Sunday to provide severance pay and health insurance to more than 400 workers in the wake of its bankruptcy filings."
If a company is bankrupt, where would the money come from for the severance pay and health insurance?
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The Court will decide, but Governments get paid first. I am assuming they are CH 7 liquidation? The money will come from the assets they sell off. If there is not enough to cover the severance and health insurance premiums, then they are SOL.
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The Court will decide, but Governments get paid first. I am assuming they are CH 7 liquidation? The money will come from the assets they sell off. If there is not enough to cover the severance and health insurance premiums, then they are SOL.
In a normal world, yes. But Not when brain dead senators get involved. They want every employee to be protected whether they are unionized or not. In fact that’s the goal - increase unionized workforce. This will be a political football, once again.
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Bankruptcy laws are set. The company is no longer in charge of spending money like that, it's in the hands of the bankruptcy court.
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Bankruptcy laws are set. The company is no longer in charge of spending money like that, it's in the hands of the bankruptcy court.
Yes, BUT - remember Obama sticking his hands into the Government Motors bankruptcy and totally turning the bankruptcy laws on their head, turning unsecured union employee creditors into secured creditors, and secured bond holders into unsecured creditors?
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Yes, BUT - remember Obama sticking his hands into the Government Motors bankruptcy and totally turning the bankruptcy laws on their head, turning unsecured union employee creditors into secured creditors, and secured bond holders into unsecured creditors?
That was one of the most illegal things he did. You buy secured debt and stock and then it becomes worthless because the Marxist in Chief says so. Total UAW Bail Out as a payback for helping to get him elected. Soviet style picking of winners and losers then government ownership of a private company.