Re: GM Facts and Fiction
[ QUOTE ]
Ya know the problem with these pensions is a lot of the old time pensions are actually owned by the company not the individual. I think the company can show the pension on the books as an asset. The problem is (US AIR, United Etc.) If the company goes down the pension goes with it not to the employees. So if this is the case with the BIG 3, the line guys etc better be careful they could end up with "0"
[/ QUOTE ]
I think you meant to say pensions are shown as liabilities on company books and so pensioners become another creditor in the event that the company declares bankruptcy. If GM goes Chapter 7, pensioners will lose everything. If GM goes Chapter 11, pensioners will probably get less then what they are getting now if anything at all.
__________________
It is impossible to certify a COPO or Z/28 as authentic without verifying that it is not a rebody...
|