Most pension funds in the U.S. both public and private are not fully funded. In fact most are in arrears. That is why the retirees will get nothing. The purpose of a bankruptcy is to shed obligations. All contracts are null and void unless the bankruptcy courts rules otherwise when or if the new entity assumes control. If the old entity is completely dissolved, then the retirees may get something but they have to stand in line with all the other creditors. The lawyers get paid first.
If the old entity is reorganized, then the judge will decide which contracts will be allowed and which will be terminated. I doubt that the pension contracts would survive. ----- Original Message ----- From: "Michael Madigan" <[email protected]> To: "ProFox Email List" <[email protected]> Sent: Friday, January 06, 2012 1:01 PM Subject: Re: [OT] Kodak near bankruptcy I don't know. I thought pensions were required to be fully funded. Most likely they won't lose their pensions, just possibly have to contribute more to their healthcare. ----- Original Message ----- From: "MB Software Solutions, LLC" <[email protected]> To: ProFox Email List <[email protected]> Cc: Sent: Friday, January 6, 2012 12:53 PM Subject: Re: [OT] Kodak near bankruptcy On 1/6/2012 12:24 PM, Michael Madigan wrote: > No, because bankruptcy doesn't mean closing the company. General Motors > would have been able to reorganize under chapter 11, restructure their > pension system, and restructure their debt. Instead we have the government > bailing them out, forcing it to build a PoS car like the Chevy Volt, and > they're in no better shape now than before. Then add to it the billions > that the American taxpayer lost and will never recover. Reminds me of that article on Kodak. Will those retirees get screwed out of their pensions if Kodak goes to bankruptcy? -- Mike Babcock, MCP MB Software Solutions, LLC President, Chief Software Architect http://mbsoftwaresolutions.com http://fabmate.com http://twitter.com/mbabcock16 [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/80A9E98936C84EACAEEC47532554F201@dual ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
