Corrente

If you have "no place to go," come here!

Stealing the worker's pensions by filing for bankruptcy

lambert's picture
Submitted by lambert on Sat, 04/16/2011 - 4:38pm

Sure, in this case the workers are the musicans of the Philadelphia Orchestra, but it's all the same everywhere.

But I'm sure Obama will wear his comfortable shoes on the picket line!

NOTE And so what if management was $140 million in the bank?

Comments

Submitted by gob on

You beat me to it. It's getting kind of monotonous, the daily reminder of "first they came for the ____ and I said nothing because I was not a _____".

And trust the newspapers to bury the lead in the third-from-last paragraph:

Several bankruptcy and charity lawyers said they were puzzled by an organization entering bankruptcy court with assets ($140 million in endowment) more than triple liabilities.

It's so much more important to highlight the musicians' cute notion of a "play-in" at the board meeting!

lambert's picture
Submitted by lambert on

From the same article:

As orchestra board members filed into the ground-floor entrances to 1701 Market Street and up to the offices of law firm Morgan, Lewis & Bockius, a string quartet serenaded them with Schubert and Mozart.

Musicians handed them leaflets [#9] encouraging a "no" vote.

The crowd of about 60 orchestra members and retirees were repeatedly asked to leave by guards, but the music continued. Security guards told musicians that police were on their way, but the briefly tense climax dissolved. No police arrived, and the play-in [#173] ended as the board meeting began.

Turlock