Dissolve into Evergreens
This blog used to be about politics. Not so much anymore as I have worked through my fascination with that subject. It now seems appropriate that with a new president and the end of the Bush nightmare that I move on to new subjects that are more in line with my current interests. I may still occasionally express an opinion about political matters but for the most part I will be commenting on music, photography and personal observations. Thank you for reading.

Current Playlist

Top 100 in iTunes

juscuz's Last.fm Overall Artists 


Atom Site Feed

B4 d- t k s u- f i- o x-- e- l- c+


< ? Colorado Blogs # >

« - ? Blog Oklahoma * # + »
This page is powered by Blogger. Isn't yours?
More Class Warfare
Boston.com / Business / Polaroid sale worth$47 to each retiree:
"Polaroid retirees will get $47 each.

The meager amount ''just adds insult to injury,' said Paul Hegarty of Arlington, who worked at Polaroid for 40 years. ''It's like picking off an old scab.'

How it happened demonstrates the oddities of Bankruptcy Court. Polaroid, which declared bankruptcy in October 2001, was able to renegotiate its debts with creditors while reneging on commitments it had made to retirees, including promised health and life insurance benefits.

Chairman Jacques A. Nasser, who joined Polaroid in November 2002, will receive $12.8 million for his shares. J. Michael Pocock, who became chief executive about two years ago, will receive $8.5 million."

You know the name of this blog.

(more from Sign on San Diego)

"It's such a shame, because we got killed," said Peter Bass, a 72-year-old Lexington resident who retired 13 years ago after 35 years at Polaroid. Bass, who used his $47 to take his wife out for pizza, said he's considering searching for work to make ends meet – as are many other Polaroid retirees.

"A lot of them are hurting," he said.

Retirees receive pension payments from a federal agency that took over the company's underfunded plan. Colcord declined to comment on retiree issues.

Polaroid, who has seen its business destroyed by digital photography declared bankruptcy in 2001. At that time it turned out its pockets to its long time employees and cancelled promised medical and life insurance benefits. The pension plan was dumped on to the federal government even while employees took pay cuts to stave off a hostile takeover.

The new owners banked $122 million and recently took the company public again last year. Now, Peters Group is buying Polaroid for $426 million, a $2 a share gain for investors.

The employees, the people that built up and made the company profitable for shareholders for years will get cancelled benefits, reduced pensions and a check for $47.

The management that took over after the bankruptcy will get millions in compensation.

Comments: Post a Comment

About Me

35 yr old
Highlands Ranch
Recording Engineer
Voted for Kerry
Voted for Obama
Philosophical Type
Omicron Male
Feminist Friendly
22.3% Less Smart

Any Box


Barack Obama Logo
Get Firefox!

Dissolve into Evergreens