Some people are suggesting / hoping that we'll get a VRP? Given the financial situation / stock value situation - what makes you think this may happen? I hope it will but everything I look at is so grim and I simply do not have any hope that a VRP may be in stars for us.
10 replies (most recent on top)
You got a better fu---n chance of Dolan buying the company back than you are of getting a vrp at this point. Just go with the thought that you already lost your job and start looking elsewhere.
@j2 Thats not entirely true, capt 11 which is highly likely(if it goes there), it would almost for sure get paid judges almost never deny payment to frontline and for the most part would just be part of BAU. under Chap 7 which is highly unlikely the first 2 months would be protected, after that the first 17k would be considered priority so likely be paid, the rest would be more at risk.
Its not "gone" you just become a creditor like everyone else the company owes money too, but with a few more protections and a more sympathetic case to a judge.
Is VRP considered severance because if the company goes bankrupt, there goes your severance.
Make it 60 instead of 65
Owes 27 billion
Worth 400 million
Would love it to happen but…….cant see it
All of younger employees are at MasTec now. Many of the AUSA employees who are left do qualify for 65. At least this is the case in south shops.
I just recently received my last VRP check a couple of months ago, and to be honest I was wondering if the company would be able to honor all the VRPs that were offered and excepted the last couple of years. At this point in the game I would be VERY concerned about them being able to honor anymore payouts. And like someone pointed out in an earlier comment. There is probably no one left that qualifies under the 65 rule. I would say the average time in service for rank and file employees is less than 10 years.
I meet the rule. I doubt it will ever happen again. And being a front line workers they would never give it to us also. They know we would all take it and nobody would be left.
What VRP? Look around you. Nobody left is old enough to meet the rule of 65.
No hope