Are we all screwed now?
6 replies (most recent on top)
Somewhat feel sorry for everyone thinking they are entitled for severance pay, I hope so, just like you I thought "we will get that" but as many have to be paid off before that, damn! Kinda pitiful! I think sticking around is a bad decision! But I guess keep doing you, I think you are going to come up short!
Dean Foods wasn't paying severance to be nice- they were paying it to keep the unions happy (have to deal with those same unions at other locations) and to keep people from running to the press (severance agreements prohibit that).
Soon Dean Foods executives are not going to be dealing with unions (or anyone) and won't have any reason to care about the press, so no reason for them to pay severance to anyone other than themselves.
Those 7 lenders are only the lenders who put up money after the Chapter 11 filing. Yes, they get paid first, but there is a list of pre-Chapter 11 banks and debt that number in the 100s that will get paid next. Unless assets get sold for way more than their value, no way there will be anything left for severance.
Read the current SEC 8k filing. There are SEVEN lenders on this CH11. They all have to get paid before you even get a penny.
Completely screwed
I'm talking about Chapter 11, in case it was not clear.