scootercaster wrote:
Some of them had worked there 40 even 50 years.
Similarly (but also different) my company recently went through a big round of layoffs, even though the company is doing well financially. Everybody laid off was 45 or older...Presumably, they did it to lower their group insurance rate and to be able to hire new people in at a lower pay rate.
So I am guessing these long timers had relocated when Gibson left Kalamazoo, only to then be laid off ?
scootercaster wrote:
The severance packages were apparently "very little"...My sources tell me that Henry J was offered $10 million by the bond holders to just walk away. He refused.
I am unfamiliar. Is Henry J the "see-3-o" or something? If so, sounds pretty typical: Lay off innocent people due to mismanagement at higher levels, offer them little/no severance, but offer the offending exec a golden parachute to leave.
Sadly, its happening over and over in Corporate America these days.
And if true, yeah, that was pretty stupid not to take the $10 million. After refusing it, he's going to feel pretty dumb if they later force him out
without the $10m.
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