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Judge: Release Delphi papers

Retirees who lost pensions have sought documents for 2 years

August 24, 2013

WARREN — A federal magistrate judge ruled Thursday that the entity that took over pensions of Delphi salaried retirees must turn over documents the retirees have been seeking for two years in a......

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(20)

OLDMANDOWNTOWN2

Aug-25-13 9:40 AM

Wonder why no one did diddly squat like this when Copperweld filed bankruptcy, and it affected all their retirees pensions. What made Copperweld just as bad if not worse, was the fact a subsidiary bought them out. Both were owned by the same parent company, and no one said or did anything. All those retirees pensions was turned over to the PBGC, and it was just as bad then as this is today. Things like this will continue to happen until our bankruptcy laws and pension laws are changed and enforced. Legislation was passed that all pensions was to be fully funded by Jan. 1 2005 or 2006, and that still hasn't happened today. GM the same as others was way under funded when they filed bankruptcy, and the retirees paid for that.

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liemonger

Aug-25-13 9:19 AM

"I remember when Speaker Pelosi demanded the list of names Dick Cheney confered with to draw up that administration's energy policy."

Maybe you should remember what relevant means, Dingo.

The remainder of her post is toooooo ignorant to address.

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RetiredDrone

Aug-25-13 12:49 AM

What's in the papers?

(-:

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reallytiredofit

Aug-24-13 9:39 PM

Glad to hear it delphiretiree. It is time to get this case before the judge.

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DelphiRetiree

Aug-24-13 9:25 PM

Treasury to also comply with Supoenas from Congress.

detroitnews.kom/article/20130823/AUTO0103/308230091

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reallytiredofit

Aug-24-13 9:04 PM

The other elephant in the room that everyone forgets is that Delphi was already scheduled for a LIQUIDATION AUCTION because they could not extend their lines of credit and they could not get any additional money from General Motors because they had fallen into chapter 11 protection themselves. There were NO investors willing to purchase Delphi Corporation whole as long as they were liable for the two underfunded pension plans. Had Delphi been liquidated and their assets auctioned off as was scheduled to happen, General Motors would have been shut down in a matter of days because of lack of parts. There was at that time no other manufacturer who could have added any where near General Motors' volume needs.

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reallytiredofit

Aug-24-13 8:46 PM

In addition to senator1218's comments, all of which are historically correct, The UAW, IUE, and USWA were creditors in the General Motors by virtue of their labor agreements. They would have remained creditors EVEN IF GM had requested a termination of those agreements. Since the labor agreements were in place and valid they had an monetary value regardless of what General Motors did. The Salaried Retirees HAD NO SUCH AGREEMENTS and therefor were never listed as creditors in the General Motors case. There is no legal way that the Federal Court could have approved the expenditure of assets on NON CREDITORS until and unless all secured and non secured creditors had been made whole. Remember it is GM who is paying the top up payments to the hourly employees, not the PBGC. The PBGC pays out pension payments to the Salaried and Hourly retirees using exactly the same formula.

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CommonSense

Aug-24-13 7:45 PM

Just one more place where our phony president stuck in his nose and screwed Americans over. Let's all act surprised by actions of our worst president ever.

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Senator1218

Aug-24-13 2:32 PM

Additionally, Treasury officials noted that, unlike the hourly plan, the salaried plan was fully funded at the time GM transferred it to Delphi. Also, because GM was never obligated to provide top-ups to the salaried or other retirees not represented by UAW, IUE, and USWA, GM did not have any legal obligation to agree to provide top-ups to these groups."

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Senator1218

Aug-24-13 2:32 PM

Very simple Jonathan. All you need to do is educate yourself. GOA testimony released 6/12: "Although Treasury officials said Treasury did not explicitly approve or disapprove of GM providing top-ups to the Delphi UAW, USWA, and IUE retirees, Treasury subsequently commented on GM’s decision. In its legal brief, Treasury stated that GM had solid commercial reasons for providing the top-ups.39 Specifically, Treasury stated that its aim in negotiating the details of GM’s reorganization plan was to ensure that new GM would assume only those liabilities of old GM that were “commercially necessary” for new GM to operate. Treasury noted in the brief that because of new GM’s dependence on the UAW workforce and the costs, risks, and delays associated with litigating USWA’s and IUE’s claims related to the Delphi bankruptcy, new GM had solid commercial reasons to agree to provide the top-ups to the Delphi UAW, USWA, and IUE retirees.

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jonathon

Aug-24-13 1:38 PM

Really,then HOW and WHY did Obama and his cronies make the distinction between salary and hourly UNION workers? could it possible have anything to do with potential and NON potential votes, yes we all know the answer to that don't we?

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reallytiredofit

Aug-24-13 12:23 PM

..... In addition when the George Bush administration drew up the originol TARP assistance plan for GM and Chrysler, one of the requirements of the to recieve the TARP assistance was that no money could be used to support wages or benefits. The Obama administration continued to follow the language of the originol legislation but increased the amount that the Automakers could get.

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reallytiredofit

Aug-24-13 12:08 PM

Actually standup there is no US taxpayer funds under the control of the PBGC. The PBGC is funded entirely through premiums that employeers with defined benefit pension plans pay. Therefor your ascertation is incorrect. I have no problem with the release of the documents though, as it will expidite the date when this case can be heard in court.

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StandUp

Aug-24-13 10:43 AM

Johnnyringo, has nothing to do with skin color. How disgusting to throw that in. Why would the President claim Exec Privilege over a pension issue? His Admin has done everything possible to keep from releasing these documents. They have exhausted their efforts to keep citizens of this country know what happened to a pension they worked a lifetime for and keeping the general public from knowing how their tax money is being used to help get people elected. They've used millions of tax dollars fighting the retirees for 4 YEARS when all they had to do was release the documents and proved what they've been saying all along - that they did nothing wrong. You know why??? Because they DID do something wrong and it's a BIGGIE.

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jonathon

Aug-24-13 10:16 AM

Johnny, Obama should be held to "transparency" not because he's black or a democrat, he should be HELD to it because this is what HE PROMISED, or did you forget that?

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JohnnyRingo

Aug-24-13 9:37 AM

I remember when Speaker Pelosi demanded the list of names Dick Cheney confered with to draw up that administration's energy policy.

The short answer from the vice president's office: GFY. Subsequent requests for documents regarding the invasion of Iraq were met with the same stonewall.

Should Obama be held to a higher standard of transparency because he's a democrat or because he's black?

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jonathon

Aug-24-13 8:44 AM

"Executive Privilege" what a wonderful two words YOUR commander in thief likes to use, yes WarrenP you must be so Proud of Obama, he has totally screwed America.

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OldNewsboy

Aug-24-13 7:53 AM

All this happened so Obama could get more votes. Obama should be impeached.

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WarrenProud

Aug-24-13 7:34 AM

This one is headed to the US Supreme Court. No Presidential Administration who invoked Executive Privilege has ever released them after invoking it without a Supreme Court order. Maybe some day way out, but not September 30 for sure.

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OLDMANDOWNTOWN2

Aug-24-13 6:46 AM

Good luck getting anything from the PBGC. All you get from them is BS every time you contact them. It took me over 18 months to get a court order quarto approved. You can call and talk to three different people and ask each of them the same question, and get three different answers. If and when they receive the documents, they will be so screwed up that you still won't make heads or tells from them. With a court ordered quarto, I still had to qualify by their definition before they started to figure out what I was to receive. I'll be surprised if the documents are released as ordered.

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