Ohhhhhh Shit...

I know that we're all paying really close attention to the news right now (I know I am). Here's the skinny from the Tribune Comical.

Delphi Packard at risk without union deal

By LARRY RINGLER Tribune Chronicle

WARREN (Updated 1:30 p.m., Sept. 28) -­ Delphi Corp. attorneys indicated today the bankrupt company may move Warren-based Delphi Packard Electric from a core facility to non-core ­ making it vulnerable to being sold or closed ­ if no labor agreement can be reached with the local union, a labor lawyer said.

Tom Kennedy, attorney for the International Union of Electrical Workers-Communications Workers of America who was at a status conference in New York, also said the auto parts maker indicated it might file motions at a bankruptcy conference set for Oct. 19 to scrap its labor agreement and modify retiree health care only at the Warren operations.

Delphi spokesman Lindsey Williams said the company ''continues to have constructive dialogue with all unions. However, there are challenges that must be addressed with the IUE leadership in Warren if that site is to remain viable and core.''

Williams declined to elaborate on the challenges.

Also Thursday, bankruptcy Judge Robert Drain extended the deadline for issuing an order of Delphi's current motion to throw out its labor pacts and modify retiree health care until Nov. 30 from Oct. 20.

Kennedy said he told the judge that the union was ''very disturbed'' to hear that the union's largest remaining facility could be moved to non-core.

He said the local union is ''working very diligently to try to come up with an agreement with the company.''

IUE-CWA Local 717 Shop Chairman Don Arbogast said he sent Delphi a letter a month ago stating the union was ''willing to have talks any time, any place. I'm still waiting to find out where that place is.''

Willie Thorpe, chairman of the IUE-CWA Automotive Conference Board, said Delphi Packard wants to add 150 to 200 more temporary workers to the 300 it's already scheduled to hire.

The temporary workers would fill jobs of employees who elected to take recent incentives to retire or quit and allow those workers to be trained for new positions within Delphi Packard.

Only 710 out of Local 717's 3,800 total membership chose to stay with the company, which has said it wants 1,033 hourly workers.

Thorpe said more talks could be held next week in Troy, Mich., although no dates have been set.

Seeing Delphi Packard's Warren operations ­ one of eight locations Delphi deemed core to its future ­ moved to non-core would be ''serious trouble'' for the union, Thorpe said. ''We have a lot of work to do.''

Well, there's a fucking understatement. Thanks, Willie.

Chances are pretty good that this is just the latest level of the ongoing 'Who's got the biggest Johnson' contest, only this time, the prize isn't just weenie bragging rights. It's the future of the entire Warren operations. A little too steep, if you ask me.

This just puts everyone back into 'Hang on to your ass' mode once again. Hell, I think I'm used to it by now. Bleh...

Well my peeps, smoke 'em if you've got 'em...

Dawn

No, No, NO!...

Just the other day, I was reminded of a rumor I had heard and forgot about. On Jimmy's message board, a member calling himself colton asked this question...

"if you have a car loan from gmac can they take that money out of the buyout?"

Well, I answered the question there, and I will also answer it here, in slightly more detail. The answer is an emphatic NO! My wonderful husband, being a automotive finance guru, checked in with his rep at GMAC to get a definitive answer for me and my peeps. General Motors Acceptance Corporation (GMAC, for short) is a bank, and is therefore limited to the laws that regulate banks. That means, even though you are about to come into a sizeable chunk of change, the only way that they can put their grubby little hands on it is...

• First, you have to be behind in your payments to them and...
• Secondly, they would have had to already gotten approval through the courts to attach your wages. They just can't take your money without the permission of the courts. If your loan is current, your money remains yours.
• Third, even if they do have permission from the courts to attach your wages, they can only take the amount that you are behind, not the whole amount of the loan. Capiche?
  

Credit unions, however are a completely different matter. There's a nifty little thing that they can do called "Right of Set-Off". The following is from 717 Credit Union's Membership and Share Account Agreement and Disclosure. Read on, McDuff...

Right of Set–Off

You agree that the Credit Union may, unless prohibited by
law, use the funds in your account to pay off any obligation or
debt, whether direct or indirect, as borrower, guarantor, endorser
or otherwise, you have with the Credit Union. If your account is
a joint account and one or more joint owners are indebted to us
in any manner, we may use the funds in the joint account to pay
the debt, without notifying you in advance. We may exercise
our right of set–off at any time without prior notice to you or to
any joint owner in the case of a joint account. If we exercise our
right of set–off against your account, you agree to release and
indemnify the Credit Union from all liability for its actions. The
right of set–off does not apply if the debt is created under a
consumer credit card plan or your right to withdraw funds from
the account arises only in a representative capacity. Our right
to set–off is automatic and superior to any claims on the account
arising through right of survivorship.

That, simply stated, means if you have money in your account at the credit union, and, you have a loan with the credit union, they can AT ANY TIME take your money to pay your loan without your consent. And, if I read this correctly, you don't even have to be behind in your loan payments, either. Blows, huh?

I know I'm going to regret this, but, if you have any questions about this, leave a comment, and I'll get back to you on it, OK?

Later,
Dawn

Bleh...

Yes, Gary, I know I haven't posted in a while. Sue me. I haven't had much reason to, actually. Watching the accelerated destruction of the company to which I've given so many years of my life, has given me a slight case of writer's block. There really hasn't been much for me to write about anyway...except...

People are starting to receive their buyout checks now. I've heard a couple of different reports as to the final amounts of these checks. One report indicated that, someone who took their check with the federal tax deferred (OUCH), got a check in the amount of $124,000. I don't personally want to see the amount of the check that they will have to write to the IRS (hey, honey, could you hand me the K-Y? I have to do the taxes...) come April, but, they must have figured they would be better off this way. From the same source, someone who decided to let Uncle Sam have his piece now, took home $97,000. Now, from Jimmy's message board, another member reports that they received two checks which totaled $91,500. Hell, all of those are better than my estimates, so that's cool.

Additionally, people are starting to be reassigned to jobs from the bank. The ones I've seen aren't too happy about it either. I'm not exactly sure what to say about that (yes, I know you're shocked, but, you'll get over it). I just hope that these disgruntled employees aren't some of the same people that made sure they had their faces in front of every news camera that showed up downtown saying how badly they wanted to work, and now, they're bitching because they might have to. Keep in mind, people, we are still employed and have jobs to do. No matter how much that might suck, in your opinion.

Well, all I can do is hope that my check is closer to the $97,000 end of the scale...

Dawn