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Thread: Bond holders calling BS on Delphi restructuring

  1. #1
    God/dess Deogol's Avatar
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    Default Bond holders calling BS on Delphi restructuring

    Apparently, like the unions, the lenders to the company are a little dis-satisfied with the management and their piggy ways.

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    Default Re: Bond holders calling BS on Delphi restructuring

    scuttlebut has it that this is the last nail in Delphi's coffin ... i.e. that the company is NOT going to re-emerge from bankruptcy, that the former Delphi union employees are not going to have jobs at all (even at $10-12 per hour instead of $25+ per hour), that the huge investment fundie bondholders plus the Pension Benefit Guarantee Corp (= US taxpayer) are going to take one hell of a big loss, and that GM will be importing parts from overseas as soon as the current Delphi supply contracts are dissolved by the bankruptcy court.

  3. #3
    Sitri
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    Default Re: Bond holders calling BS on Delphi restructuring

    The above adv. was run in the DC area. I know it is political, but it is funny.

    This is just another example that when there is not regulation of executives pay they do not work for the shareholders, but for themselves. If they can gut the company and be wealthy, they really don't care if the company is successful. Really a case of the fox watching the hen house.

    The CEO of COSTCO believes that no CEO should make more than $4 million in a year. The sub-boards responsible for compensation are usually all directors that are hand picked friends that will agree to anything.
    These guys are f*cking pigs and they are selling out our corporate infrastructure to benefit themselves.

    Notice how the increase started in 1982 when income tax rates went down and it was now lucrative to rape, pillage, and plunder. And now, they have engineered the reductin in estate tax so they can pass this wealth on to future generations that will never have to worry about getting a job, paying rent, of feeding their children.-- like those workers who are now without jobs.
    Ratio of CEO Pay to Average Worker Pay Reaches 301 in 2003

    Average Worker Takes Home $517 a Week; Average CEO $155,769 a Week

    BOSTON — After declining for the last two years, the gap in pay between average workers and large company CEOs surpassed 300-to-1 in 2003. In 2002, the ratio stood at 282-to-1. In 1982, it was just 42-to-1.

    According to Business Week’s 54th Annual Executive Compensation Survey, published this week, the average large company CEO received compensation totaling $8.1 million in 2003, up 9.1% from the previous year. Business Week’s survey covers the 365 largest companies that have reported their executive pay to date.

    From 1990 to 2003:

    • CEO pay rose 313%
    • The S&P 500 rose 242%
    • Corporate profits rose 128%
    • Average worker pay rose 49%
    • Inflation rose 41%
    The average production worker fared less well in 2003. Their annual pay was $26,899 in 2003, up just 2.1% from 2002 according to the Bureau of Labor Statistics. The average worker took home $517 in their weekly paycheck in 2003; the average large company CEO took home $155,769 in their weekly pay.If the minimum wage had increased as quickly as CEO pay since 1990, it would today be $15.71 per hour, more than three times the current minimum wage of $5.15 an hour.

    “While workers are increasingly anxious about their job security, and how they will pay the rising costs of everything from health insurance to housing, from college to gasoline, corporate executives continue to distance themselves from the cares and worries of those they lead. It sends a poor message to demand cost cutting from the factory floor, while costs in the executive suite are left to soar,” said Scott Klinger, spokesperson for United for a Fair Economy, an independent national non-profit that raises awareness of growing economic inequality.

    “Boards remain far too clubby in the post-Enron world. We need some new board members who can say 'no' to executive pay packages that widen the chasm among those who collectively create shareholder value,” said Kling
    Last edited by Sitri; 12-15-2005 at 06:42 AM.

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    Default Re: Bond holders calling BS on Delphi restructuring

    Reason #1 I don't invest in large caps and shy from most mid. I just can't stand my money being spent this way.

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    Default Re: Bond holders calling BS on Delphi restructuring

    here we go ....

    "Largest Chinese auto supplier aims to take over Delphi

    2005-12-21 20:24:10

    BEIJING, Dec. 21 (Xinhuanet) -- The largest Chinese auto supplier,Wanxiang Group, aims to take over the partial business of the U.S.-based auto supplier Delphi Corporation, which filed for bankruptcy two months ago, said the China Securities Journal on Wednesday.

    But the Wanxiang Group said it is still unclear whether it will succeed in the purchase, said the journal.

    Lu Guanqiu, chairman of the Wanxiang Group, affirmed the plan and said the two parties have started negotiating the purchase, said sources with the Wanxiang Group.

    Ni Pin, manager of Wanxiang America Corp., said the company plans to expand business in the United States by purchasing business from some U.S.-based auto suppliers. Delphi will be a good choice for Wanxiang, said Ni.

    Established in 1969, Wanxiang Group has grown into the largest mobile electronics and transportation components supplier in China. The company took over 20 percent of the stocks of U.S.-based UVSL in 2001, and now holds stakes in more U.S. companies.

    Delphi Corporation announced this week that the company is trying to reach new agreements with the Union and GM Motor Corp., on its bankruptcy.

    Delphi's China office said it is possible for Delphi to sell parts of its business since the company has planned to adjust its product structure in the future. End item"

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