Wednesday, July 29, 2015

UPDATED: No blood in ants

UPDATED: No blood in ants

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Like I always say...billionaire come, billionaire go.

UPDATE: As Gordon Lightfoot sings in "The Wreck of the Edmund Fitzgerald"...fellas, it's been good to know ya:

However, Publisher Brian Tierney said the creditors' bid calls for firing all of the company's 4,500 employees, with a pledge only to rehire at least 51 percent on new terms.

"So, up to 2,250 people could lose their jobs, and even those that retain their jobs could have very different (salaries and benefits)," Tierney said after a final pre-auction bankruptcy hearing Monday. "It's shocking."

The other two bidders included plans to try to negotiate contracts with the roughly 4,000 unionized workers, the company said. However, Chief U.S. Bankruptcy Judge Stephen Raslavich noted that none of the bids come with any employment guarantees.

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Will Bunch
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