Friends
Sometime ago I was discussing the structure of companies with Edward Pojim, and this is the fear I had that many of the plans running these companies were structured way long ago and they need to be revisited for they are simply not working. Many of the retirement plans for example were made when life expectance is under 50, we are today living passed 100, so what company wants to take care of an old geezer that is 100 years? It is strange that people are living longer than the years they worked for. A good example is Air Canada which today spends more money on past workers that have retired, than current employees for they retired and they are not dying. That company can only sustain that status for only that much and it will collapse. Dont think this is being done by Kodak alone, many other companies are going to follow because the mathematics simply does not work the way it was structured out. It is going to be interesting to see how our children retire. EM On the 49th Kodak to end healthcare benefits, solves $1.2 billion liability Description: Kodak Files For Bankruptcy Guy Solimano / Getty Images file Kodak World Headquarters on Jan. 19, 2011 in Rochester, N.Y. Description: http://msnbcmedia2.msn.com/i/msnbc/Components/Sources/Art/source_Reuters3.gi f (Reuters) - Bankrupt Eastman Kodak Co said on Wednesday it was ending retiree healthcare and survivor benefits at the end of the year, allowing it to resolve a $1.2 billion liability, one of its biggest obligations. The benefits, which include medical, dental, life insurance and survivor income benefits, will end December 31. Kodak will give retirees a $635 million unsecured claim, a $7.5 million cash payment to support initial administration and benefit obligations, and a $15 million allowed administrative claim that would have priority in reorganization proceedings. The deal with the official committee representing retirees in Kodak's bankruptcy proceedings does not affect pension benefits. In a statement, Kodak said the move will improve its liquidity even as it acknowledged "this action will pose challenges for retirees." But the company said the step was necessary to allow Kodak to emerge from bankruptcy protections "as a profitable, sustainable company." Kodak has been paying about $10 million per month to provide those benefits. Kodak filed for Chapter 11 bankruptcy in January. The Rochester, New York, company is a pioneer of photography but struggled to adapt to the digital age, and is shifting its focus toward its commercial packaging and printing business. The bankruptcy is in Re: Eastman Kodak Co. et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202. (Reporting by Phil Wahba in New York; Editing by Richard Chang) Thé Mulindwas Communication Group "With Yoweri Museveni and Dr. Kiiza Besigye Uganda is in anarchy" Kuungana Mulindwa Mawasiliano Kikundi "Pamoja na Yoweri Museveni na Dk. Kiiza Besigye Uganda ni katika machafuko"
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