Lanhdanan
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https://www.halifaxexaminer.ca/province-house/northern-pulp-says-it-is-insolvent-and-cant-pay-its-pension-obligations-but-its-got-plenty-of-cash-to-bankroll-legal-assaults-on-nova-scotias-government-and-laws/
opibucket
Warp me to Halifax
alfredbucket
their government should seize all assets and bank accounts of the offending country and then pay all the employees and add to their pension
LaffertyDanie1
They're owned by Indonesian Paper Excellence, long track record of corruption and scum baggery.
monsted
How is a company allowed to hold on to the pension funds? In sensible countries, that gets paid out to third party pension providers.
KAPTKipper
My father in-law retired, a year later the Pulp company went bankrupt. They clawed his pension back 30%. Company under paid into plan.
mthrndr01
Seize and liquidate assets until their obligations are settled.
OnFridaysWeWearBeskar
This is why I would never trust a pension. Give me my money, let me see it, let me manage it. Pensions are a gamble where others choose.
drduffer
In a weird way, it’s kind of refreshing to see that capitalist asshats aren’t limited to us here in the States. Good on ya, Canada! /s. ⬆️
junkgoof
Canada sucks on timber issues. US is correct to object.
Vanhelm13
I live in New Glasgow, the amount of people who /still/ want to see it reopen is ridiculous. Same folks who say there was never any smell...
rongway
Yeah, the same ones are also saying that using a big pipe to dump effluent into the ocean off Tatamagouche, is a good enviro plan.
DoctorDerpper
As a kid driving past Albany, OR (paper mill?) on I-5 I can still smell "that" smell as an adult 40 years later.
ThisGuyPostingThings
When are MPs (or MPPs/MLAs/MNAs) going to adopt legislation making non-executive pensions a priority obligation in insolvency cases? >
ThisGuyPostingThings
It should be the first thing that has to be paid out, with a mandate to withhold/clawback all executive compensation until that's met.
ThisGuyPostingThings
Oh, and shareholder dividends, as well, take away that loophole of payment. Until obligations are met to the base work force.
FrozenCoast
Paper Excellence is an absolute scumbag company. They will buy mills just to shut them down and decrease competition.
LaffertyDanie1
Owner is Indonesia billionaire Jackson Widjaja, the judge who ruled against them in a bankruptcy happened to disappear. Total crook.
itscoldhere8monthsoftheyear
Where was this?
LaffertyDanie1
In Indonesia early 2000s
peterbozeman
I wish when a company went "bankrupt" all the employees got the same amount. The $2m golden parachute they give to executives is disgusting.
Syrpynt
I'd be ok with it if they were being pushed out of a plane, and the parachute was actually made of gold.
seyne
The golden parachute is often a necessary part of the job offer to get a good executive to join a troubled company in the first place
seyne
(whether the costs outweigh the benefits in another question)
grandestoptimist
If the pension I’ve worked towards for my entire life disappeared I would be forced to commit violence against those responsible.
mithiwithi
Make sure to be as gruesome as possible so you get a life sentence. Revenge AND you get your room and board paid by the state! 1/2
mithiwithi
(Imagine if you _didn't_ have to commit a crime to get free housing and food. But no, that'd be soshulism.) 2/2
Jarjarthejedi
It's really quite a scam isn't it? "We, the executive team, have decided we don't have enough money to pay everyone. So we will pay
Jarjarthejedi
ourselves only. Sorry, but we're bankrupt so no one else can get paid."
seyne
The decision to pay them that is often done as a part of their hiring process, to get them to join a troubled company in the first place