Employees and retirees of the bankrupt employer are no better off now than they were prior to BAPCPA’s change to § 503(c) back in 2005.
Phoenix, AZ (PRWEB) October 12, 2012
In Part 3 of “Marginal Successes, Revised Expectations, Broken Promises – A Presidency in Review,” Arizona lawyer Lawrence ‘D’ Pew carefully examines President Obama’s failed promises of new bankruptcy protections for workers and retirees.
“The first question I asked,“ said Mr. Pew, “was whether President Obama kept candidate Obama’s promises to protect American employees and retirees by prohibiting executive bonuses from bankrupt corporations – the answer was No, he did not.”
No New Bankruptcy Protections for Workers and Retirees looks directly at this administration’s failure to protect laborers, rank and file, and retired employees from the corporate insider redirect of assets to executives of bankrupt companies like Solyndra. Employees continue to lose benefits and pensions despite the 2005 overhaul of key employee retention programs (KERPs) in the BAPCPA amendments.
As Mr. Pew points out in Broken Promises, “employees and retirees of the bankrupt employer are no better off now than they were prior to BAPCPA’s change to § 503(c) back in 2005. When it comes to diminishing wages, benefits, and pensions while corporate insiders take as much as possible off the top, the results are the same – employees and retirees continue to lose.”
For more information call the Pew Law Center at 480-745-1770.
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Lawrence 'D' Pew is an experienced tax, bankruptcy, and transactional lawyer. He is the founder and managing attorney of the Pew Law Center, PLLC, a leading Arizona tax and bankruptcy law firm focused exclusively on debt relief. With law offices in Mesa, the firm serves Arizona residents in the greater Phoenix area, including Scottsdale, Mesa, Tempe, Gilbert, and Chandler. A client-oriented law firm with a mission to always exceed client expectations, the Pew Law Center has helped over 2,000 people file for bankruptcy and eliminate over $100 million in debt.
Visit the Pew Law Center, PLLC, at http://www.PewLaw.com.