Comments on: Show us the money http://www.dankennedy.net/2009/10/08/show-us-the-money/ By Dan Kennedy • The press, politics, technology, culture and other passions Fri, 12 Mar 2010 17:09:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Globe staffers to publisher: save us from healthcare "caste system" - Dont Quote Me http://www.dankennedy.net/2009/10/08/show-us-the-money/comment-page-1/#comment-50484 Globe staffers to publisher: save us from healthcare "caste system" - Dont Quote Me Sun, 11 Oct 2009 15:49:49 +0000 http://www.dankennedy.net/?p=6377#comment-50484 [...] Published Oct 08 2009, 02:23 PM by Adam Reilly 2 The Globe story of the moment is the (possibly) impending sale of the paper--but mounting resistance to a new, high-cost health plan among the members of the paper's [...] [...] Published Oct 08 2009, 02:23 PM by Adam Reilly 2 The Globe story of the moment is the (possibly) impending sale of the paper–but mounting resistance to a new, high-cost health plan among the members of the paper's [...]

]]> By: been there http://www.dankennedy.net/2009/10/08/show-us-the-money/comment-page-1/#comment-50360 been there Fri, 09 Oct 2009 00:22:09 +0000 http://www.dankennedy.net/?p=6377#comment-50360 wondering whether NYTCo mgt is now trying to offload some of the pension liabilities for its senior Globe management team (which I believe used to be tied to the mother ship) to the new owners rather than have to fund them from the big apple. That MIGHT be part of the reason for the escalating number. wondering whether NYTCo mgt is now trying to offload some of the pension liabilities for its senior Globe management team (which I believe used to be tied to the mother ship) to the new owners rather than have to fund them from the big apple. That MIGHT be part of the reason for the escalating number.

]]> By: Newshound http://www.dankennedy.net/2009/10/08/show-us-the-money/comment-page-1/#comment-50341 Newshound Thu, 08 Oct 2009 18:06:15 +0000 http://www.dankennedy.net/?p=6377#comment-50341 I think the union should have a major concern, far beyond whether or not Dan has been abusive with a few thousand dollars. The union should do everything legally within its ability to secure the pension liability now, in particular since it is so publicly exposed in the public domain. Should any investment - or better described as speculative group, even if a member is of the esteemed Taylor family, make this acquisition and assumes all of the liability in payment, it is becoming obvious the debt exceeds the value of the assets, thus insolvent. Should this group suffer losses, which is a likely case, the obligation will not be fulfilled in paying for services enjoyed by prior owners. The total value offered at the moment is $94 million, insufficient to meet obligations, and even worse if NYT Company goes back to NY with $35 million. It, too, is becoming more and more apparent that John Henry's alleged offer to take it off their hands, may well have been and prove to be the last and best offer. Unless the real estate and other assets salable at liquidation exceed in net amount of $100+ million, workers and former employees will be cheated. And that is a horrible violation. I think the union should have a major concern, far beyond whether or not Dan has been abusive with a few thousand dollars.

The union should do everything legally within its ability to secure the pension liability now, in particular since it is so publicly exposed in the public domain.

Should any investment – or better described as speculative group, even if a member is of the esteemed Taylor family, make this acquisition and assumes all of the liability in payment, it is becoming obvious the debt exceeds the value of the assets, thus insolvent.

Should this group suffer losses, which is a likely case, the obligation will not be fulfilled in paying for services enjoyed by prior owners.

The total value offered at the moment is $94 million, insufficient to meet obligations, and even worse if NYT Company goes back to NY with $35 million.

It, too, is becoming more and more apparent that John Henry’s alleged offer to take it off their hands, may well have been and prove to be the last and best offer.

Unless the real estate and other assets salable at liquidation exceed in net amount of $100+ million, workers and former employees will be cheated. And that is a horrible violation.

]]> By: InsiderNegot http://www.dankennedy.net/2009/10/08/show-us-the-money/comment-page-1/#comment-50336 InsiderNegot Thu, 08 Oct 2009 15:34:24 +0000 http://www.dankennedy.net/?p=6377#comment-50336 Pension liability numbers are never an exact calculation. They are determined through an exhaustive number of complex calculations until a final number is issued by the particular pension plans which can take up to a year. The early numbers that were published were about $85M in pension liability. Then someone in in their wisdom determined that the market was coming around and that liability could be estimated at $56M. The pension plans provide estimates, the seller does estimates and the buyer does estimates. I am sure that during their due diligance process the buyers became aware of the liabilities and their real numbers. At the end of the day, it's still a negotiation about and who can and who will pay what dollars. Pension liability numbers are never an exact calculation. They are determined through an exhaustive number of complex calculations until a final number is issued by the particular pension plans which can take up to a year.

The early numbers that were published were about $85M in pension liability. Then someone in in their wisdom determined that the market was coming around and that liability could be estimated at $56M.

The pension plans provide estimates, the seller does estimates and the buyer does estimates. I am sure that during their due diligance process the buyers became aware of the liabilities and their real numbers. At the end of the day, it’s still a negotiation about and who can and who will pay what dollars.

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