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Central States going broke---
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<blockquote data-quote="Inthegame" data-source="post: 4830677" data-attributes="member: 37112"><p>Con-Way is perhaps the best example of my earlier statement.</p><p></p><p>Amazingly (not really) Con-Way survived the 2002 CF bankruptcy and continued operations after all the union CF employees were termed.</p><p>Then in 2009 Con-Way and the CSPF settled the unfunded pension liability suit for <strong>$8 million of the $662</strong> <strong>million</strong> owed. That's $0.012 cents for every dollar owed. </p><p></p><p>Bizarrely people accuse the CSPF of mismanagement when this example was played over and over by hundreds of other employers aided and abetted by congressionally passed laws giving short shrift to working men and women in favor of corporate interests.</p><p></p><p>Con-Way (which was eventually purchased by XPO) was Consolidated Freightways pure and simple, and took full advantage of laws that allowed it to escape their dutiful obligation to their workers. That "Con" in their name was very fitting. It was a real "con" way of doing business.</p><p></p><p>The pension fix is a remedy long overdue.</p></blockquote><p></p>
[QUOTE="Inthegame, post: 4830677, member: 37112"] Con-Way is perhaps the best example of my earlier statement. Amazingly (not really) Con-Way survived the 2002 CF bankruptcy and continued operations after all the union CF employees were termed. Then in 2009 Con-Way and the CSPF settled the unfunded pension liability suit for [B]$8 million of the $662[/B] [B]million[/B] owed. That's $0.012 cents for every dollar owed. Bizarrely people accuse the CSPF of mismanagement when this example was played over and over by hundreds of other employers aided and abetted by congressionally passed laws giving short shrift to working men and women in favor of corporate interests. Con-Way (which was eventually purchased by XPO) was Consolidated Freightways pure and simple, and took full advantage of laws that allowed it to escape their dutiful obligation to their workers. That "Con" in their name was very fitting. It was a real "con" way of doing business. The pension fix is a remedy long overdue. [/QUOTE]
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