Maybe they can get a government loan to help pay legal fees?
Wow, trial in 2025. Thanks for the update.
Yes with all those compensated lunch breaks
Solid advice Hookman.
Did you still take lunch during those 8 years though?
Are Darren, Matt Doheny and friends in group A?Solid advice Hookman.
As to getting paid in intervals as the BK proceeds, that would only come into play if you have claims in multiple priority categories. Claims in highest priority category are paid first.
For simplicity's sake call highest priority A and lowest priority E.
All valid claims in priority A are paid in full before anybody in B gets a cent.
If there is enough money to pay all valid priority B claims in full, they are paid before anybody in C gets a cent.
That process continues down the chain until there isn't enough money to pay the group in full. If group B has $5M in valid claims and there's only $2M left in the bucket, then every valid claim in group B is paid 40cents on the dollar and C, D, and E get nothing. Depending on what type of claim a person has filed with the court you could have a claim in different priority categories.
Here's a pretty good reference for claim priority:
11 U.S. Code § 507 - Priorities
www.law.cornell.edu
I know you're just stirring the pot, but that's not how it works. It's not WHO, it's WHAT.
I know how it works I went through it 3 times. You are correct but some of the lower claims take years to get paid. CF had issues with terminals that were sold due to fuel tank leaks etc. I was local 208, 396 sucked. Lol.Solid advice Hookman.
As to getting paid in intervals as the BK proceeds, that would only come into play if you have claims in multiple priority categories. Claims in highest priority category are paid first.
For simplicity's sake call highest priority A and lowest priority E.
All valid claims in priority A are paid in full before anybody in B gets a cent.
If there is enough money to pay all valid priority B claims in full, they are paid before anybody in C gets a cent.
That process continues down the chain until there isn't enough money to pay the group in full. If group B has $5M in valid claims and there's only $2M left in the bucket, then every valid claim in group B is paid 40cents on the dollar and C, D, and E get nothing. Depending on what type of claim a person has filed with the court you could have a claim in different priority categories.
Here's a pretty good reference for claim priority:
11 U.S. Code § 507 - Priorities
No, I wanted to get home sooner.
I would hope so after going through it 3 times. I was posting for others' benefit as it sounded like you were inferring the money would trickle in as assets were sold.
208 had elections every 3 years for all BA's, President. sec treasure all staff except for office personal. Do good work or your butt was out next election. All companies suck, to a varying degree but I enjoy me Teamster Pension.
L.A., merged into local 63 in the 90s. 208 was the local city drivers in freight for most drivers in so Cal. 357 was dock local 224 was linehaul.
Thanks for posting this for the folks from Yellow. Helps to have an idea of how things go so people know what to expect.Solid advice Hookman.
As to getting paid in intervals as the BK proceeds, that would only come into play if you have claims in multiple priority categories. Claims in highest priority category are paid first.
For simplicity's sake call highest priority A and lowest priority E.
All valid claims in priority A are paid in full before anybody in B gets a cent.
If there is enough money to pay all valid priority B claims in full, they are paid before anybody in C gets a cent.
That process continues down the chain until there isn't enough money to pay the group in full. If group B has $5M in valid claims and there's only $2M left in the bucket, then every valid claim in group B is paid 40cents on the dollar and C, D, and E get nothing. Depending on what type of claim a person has filed with the court you could have a claim in different priority categories.
Here's a pretty good reference for claim priority:
11 U.S. Code § 507 - Priorities
But if you updated claim C to priority (10k) max you will get paid before d
And as we are ALL observing, those in Group "A" (the lawyers) are doing their damnedest to make sure there's nothing left for anybody else.
