good--the workers deserve a fair price for their shares.
The VEBA deserves market share for 60% of the shares they own, these 40% are to be valued at the predetermined price set forth by the formula.freshforged said:good--the workers deserve a fair price for their shares.
The Law per se doesn't say that, it's the Agreement that the parties signed that says that the Judge just decided that he didn't want to be the one to enforce that, so he passed the ball on to the next guy. His idea is that since a proper court procedure lasts at least 12-18mo. the two parties will try to reach an out of court agreement in the meantime.dana44 said:I don't know where the law says a person has to sell a tranche of shares, so that part of the decision is correct. At the same time, nothing says VEBA has to be bought out. Why does Fiat have to own everything to continue and move forward with anything? If it is truly a merger, this should not matter at all. Refinancing is one thing, having to own the company outright is another.
Precisely the point. Right now for VEBA to be insisting on that point would be equivalent to simply saying; "yes, I accept that the judge said FIAT's valuation of the shares was the right one; yes, I accept that promissory notes could be included in the formula calculations; BUT, I'm still clinging on to my shares by claiming far fetched ERISA implication as another way to strong arm a better price than the one I agreed to when the company was worth less than zero."sebring96hbg said:There is a 51 page legal opinion on this. VEBA is asserting that before the shares may be transferred, the conditions under a Department of Labor exemption to ERISA must be satisfied first.