Would that be a triggering event for Legacy APC CoC?
Don't you know CVX has that $1 Billion break up fee primed and ready to put down as a down payment!
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Good luck to all of you and paying all your bills and high dollar mortgages. Some people have been out of work for years. Be thankful you have jobs right now. You should plan for unemployment ASAP.
CoC extends even if OXY is bought. However, after August, unless they lay us off, it doesn’t trigger anything. Before that, it’s still the same story in terms of good reason.
Icahn won’t have a choice about bankruptcy. You don’t pay your bills, you go bust.
@OP, I think you misunderstand slightly. The "triggering event" or Change of Control was enacted when Oxy bought APC. That is separate from a "Good Reason" event that would enable the APC employees to be eligible for the COC payout. Like the previous posted mentioned, if someone bought Oxy they are required to take on the Legacy APC COC plan under the same terms.
Icahn won’t let it get to bankruptcy. He’ll take over the board, get rid of the current executives and have a fire sell of assets. Get the stock price up and sell his shares he just acquired for cheap. Buffet gets paid regardless. Oxy will become a skeleton of a company. Ask Freeport.
Wut?
1gjw, please step back from the ledge. Stop attacking L-APC people. All they want is what they were promised in writing. You are embarrassing me.
To the OP, yes, I'm fairly sure that anyone who purchased Oxy would still have to honor APC's prior COC commitment to you. I'm pretty sure it says so in the document too. Anyone who purchased Oxy would also have to honor Oxy's COC to all of us.
Regardless, we aren't getting acquired. There's no reason for any company to buy us right now. They will wait until after we go through bankruptcy and shed our debt by wiping out $14B in common stock and issuing shares to the creditors and bondholders. Then, they can bid for the assets piece by piece or buy the whole company without the debt.
You guys seem to think Oxy has money laying around to pay a COC. The people that were leaving on VSP in March have been told to hold off for a few months. I know some that have been asked to go even further out. By the way Chevron used that money to buy back their stock, so it is gone in a way. There is no money at Oxy and the fact we will get a paycheck reduced a large amount on Friday is the current bonus we will all get. I just hope the Oxy and APC people under a VSP get what they signed up for. By taking the VSP they deserve to get it, and they deserve to get it at the amount they would have been eligible for. By taking the VSP they saved a few jobs. COC is way down the list for Oxy, and they are probably hoping you leave on your own after you get the 30% reduced salary in August. It is coming and I think you can take that to the bank a day after the COC for the first year expires.
F u mo–n ...you must be L-APC here L-OXY has troubles feeding families and paying bills and you m-f-care about your CoC.
Don’t get your hopes up.
Here’s how much Oxy would cost you:
Equity @ $13.5 per share about $12 bill
goodwill (premium) $4 bill
Buffy’s preferred $10 bill
The interest on Buffy’s preferred (which is non callable $8 bill
Debt $40 bill
That makes (drumroll) $ 74 bill
For that kind of money you could buy EOG, Concho, and Pioneer and still have $10 bill left to spread around for joy.