What happens to the L-APC CoC plan if they file bankruptcy?
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Reference IRS 409(a) for good reason examples or use the ones that Oxy provided. Probably better to go straight to the source.
Oxy will pay COC if you can substantiate a claim. In the entire document, the only section you need to read is 4.2 (a), i, ii, iii. 4.2 (a) ii is the most applicable and specifies the "good reason" clause. If an event has occurred within the last 90 days that qualifies as good reason, you will receive COC benefits.
The plan specifically states that Oxy was not required to hold a separate account for funding COC, but that it would be paid out of general funds.
Money Anadarko set aside for CoC is gone. Wiped out by how many people applied for it and received it. So now Oxy is fully on the hook for it and that's why they won't pay LAPC. Rather you quit first or maybe take this new VSP which is still much cheaper.
Bankruptcy court’s holding that severance claims are entitled to priority treatment up to the maximum amount provided by Bankruptcy Code 11 U.S.C. § 507(a)(4)
Bankruptcy Code: an employee is entitled to priority treatment of “allowed unsecured claims, but only to the extent of [$13,650] for each individual. . . earned within 180 days before the date of the filing of the petition or the date of the cessation of the debtor’s business . . . for (A) wages, salaries, or commissions, including vacation, severance, and sick leave pay earned by an individual.” 11 U.S.C. § 507(a)(4)
It means basically nothing. It will be settled in bankruptcy for PENNIES on the dollar. Get out while you can. Trust.
"COC is not worthless at this point. It’s a contractual obligation."
Wow! Yet another id–t on here. Any COC benefits will be effectively wiped out in bankruptcy.
COC is not worthless at this point. It’s a contractual obligation. If OXY can’t or wont pay it’s fine with me. I’ll just keep working. If OXY wants to mitigate the COC expenses they need to step up and make some kind of counteroffer to legacy APC employees. This “game show “ of name your price to leave is really weird.
COC is useless now unless someone with money buys us. If there is no money you will get nothing. The way it stands is an Oxy employee is cheaper to get rid of than a LAPC employee. Unless you take the new make a deal VSP you will be last out the door. That COC has become a noose around your neck. Not trying to be mean, but that is how I see it.