I think NOT. There is your reason they did not pay lump sum and instead chose to stretch out payments over 1-2 years. Its possible they will be out of money long before that. Good luck out there. Don't forget... Keep buying Newsday and watching the News12/knicks.
3 replies (most recent on top)
I wonder why they are constantly offering severance package?
They can't even pay the guys and gals that are currently employed. Stories of missing hours of pay and missing retirement funding. Now I hear they are doing involuntary transfers or forcing the package. Why do you think there is an IPO?
In today's uncertain economy, companies are filing for Chapter 11 bankruptcy protection everyday. As such, those currently employed by, or contemplating employment with, a struggling company would be wise to consider the following question: how will the severance pay provisions in your employment contract be treated in the event you are terminated before or after your employer files for Chapter 11 bankruptcy protection?
The short answer is you will likely have to sit in line with every other general, unsecured creditor-meaning, if you collect anything, it will be a nominal amount.