That is the only way to characterize the interaction between the creditors and the idiots at Avaya. The creditors filed a document today that basically objects to Avaya paying out the supplemental pension out as retiree benefits to survivors. The supplemental payments is the deferred compensation to employees that was put into a fund and paid as an annuity. The creditors assert that this is not a retiree benefit and that the people owed this money would just be lumped in with other creditors. Apparently, there is ample precedent to support their position. To be sure, this royally screws the people receiving the payments. Sounds a like like Nortel, doesn't it? In any case, going back and forth with motions is not going to solve anything and Avaya needs to step up and start serious negotiations. Every day of delay just reduces the value of the company/assets and will result in even lower payments to the pensioners to paid in.
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Thanks for the Art of the Deal insight Mr. Trump
Excuse Avaya's execs for starting the negotiations trying to benefit the retirees and current employees the most at the expense of the creditors....they will eventually settle somewhere in the middle but why cave in immediately? This is negotiation 101