You all understand that all those juicy severance packages can change at any time?
As long as they change them across the board and for everyone, they can change the policy...
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If they change my tenure from 10 years to a new employee I will walk under new employee terms and they can forget about handover time.
The response about it 'not being legally enforceable' is spot on.
They will also have to manage the situation post July 2019 very carefully, because anyone not included in the early rounds (e.g. before July 19), who thinks they could be at risk post July, will not hang around if the terms are changed significantly.
It won't be legally enforceable. However it would be stupid of them to say it then renege on it. Far easier to never say it to begin with. They won't renege on it for the simple reason that it would be bad business for Blackstone to get a name as a company who lies about this kind of thing. Everybody who wasn't let go in October would quit anyway as soon as they round a new job. Future buyouts would be far more difficult to pull off because if everybody knew Blackstone lied about this kind of stuff everybody would quit the moment Blackstone took over. Therefore Blackstone will honour it, not because they are lovely caring people, but because they are smart business people & anything else would be stupid.
I wonder if “publicly saying” they will abide by existing terms is legally enforceable. I suspect that it isnt, especially in the US
They've committed in public to honouring existing terms for anybody let go before 1st July 2019.
After that they can change them anytime so long as they're not in the process of laying people off (they are not permitted to change terms whilst layoffs are actually occurring).