Search This Blog

Saturday, June 30, 2007

$10,677,000 IN 35 DAYS, HOW FAST CAN YOU SPEND OTHER PEOPLE'S MONEY?

PACIFIC LUMBER HAS NO PROBLEM WITH BORROWING $75 MILLION IN REVOLVING CREDIT
http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=VZ:US&sid=al9sYMPbYHBE

MUST BE THOSE BIG BONUS CHECKS FOR THOSE HARDWORKING EXECS(SEE "MAXXAM PUPPET ASKS FOR MORE MONEY" PUBLISHED BY SAVEANCIENTFORESTS.BLOGSPOT.COM). THIS AVERAGES OUT TO BE MORE THAN $305,057 DOLLARS AND 14 CENTS PER DAY. WHAT WOULD YOU DO IF YOU HAD MORE THAN A TEN MILLION DOLLAR OPERATING COST FOR YOUR BANKRUPT COMPANY? WELL, PL SUPPOSEDLY EMPLOYS 550 EMPLOYEES, ACCORDING TO THEIR WEBSITE(I WONDER IF IT HAS BEEN UPDATED SINCE THE LAYOFFS?). IF YOU DIVIDE $10,677,000 DOLLARS BY 35 DAYS DISPURSED OVER 550 EMPLOYEES, EACH EMPLOYEE COULD RECIEVE A $554.65 PAYCHECK PER DAY, OR A $16,639.48 CHECK PER MONTH, AVERAGING $199,673.77 PER YEAR.

YOU MAY ASK, WHAT DO ALL OF THESE FIGURES MEAN? ABSOLUTLY NOTHING. OR AT LEAST VERY LITTLE WHEN YOU FIGURE IN OPERATING COSTS OF FACILITIES, INSURANCE, LOAN PAYMENTS AND MOST IMPORTANTLY, SEVERENCE PACKAGES AND RETIREMENT PAYMENTS. BUT WAIT, THERE'S MORE!


CHAPTER 11 IS BANKRUPTCY PROTECTION. BASICALLY, THIS ALLOWS THE COMPANY TO CONTINUE OPERATING WITHOUT PAYING IT'S BILLS. THIS MEANS THAT ALL OF THAT MONEY IS GOING SOMEWHERE. CAN ANYONE TELL ME WHERE? DOES ANYONE KNOW ANY BLUE COLLAR PL EMPLOYEE MAKING CLOSE TO 200 GRAND PER YEAR? JUST ASKING...

1 comment:

HUMBOLDT FOREST DEFENSE said...

The companies are aiming for the U.S. Bankruptcy Court in Corpus Christ, Texas, to approve the lending at a *July 19* hearing.