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The PBGC also asked that the plans be terminated as of Jan. 31, 2019. Friday’s request came six days after the PBGC objected to the takeover of Sears by Lampert’s hedge fund ESL Investments, which had won an auction for the Hoffman Estates, Illinois-based retailer last month. In a filing with the White Plains, New York court overseeing Sears’ Chapter 11 case, the PBGC said Lampert’s proposal would strip its rights in trademarks and licensing royalties from the DieHard and Kenmore brands.
That would types of vintage cufflinks “intentionally undermine PBGC’s statutory and contractual pension plan protections,” the agency said, A spokesman for Sears declined to comment, In a bankruptcy court filing on Friday, ESL said the PBGC “misread” the buyout terms and its objection should be rejected, Created in 1974, the PBGC uses employer insurance premiums, investment earnings and other funds to pay retiree benefits, Sears, founded 126 years ago, filed for bankruptcy in October after a prolonged decline marked by too much debt, scant investment and lost market share to retailers such as Walmart Inc, Home Depot Inc and Amazon.com Inc..
The proposed ESL takeover calls for 425 Sears and Kmart stores to remain open and 45,000 workers to keep their jobs, but has drawn objections from a committee of unsecured creditors. ESL on Friday urged U.S. Bankruptcy Judge Robert Drain to reject those objections. “The question before the court is whether the debtors exercised sound business judgment in approving the proposed sale,” ESL said, referring to bankrupt Sears entities. “The record abundantly demonstrates that they did.”.
WASHINGTON (Reuters) - Senior General Motors Co executives met this week with Ohio’s two senators and other lawmakers on Capitol Hill after African American employees sued the automaker accusing it of allowing a racially hostile work atmosphere, The lawsuits, which were first filed in April, got wide attention after CNN reported on them in last month, The suits said numerous nooses were types of vintage cufflinks found in 2017 at a GM plant in Toledo that makes transmissions and listed other conduct, including drawings of stick figures on bathroom walls with nooses around their necks and that racially-charged comments were directed at black employees..
Alicia Boler Davis, GM’s executive vice president for global manufacturing, and Gerald Johnson, vice president for GM’s North America Manufacturing and Labor Relations, met on Tuesday with Ohio Senators Rob Portman and Sherrod Brown and held meetings with other lawmakers, the senators’ offices confirmed on Friday. Brown and Portman had written to GM last month seeking answers to additional questions about the racism allegations at the plant. Johnson, in a statement, said he was “outraged that any of our employees would be subjected to harassment.”.
“My heart goes out to anyone touched types of vintage cufflinks by this bigotry, GM’s stand is clear: We have zero tolerance for racist or discriminatory behavior. This behavior is unacceptable and we’re going to drive it out of the workplace,” the statement said, Brown said the senators met jointly with GM “to share our outrage about the pattern of racist incidents reported by workers at the Toledo Powertrain plant. We expressed our disgust that the racist behavior went unaddressed for more than a year.”..
Portman spokeswoman Emily Benavides said Portman “made clear that GM must address this issue more forcefully and do so very quickly.. The fact that it is still going on at the GM plant in Toledo is outrageous and unacceptable.”. The suit alleges that GM failed to take “prompt corrective action” at the plant with 1,700 employees, creating “an atmosphere whereby the hate-driven employees felt free to hang nooses, display racist graffiti, and verbally attack and racially insult African-Americans.”.
WASHINGTON/CHICAGO (Reuters) - Foxconn Technology said on Friday it will build a factory in Wisconsin after the company’s chairman spoke to U.S, President Donald Trump, following a Reuters report earlier this week that the Taiwanese company was reconsidering its plans, Reuters reported that Foxconn was reconsidering making liquid crystal display panels at a planned $10 billion Wisconsin campus and intended to hire types of vintage cufflinks mostly engineers and researchers there, But after conversations between Trump and Foxconn Chairman Terry Gou, the company said it would move “forward with our planned construction of a Gen 6 fab facility,” which is a type of plant that produces displays..