Saturday, May 1, 2010

False sense of security

Since Nortel declared bankruptcy in January last year we have all gone through many emotional ups and downs as it became apparent that we eventually stand to lose. Some people have suffered terribly as a result of loss of benefits, some have died as a result of this disastrous event, and most of us are worried.

Those of us with Canadian pensions have been lucky enough to have had continued payments each month out of the trust fund. As a result many people feel that things are continuing as always, and I think there may be a false sense of security built among our population, and an irrational trust in Nortel that they won't let us down.

Completely wrong!!

The Nortel today is no longer the Northern of old. The people who have been running the company for the last year don't care about you. They want to see the pension burden off their books and that is the only driving force behind their settlement agreement. There is no compassion for the retirees, the sick, and the disabled in the modern day Nortel. There is only numbers, and lawyers fees, and accounting plans. It is is no longer an organization whose strength is people. It is solely a shell of its former self, intent only on cash and feeding the legal frenzy that is devouring it.

Come October our pensions will be reduced. By what factor we don't know. We may be able to affect that by some of the actions proposed by the NRPC, and it behooves us to take that action and write to the elected officials proclaiming our displeasure and concern caused by the inadequate bankruptcy laws in Canada and the disregard for pensioners. Check out their suggestions at the NRPC site shown on the right hand column.

Writing and protesting is the only recourse we have. We can't sue Nortel whilst they are in bankruptcy, and the settlement agreement prevents us from suing them anyway. The power of the pen however, has always been underestimated, so write or email, or call, and include the media in your actions. It's your money. Don't become victim to government and corporate apathy and incompetence.

1 comment:

  1. I hope no one fails to heed the distinction Tom so appropriately makes between the Nortel we worked for and the "Nortel" of today. January 2009 was game-over in every respect.