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Dairy Farmers: better collect COD at the milk house

If Borden successfully claims bankruptcy, does that mean they will not have to pay out in pension plans to people who have worked for them for 30 years or more?
 
Dean has Karma kicking them, was not all
that many years ago they were caught
putting the screws to the farmers along
with DFA!
 
I didn?t want to comment too quickly on this post, I
feel badly for the farmers that shipped their milk in
good faith to a processing plant. And now through
no fault of their own are being told to go without
payment for their product and hard work. This is
one of the things I like most about the system we
have in Canada, our marketing agency sells the
milk to the processing plant, not me . They collect
the money, and then pay me. Cheque?s are never
late, and always good. I not trying to sound smug. I
think the dairy guys are getting a bumb deal all the
way around in the US.
 
Pensions should be under the pension guaranty corporation,
sort of like the FDIC, surely a company been around as long
as Borden is a member.
 
.
cvphoto1532.png
 
Not smug at all, good point. Our country should take a close look and learn something from other countries.
 
A friend of mine's dad retired from United right before they went through bankruptcy. The PBGC picked up some coverage but iirc he got pennies on the dollar.
 
I grew up on a family dairy farm. We did everything, milked, pasteurized, bottled, and delivered.
I'm not feeling sorry for Borden. They did their best to put us into bankruptcy by selling milk for less than we could make it for.
Our dairy lasted form 1957-67.
I think it's against the law to sell things for under the cost to produce it, but Borden did it.
geo.
 
Our dairy was called Riverside dairy. They yellow river went through our farm in Knox, In.
cvphoto1565.jpg

My sister found this.
She would love to find a Riverside gallon milk
Bottle.
 
Surprised they weren't required to be bonded,livestock markets in VA have to have a bond to cover such situations. If the market can't or doesn't pay the owners of the livestock sold at the market the bonding company has to pay.Anyway so much for the B-S you hear about the companies getting rich that buy from farmers while the farmers go broke they are all in the same boat it seems.
 
(quoted from post at 00:28:52 01/07/20) A friend of mine's dad retired from United right before they went through bankruptcy. The PBGC picked up some coverage but iirc he got pennies on the dollar.
Click to expand...

Yes - this. If the Borden employees end up with PBGC they are in trouble. I guess better than zip, but not much better.
 
Not up on dairy laws but in some industries the pension plans are independent of company access other than making contributions. However, you hear of
"hostile takeovers" where one company acquires another just to raid their pension plan. I don't know how that works. My company had the plan a separate
entity and the neat thing about the deal was that when you left you could vie for a pension or take a lump sum which was based upon the estimated value
of your vested interest over some number of years. I took the lump and said goodbye to the company and any future divestures on their behalf. Been 15
years retired Jan 1, 2020 and no way am I sorry.
 
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