Comments on: Star Tribune Teamsters vote no to contract concessions

By: james anderson

james anderson — Thu, 18 Sep 2008 18:10:05 +0000

I guess the Pressman had to learn the hard way now.
They shouldv’e believed the hard working union leaders that
tried to negotiate on their behalf.

By: paulschmelzer

paulschmelzer — Fri, 01 Aug 2008 13:03:07 +0000

You're right, Erik. “Unequivocal” is definitely too strong a word. Thanks.

By: wabbit

wabbit — Fri, 01 Aug 2008 12:55:26 +0000

I'm not sure what an "unequivocal assurance that they have no intention" means, but what Harte said is this:

"We recently hired the Blackstone Group to help us evaluate alternatives to our current capital structure, but that hardly merits a conclusion that we are near bankruptcy. In fact, Blackstone has substantial expertise in balance sheet restructurings through means other than statutory proceedings like bankruptcy."

There wasn't much of an assurance in this statement at all, only a denial that BK is inevitable. BK is clearly still on the table unless there are other statements that he's made that were more adamant.

This vote makes a filing more likely, since that is about the only way the Strib can force a change in contract without Teamster agreement.

By: paulschmelzer

paulschmelzer — Wed, 30 Nov -0001 00:00:00 +0000

You’re right, Erik. “Unequivocal” is definitely too strong a word. Thanks.

By: wabbit

wabbit — Wed, 30 Nov -0001 00:00:00 +0000

I’m not sure what an “unequivocal assurance that they have no intention” means, but what Harte said is this:

“We recently hired the Blackstone Group to help us evaluate alternatives to our current capital structure, but that hardly merits a conclusion that we are near bankruptcy. In fact, Blackstone has substantial expertise in balance sheet restructurings through means other than statutory proceedings like bankruptcy.”

There wasn’t much of an assurance in this statement at all, only a denial that BK is inevitable. BK is clearly still on the table unless there are other statements that he’s made that were more adamant.

This vote makes a filing more likely, since that is about the only way the Strib can force a change in contract without Teamster agreement.