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A federal bankruptcy judge approved United Airlines plan to terminate its employees pension plans Tuesday, clearing the way for the largest corporate-pension default in American history.The ruling, which carries broad implications for U.S. airlines and their workers, shifts responsibility for United s four defined-benefit plans to the government s pension agency.That will save cash-strapped United an estimated $645 million a year, part of the $2 billion in
stanley quencher annual savings it says it needs to line up enough financing to emerge from Chapter 11 bankruptcy as soon as this fall.The company s pension system was as much as $10 billion in the hole, CBS News Correspondent Jim Axelrod reports. And that s why it asked a federal judge to exempt it from the promise of paying workers by digging that hole deeper.But, United workers stand to lose as much as one third of what was promised to them. The federal program taking over the affected workers pension plans is itself $23 billion do
stanley cup llars underwater, Axelrod reports. That one-third figure for employees translates to an annual loss of thousands of dollars off their pensions, once they are assumed by the Pension Benefit Guaranty Corp.The PBGC, the government s pension insurer, ini
stanley website tially opposed United s plan. But it agreed to drop that resistance last month in exchange for up to $1.5 billion in notes and convertible stock in a reorganized UAL Corp., United s holding company.United s pensions are underfunded by an estimated $9.8 bi Pzgc How Good Is A Shark s Eyesight
What better way is there to advertise the ef
stanley spain fectiveness of your insecticide spray than with a billboard that also happens to double as a gigantic bug trap Created by Ita
stanley canada lian ad agency Publicis for a bug spray brand called Orphea, the billboard is partially covered in an invisible non-drying glue so that over time thousands of insects get stuck creating the illusion that they ;re falling prey to the can blast. It a brilliant way to promote the product, we jus
stanley cup t feel bad for the unfortunate soul who has to take the ad down at the end of the month when it encrusted with millions of dead bugs. [Adverblog via Taxi] AdvertisingBillboardsInsects
