Update #6

To all members of Local 3059 who are eligible to retire:
 
On a conference call with International officers and Legal Council we have been informed that in accordance with bankruptcy laws the Court or the PBGC have the right to determine your retirement date as of the date of the bankruptcy filing. That date is Oct 1, 2009.
 
As a result of this information we feel it is important to give you the 3 scenario that may result from this bankruptcy with the understanding that there could be some slight changes as a result of any Court rulings.
 
1. If you decide to retire now, you will receive your full pension and the special payment, but if the pension is turned over to the PBGC they may come after the special payment and any other portion of your pension that is over the Oct. 1 calculation date. This could take as much as 3 years or more and if they want the money you collected back they can only take it back by reducing your pension payments by 10% a month until it’s paid back.
 
2. If you decide not to retire and the pension is turned over to the PBGC you will be eligible to retire under the same terms that govern the current pension agreement but you will not receive any special payment and your pension amount will be subject to the PBGC’s payment restriction. This can be found on their web site at pbgc.gov and click on maximum monthly guarantee you will see based on your age the max amount they will pay.
 
3. If you decide to wait and the pension is not turned over to the PBGC the current plan is still in effect unless there are changes made as the result of negotiations or court decisions.

Below is the web address for the PBGC web-site explaining the extent of PBGC's guaranties of pension benefits.

http://www.pbgc.gov/workers-retirees/benefits-information/content/page13181.html

Update #5

Below are the web addresses to the bankruptcy court order for the bidding procedures. 

Main Document

http://www.loganandco.com/dockets/PA2/PA2_DKT_000226_065017_00094226_e4b9b7164646c457a4e3cda151c2a.pdf

Exhibit A

http://www.loganandco.com/dockets/PA2/PA2_DKT_000226_065017_00094227_644e80c4606de9f3ca642aff9037ea.pdf

Here are some key dates to remember:

December 11 – Deadline for submission of competing bids, Deadline for objections to sale

December 16 – Auction (if competing bids are submitted), New York

December 17 -  Sale Hearing, Bankruptcy Court, Delaware

Union Meeting Notice
for USW Local 3059

Date: 11/11/09

Time: 1:00PM and 4:00PM

Place:  309 E. Columbia St
           Alliance, Oh 44601 

Food and Drink will be provided. Stay informed and attend your monthly union meeting  

Update #4

A hearing is scheduled for Tuesday, November 3 at 9 a.m. in Wilmington, DE if the objections remain unresolved.

Update #3

On October 29, 2009 the USW, the PBGC and the Creditors’ Committee’s filed objections with the US bankruptcy court in Delaware.

Below is the web address to the Objections the USW Filed.

http://www.loganandco.com/dockets/PA2/PA2_DKT_000185_064702_00093654_ed10d4ea184f674d697ddb49e1f2cf1e.pdf

Below is the web address to the Objections the PBGC filed.

http://www.loganandco.com/dockets/PA2/PA2_DKT_000186_064709_00093662_48effc338ff1b4e8406aefb048abd9a2.pdf

Below is the web address to the Objections the creditors committee filed.

http://www.loganandco.com/dockets/PA2/PA2_DKT_000192_064746_00093769_cf9bf3c7cba03511fa44f2e80fdc920.pdf

Update #2

On October 20, 2009 local 3059 received the term sheet of concessions that PTC Alliance wanted.

Update #1

On October 1, 2009 PTC Alliance Corp. filed chapter 11 in the US bankruptcy court of Delaware.