BearingPoint Hearing Rescheduled for June 29-Write to the judge ASAP!!

Hey…If you have money in the Merrill Lynch 401k plan, please check on it. I talked with ML today, and they stated that on Monday BearingPoint Froze Funds in the 401k accounts–my account was frozen more than 10k, which I cannot now get, even though I am 100% vested.

Has anyone read the Letter sent 6/22 by the Legal Counsel of the committee of unsecured creditors?

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re: Has anyone read the Letter sent 6/22 by the Legal Counsel of the committee of unsecured creditors?

Here’s the link so everyone can read it: http://bearingpointinfo.com/site%20files/937_10691.pdf

#937 seems to say “OK, if you accept #927 (Term Sheet for Consensual Use of Cash Collateral; “Term Sheet”), it wipes out most of the severance aspects of the “Severance/PTO Plans”, and the judge is ruling independently on the PTO part. The Committee doesn’t seem to be objecting to #927.

Here’s the thing I don’t get — #927 [http://bearingpointinfo.com/site%20files/927_10691.pdf] was submitted by BearingPoint/Debtors [A. Perez] and continues to insist on the validity of claims to the Key Incentive Employees Plan — the multi-million dollar payout to Harbach, Martino, and a few other execs. I thought the KEIP was off the table, denied a few weeks ago.

If the KEIP gets paid and PTO does not, that’s the final knife in the back of all the BearingPoint employees…

I’m mad as hell now, and I’m blogging about it:
http://st4rbux.wordpress.com/2009/06/26/att-hands-off-my-earned-leave

I’d love to hear your thoughts.

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This is crazy. I have worked many years to earn my BearingPoint PTO, maintain a balance and invested quite a bit into my 401K. I don’t fully understand why the employees are getting shafted in this process and feel it is extremely unfair. Employees deserve to get paid for what they have earned and manage their funds as they see fit.

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I have called the Dept of Labor regarding the 401K and the ML Retirement Preservation Trust being frozen. I have also reviewed the company plan and see nothing giving either BE or ML the latitude to freeze these funds.

NC Labor Laws:

Once a promise is made by an employer, then the employer must pay all promised wages, including wage benefits, accruing to its employees based on any policy, agreement or practice that the employer has established. And pursuant to N.C.G.S. 95-25.13(2) of the WHA, the employer must: “Make available to its employees, in writing or through a posted notice maintained in a place accessible to its employees, employment practices and policies with regard to promised wages.” And an employer must comply with its own wage payment agreements until such time as the employer changes its policy in writing in compliance with N.C.G.S. 95-25.13(3) of the WHA. Such reductions to earned wages, including earned wage benefits, cannot be made retroactive. In other words, the notification of the reduction in promised wages cannot take away pay or wage benefits that have already been earned up to the date of the notification. Any reduction in pay or wage benefits must be prospective from the date of notification. Please review on-line our fact sheet on Changes/Reduction in Wages for more information.

Earned vacation pay, commissions, and bonuses cannot be forfeited unless the employer has a written forfeiture clause in its vacation, commission, or bonus policy or termination policy pursuant to N.C.G.S. 95-25.13(2) of the WHA. Keep in mind that vacation pay, commissions, or bonuses have to be earned, regardless if a verbal promise or a written policy, before an employer has to pay them at all. Also, even if there is a written policy that has a written forfeiture clause, an employee may still be due the earned vacation pay, commissions, or bonuses at termination. It all depends on the language of the forfeiture clause and the reason/s the employee’s employment was discontinued, and if the reason/s meet the criteria in the written forfeiture clause. Please note that the North Carolina Department of Labor (NCDOL) takes the position that sick leave does not have to be paid at termination even if there is no written forfeiture clause unless the policy actually states that sick leave will be paid at termination or there is the practice of such payments.

Doesn’t anyone think it is a coincidence that the day before BP was to pay out the PTO the “injunction” happened? I am not saying it was thought out but certainly a coincidence. The other part is. How many people so far have actually found out who the creditors are? How do they get to be anonymous in this situation?

Based on the wealth of information that has been provided to the ex employees, BP and the creditors haven’t negotiated on this. I personally don’t think they intended to. Instead they will wait for the judge to make his ruling “soon” and on the 11th hour again file for chapter 7.

If I could go back in time, I’d have quite, taken my lump sum PTO and sat on the beach all summer. Now I’ve got a whopping 19hours pto saved up, and if I take a real vacation, I’m indentured to DT. They played us like 5000 violins and that smug laugh “don’t worry about the PTO, it’s taken care of”, that they said in the big DT events, …yeah we were taken care of alright. Corrupt corporate greed. And there is no way the BP AND the DT execs didn’t know this was how they were going to play it.

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