The Private Equity Guys Trying to Shoplift a Supermarket Chain Before They Sell It

By Moe Tkacik Source: Slate Earlier this week, four state attorneys general filed two separate lawsuits seeking to stop a clique of private equity firms from swiping $4 billion from the massive supermarket chain they own. It was a frankly shocking turn of events, given that, as anyone who has ever worked for one can attest, looting companies is quite literally what private equity firms do. Crazier still is what happened Thursday night: A judge granted the Washington AG’s [...]

2022-11-07T11:17:47-08:00November 7th, 2022|Categories: Economy|Tags: , , , |

Global CORPaTH Pension Alliance Seeks Delay of Albertsons’ Plan to Give $4 Billion in Dividends Pending Fulfillment of Pension Obligations

Source: Yahoo! Finance CORPaTH, a global alliance of pension administrators, trustees and advisers, joins local Unions of the United Food and Commercial Workers in demanding Albertsons delay an anticipated $4 billion dividend to shareholders until the company’s current pension obligations are assessed and fulfilled. Noting the UFCW has a significant role in applying for billions of dollars in support for its members’ pension plans from the American Rescue Plan Act’s Special Financial Assistance Program, CORPaTH Executive Director Ron Auer [...]

2022-11-04T11:32:47-07:00November 4th, 2022|Categories: Economy|Tags: , , |

That big Albertsons-Kroger merger will enrich millionaire insiders at your expense

By Michael Hiltzik Source: Los Angeles Times It should be obvious by now that the driving force of many corporate mergers, if not most or even all mergers, is the goal of enriching insiders. The pending merger of supermarket giants Albertsons and Kroger, however, injects that impulse with steroids. At the heart of the $20-billion deal announced Oct. 14 is a $4-billion dividend that was scheduled to be paid Monday to Albertsons stockholders until it was temporarily blocked by [...]

2022-11-04T11:12:15-07:00November 4th, 2022|Categories: Economy|Tags: , |

UFCW Union Pension Trustees Demand Albertsons Delay $4B Dividend Pending Fulfillment of Pension Obligations

Source: Business Wire Pension Trustees representing United Food and Commercial Workers (UFCW) Locals 5, 8, 480 and 648 in Northern California and Hawaii demand Albertsons delay an anticipated $4 billion dividend to shareholders. “The UFCW played a significant role in securing billions of dollars in anticipated pension funding through the American Rescue Plan Act as a means to bolster qualifying pension plans. This government support of retirement security must not be converted into a windfall for shareholders at the [...]

2022-11-04T11:10:09-07:00November 4th, 2022|Categories: Defined Benefit Plans|Tags: , , , |

Kroger withdraws from UFCW pension fund to start new variable plan

Kroger Co. ratified an agreement to withdraw from the United Food and Commercial Workers International Union-Industry Pension Fund and contribute to a new variable annuity pension plan, the company said. Similar agreements were ratified by Stop & Shop Supermarket Co. and Albertsons Cos. The tentative agreements were announced in July. The grocers and the UFCW created the UFCW and Employer's Variable Annuity Pension Plan for future benefits, with a pension benefit formula good through June 2028, when future contributions [...]

2020-12-08T10:12:04-08:00December 8th, 2020|Categories: Defined Benefit Plans|Tags: , , |
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