Bankruptcy Update{0}
Members
On Wednesday, April 30, 2014 @ 12 noon, the DPLSA held an Emergency Board of Directors Meeting regarding the bankruptcy. This meeting was attended by Bankruptcy Counsel Attorney Barbara Patek and Labor Counsel Attorney Peter Sudnik. During the two (2) hour meeting – the Board of Directors had an opportunity to ask and have all questions answered. Based on the responses of Counsel, the Board of Directors voted 28-3 that it was in the best interest of the membership to give the authority to the Executive Board to enter into the best agreement possible on behalf the DPLSA membership to avoid the CRAM DOWN.
Since then, the Executive Board has been in constant discussions with the city day and night to reach the best agreement possible in order to reach the extended Monday, May 05, 2014, 9am final deadline dictated by Judge Rhodes of the bankruptcy court.
After much consideration, negotiations and working as late as last night and early this morning, the Board has agreed to accept the terms to be included in the Plan of Adjustment. This will avoid the terms in the POA from being cram downed upon the members of the DPLSA and well as it will still allow the membership to vote collectively as a whole to vote either “NO” or “YES” for the POA and the Collective Bargaining Agreement, which we are still in mediation and will be brought before the entire body for ratification.
The terms as presented will be distributed as soon as reduced to chart formation.