In Charlotte this afternoon:
December 8th, 2008
A small group of protesters picketed outside Bank of America headquarters in Charlotte Monday in solidarity with employees of a factory in Chicago.
This is the Statement from BofA this afternoon:
"We agree with the statements of public officials that Republic Windows and Doors should do all it can to honor its obligations to its employees and minimize the impact of failure on those employees.
We are reaching out to the management and ownership of the company to see what they can do to help resolve this issue.
As a creditor of the company, we continue to honor all of our agreements with the company and have provided the maximum amount of funding we can under the terms of our agreement.
By any objective measure, Republic Windows and Doors is unable to operate profitably given the challenges of the current economic climate and its industry. Public statements by management of the company have made this clear.
When a company faces such a dire situation, its lender is not empowered to direct the company’s management how to manage its affairs and what obligations should be paid. Such decisions belong to the management and owners of the company.
Bank of America has worked with the company and shared our concerns about the company's situation and its operations for the past several months. It is unfortunate that the company has been unable to reverse its declining circumstances."
Now somebody tell me where to find the Statement From Us, the taxpayers, Prior to the BofA Bailout Money, I don't remember one, especially about how these companies did business, Do You!!!
Workers WIN!!
December 9th:
Bank Will Extend Credit to Resolve Factory Sit-In
Bank of America said it will extend credit to a Chicago window and door manufacturer whose workers have occupied the factory for five days.
On the second day of formal discussions, the bank said it was willing to
give the Republic Windows and Doors factory "a limited amount of
additional loans" so it can resolves claims of employees who have
staged a sit-in since Friday.
12-10-08 Republic Workers Winning Another Round....
Chase offers $400,000 in Chicago factory sit-in
JPMorgan Chase & Co offered $400,000 on Wednesday to help pay severance to laid-off workers occupying a Chicago factory, whose protest has come to symbolize resentment over the federal bailout of big banks while workers suffer.
Sit-In at Factory Ends With 2 Loan Agreements
CHICAGO — The occupation of a window-manufacturing plant here by employees who were laid off last week ended Wednesday after a six-day standoff that brought them to national attention amid growing anxiety about the plight of workers in the deteriorating economy.
Bank of America, which had cut off financing for the company, Republic Windows and Doors, said it would lend the company $1.35 million to help it meet the demands of the disgruntled workers. In addition, JPMorgan Chase, which owns 40 percent of the windows company, pledged an additional $400,000.
The money will enable the company to pay 60 days of severance to more than 200 laid-off workers, who had been occupying a warehouse on this city’s North Side, as well as vacation time they had accrued but which the company had previously said it would not pay, union officials representing the workers said.
Read Rest Here
VICTORY at Republic Windows and Doors!
Workers Vote to Get Pay; Occupation Ends!
After 6 days occupying the plant, workers at Republic Window and Doors in Chicago voted to accept a settlement late last night.
The settlement totals $1.75million. It will provide the workers with:
* Eight weeks of pay they are owed under the federal WARN Act;
* Two months of continued health coverage, and;
* Pay for all accrued and unused vacation.
JPMorgan Chase will provide $400,000 of the settlement, with the balance coming from Bank of America. Although the money will be provided as a loan to Republic Windows and Doors, it will go directly into a third-party fund whose sole purpose is to pay the workers what is owed them. In addition, the UE has started the "Window of Opportunity Fund" dedicated to re-opening the plant.
As the Local 1110 leaders characterized the settlement, "We fought to make them pay what they owe us, and we won." Read more about the settlement here.
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