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Originally Posted by Brian Mottershead
Donna, I must admit that I am confused by
this issue. I am sure all the information is out there somewhere, and
perhaps I am being lazy, but would you mind giving us a summary? Or
if there is already a nice summary somewhere, can you provide a link
to it?
In particular, I have the following questions:
1) How many employees are involved?
2) Is the USCF in default of any payments to ex-employees? What
payments, to whom, for how much, and when were these payments supposed
to have been made?
3) Is the USCF likely to be in default of any payments in the near
future? Ditto on the details.
4) What are the facts that are in dispute? What are the amounts of
money that are in dispute, if any?
5) You say that some of the ex-employees are sitting on claims that
might require litigation hoping for a resolution, but that there is a
5 year statute of limitations on these claims which runs out in
2008. What are these claims? If the USCF were sued by aggrieved ex-
employees, what would the claims be?
6) In brief, how much money are we talking about? Are we talking
about small amounts, or are we talking about large amounts that would
make a difference in the comfort of someone's retirement, or which
when totaled would have a significant impact on the USCF? Or are the
amounts in dispute more in the nature of small adjustments?
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The problem with all of the above questions is: We never even got that
far.
I was never able to find out what the plan was and who were supposedly
the beneficiaries of the plan. It was reported that in 1995 the board
had decided not to fund the plan, but nobody could find signed
documents establishing that.
This is really an amazing situation. We have a plan but nobody seems
to know what the plan is or if the plan is really in effect.
Until we get the answers to those questions, we cannot proceed to the
questions of who the former employees are who might be entitled to
receive something under the plan.
A very ridiculous situation.
Sam Sloan