Formica Corporation Management Gets 3.2 Million Dollar Bonus by Filing Bankruptcy and Canceling Debit to Unsecured Creditors Cincinnati Cincinnati Ohio
Given the title of this report and the fact that Formica plans to pay unsecured creditors twenty cents on the dollar dozens of month's after it is due, I am a little upset. I worked for this company for over thirty years. I saw a tremendous amount of wealth concentrated into the hands of a very few.
Then once the investors got scared, hundreds of jobs were eliminated including mine. Some obligations were made but not fulfilled when Formica filed chapter 11 bankruptcy. There were at least two other people in the same boat as I. All with 30 or more years of service who jobs were eliminated with the terms of separation not being fulfilled. This is bad enough but then when you find out that management gives themselves a bonus while they screw you, you really feel ripped off!
Dudley
Cincinnati, Ohio
U.S.A.