Breaking! B Of A - has just announced that they will extend a line of credit to the Republic

[kpete]

Breaking! Yes, Breaking!!
by Granny Doc
Tue Dec 09, 2008 at 12:55:55 PM PST

Bank of America has just announced that they will extend a line of credit to the Republic Windows factory that has been the site of a sit in. Workers Win.

MSNBC just broke the story.

The sit in, and the national attention it garnered must have caused B of A to "rethink", ya' think?

http://www.dailykos.com/storyonly/2008/12/9/15533/8643/59/671171

[ogneopasno]

1. HOT DAMN! SOLIDARITY FOREVER!

[DJ13]

2. Is it enough to stay open, or just to pay severance?

[stray cat]

6. I can't imagine the company will stay open - just severence

[Warpy]

9. No, apparently the Republic owner needed the line of credit

to pay off the workers because he's bought a new factory in Iowa with what he had in company funds.

I hope the media stay with this one to make sure the workers get paid and the checks don't bounce.

[Dennis Donovan]

3. IMO, Brilliant PR on BoA's part...

It's win-win for both BoAand the Union/Workers.

[IntravenousDemilo]

4. Haha, here I thought you were about to say "Republican Party"

They're certainly bankrupt, but not so much of money as of ideas and ideals. And they deserve no credit for those, from the Bank of America or anyone.

[originalpckelly]

5. There's a problem, the story isn't as clear as it sounds...

the major news networks on TV are saying that, but Bloomberg has BofA giving the company money to pay the workers. WTF does that mean? Will they go back to work? It seems to be playing it down, though maybe that's bias against the workers?

[stray cat]

7. The company is bankrupt so I don't think anyones going back to work

[DJ13]

8. The company was filing bankruptcy because BofA wouldnt extend credit

Thats why I posted the question above.

[originalpckelly]

10. Yep, no one going back to work...

but they will be getting the money they had coming to them, which BofA was trying to skip out on. They wanted their severance and vacation pay, and BofA extended credit to pay for it.

[stray cat]

11. Was the bank skipping out on it or the company - it sounds like the company

banks are not obligated to pay employees if companies go bankrupt. However, a good publicity move by the bank and a great win for the workers.

The owner sounds like he used the money that should have gone to the workers to buy another company?

[Shiver]

12. The workers were all laid off

because the company went bankrupt. The sit-in was about getting their severance pay, which the company had not given because it didn't have the money, because Bank of America wouldn't extend them the credit.

As I understand it at least, it wasn't about the jobs.

[Peace Patriot]

13. Wonderful news! Thanks!

See my comment at
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4619242