Posts categorized "Reorganization"

Paying More Money to “America’s Foreclosure King”?

Many of our readers already know that, coming out of the Chapter 11 bankruptcy, Station Casinos, aka Wall Street Stations, will give significant ownership stakes to Deutsche Bank and JPMorgan Chase. These Wall Street banks will also get paid hundreds of millions of dollars over the next few years by the company because they will continue to hold significant debt over the company. All this money going to Wall Street is money not being used to pay Station workers here in Las Vegas.

But, did you know that one of these banks, Deutsche Bank, has already got $11.8 billion of U.S. taxpayers money through the AIG bailout and is also considered “America’s Foreclosure King” because it owns millions of foreclosed properties across America? Find out more at the new website, www.deutschebunk.info.

Find out more at www.deutschebunk.info

Posted on September 10, 2010 in Bankruptcy, Deutsche Bank, Reorganization | | Comments (0) | TrackBack (0)

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Wall Street Stations

Wall Street Stations THEY’VE TAKEN THEIR SHARE...Station Casinos will tell you it’s time to celebrate now because it is coming out of bankruptcy soon. It is indeed time to celebrate for some people.

STATION EXECUTIVES will not have to give back the hundreds of millions of dollars they got from the 2007 buyout that caused the company to go bankrupt. And they will most likely keep their jobs even after the bankruptcy reorganization.

THEIR WALL STREET BACKERS — Deutsche Bank and JPMorgan Chase — will not give back the hundreds of millions of dollars in interest payments they have collected from Station since the buyout. And, after the bankruptcy reorganization, they will own half the company and continue to collect hundreds of millions of dollars in interest from Station!

    ...IT’S OUR TURN NOW! WE WANT WHAT UNION CASINO WORKERS IN LAS VEGAS HAVE!

    • GUARANTEED RAISES. We haven’t gotten a raise from Station Casinos for three years now. On the Strip, Union housekeepers got a total raise of over $1.20 per hour and Union food servers got more than $0.60 an hour since we got our last raise.
    • GENEROUS HEALTH CARE PLAN. No paycheck deductions to cover you, your spouse, and your children through the largest network of providers in Las Vegas. Domestic partners covered. Pre-existing conditions covered. Includes dental, vision, and prescription benefits, with a free pharmacy. Even part-time workers are covered.
    • GUARANTEED PENSION. No paycheck deductions. You’re paid a pension no matter how long you live. Benefits are paid for entirely by your employer and are guaranteed by the government. In addition, you can add to your retirement income by investing in your own 401(k).
    • JOB SECURITY. The company cannot get rid of your job by replacing it with an outside company like Station did with its coffee shops and uniform rooms.

    Posted on August 7, 2010 in 2007 Buyout, Bankruptcy, Company Insiders, Deutsche Bank, Health Insurance, Job Security, Pension, Reorganization, Subcontracting | | Comments (0) | TrackBack (0)

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    What Is Station Casinos Waiting For?

    Why has Station Casinos not treated employees like you as well as it has treated its top executives and Wall Street banks? What are they waiting for?

    STATION CASINOS HAS PAID THE FERTITTAS AND OTHER EXECUTIVES WELL.

    In 2007, Station Casinos paid the Fertitta family and other top executives $660 million in a Wall Street-funded “buyout.” Top executives continue to be paid millions of dollars a year while the company has suffered billions in losses since 2007.

    STATION CASINOS HAS PAID ITS WALL STREET BANKERS WELL.

    The company borrowed from Wall Street to fund its 2007 buyout, paying millions in fees to its bankers and lawyers. And since 2007, it has paid its Wall Street creditors — primarily Deutsche Bank and JPMorgan Chase — nearly $900 million in interest. The company has said that it will pay Deutsche Bank and JPMorgan Chase at least another half a billion dollars over the next four years.

    HERE’S WHAT STATION CASINOS HAS DONE FOR YOU:

    Station Casinos has not given you a raise in three years. Union workers on the Strip have got big raises over the same period. Union housekeepers got a total raise of over $1.20 per hour and Union food servers got more than $0.60 an hour since you got your last raise.


    Station Casinos stopped paying for your 401(k) match. Union workers on the Strip continue to enjoy a pension that is fully paid for by their employers.

    Station Casinos raised your cost of healthcare. Union workers on the Strip still do not have to take anything out of their paychecks to pay for PPO health coverage for their families because the employers pay for it.

    Station Casinos has subcontracted out hundreds of jobs to low-pay outside restaurant companies. Union workers on the Strip are protected by their contract against losing their jobs to subcontracting.

    IT’S ABOUT TIME STATION CASINOS GAVE YOU A RAISE AND STARTED TREATING YOU WITH RESPECT!

    Posted on July 25, 2010 in 2007 Buyout, Bankruptcy, Company Insiders, Deutsche Bank, Job Security, Reorganization | | Comments (0) | TrackBack (0)

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    You Deserve To Keep Your Job!

    You deserve to keep you job. But Station Casinos doesn’t think so. The company has asked the bankruptcy judge to approve the foreclosure and sale of its casinos without asking for meaningful protection for you and everyone else who works for the company right now. Under the company’s reorganization plan:

    • Banks owed $2.5 billion will FORECLOSE on Red Rock, Palace, Boulder, and Sunset. A yet-to-be-named New Company will be the new owner and new employer. The Fertittas will have a minority stake and manage the four casinos for the New Company. (It’ll own Wild Wild West and another casino site, too.)
    • All other casinos of Station Casinos will be SOLD to pay off another $3 billion plus of debts. The New Company has made a $772 million bid for these assets, even though a major gaming company already made a $950 million offer for them.
    • The New Company and new owners of the other casinos will NOT be required to retain the existing workforce. They will not necessarily keep you in your current job. They “may” make job offers to you and you co-workers once they have taken over your casino.

    You have to fight to keep your job! It is not fair that you have to lose your job only because your casino has a new owner!

    On April 21, a group of Station Committee Leaders publicly and officially asked the bankruptcy judge to make sure that employee retention is an integral part of the company’s reorganization plan before it is approved. Their court filing says:

    No one who has appeared before in this case has taken the interests of these employees into account despite the great contributions they have made and continue to make to the survival and future success of the Station hotel-casinos.

    The [reorganization plan] provides no protection for them. It does not require that they be retained in any of the contemplated transactions. The Employees’ Committee therefore urges the court not to approve the plan unless retention of existing employees is part of it.

    Talk to your Committee Leader to learn more!

    Posted on April 24, 2010 in Bankruptcy, Reorganization, Successorship | | Comments (0) | TrackBack (0)

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