H
help001
Guest
What is the name of your state? California
I had been employed by a company as a manager since 7/5/94, with no negative performance ratings or discipline. On May 3, 1998, I received a letter from then president of the company indicating that they (the company) had made the decision to "provide (me) with a six month salary continuati if (I were) terminated due to a consolidation of work-forces that would directly result from the sale of this company to another company."
"The intent of this action would be to provide (me) with a bridge to new employment should the above action occur. This severance would be paid out over the course of six months in equal payments and would cease upon (my) attaining work during that six month time frame and/or would be reduced by any interim earnings that (I) might generate."
"Salary Contunuation: Salary continuation at Employee's current base salary rate less applicable income taxes and authorized deductions for a period of up to 6 months less any interim earnings."
The president of the old company told me that the reason for this letter was to keep me employed at the original company until it was sold, as they considered me an excellent, valuable employee. I heard that the president of the old company was brought in specifically to prepare the company for sale, so this is why I was concerned about my future.
This original company was sold to another company in July 2001.
(I understand that they only purchased the assets, not the liabilities.) The company who purchased the original company is a $30 billion company located in Illinois.
In September of 1992 my position was eliminated due to a consolidation of work forces and the plant was scheduled to thut down and be moved to another state, and I was given 9 weeks severance pay--not six months severeance as per my contract.
I recently requested that the new company honor the contract from the previous company, and I was told that "Based on the plain language of the letter, (I) would have been entitled to a payment of six months salary if a consolidation of work-forces directly resulted from the sale of (the old company) to (the new company) in July 2001. (The new company's) decision to consolidate facilities in September 2002, over a year after the acquisitioin, does not entitile (me) to such a payment".
What recourse do I have? I have a contract where the company benefited by my not looking for another job while they were trying to sell the company, and I would benefit from the six months continuation of salary if and when I were terminated due to a consolidation of work forces. Is this an enforcable contract?
If it is enforceable, do I sue the old company or the company that purchased it?
Please help. I am 57 years old and relied on this money to help me find another job.
Thanks for your help. I am sorry that my posting could not have been shorter.
Thanks again.
I had been employed by a company as a manager since 7/5/94, with no negative performance ratings or discipline. On May 3, 1998, I received a letter from then president of the company indicating that they (the company) had made the decision to "provide (me) with a six month salary continuati if (I were) terminated due to a consolidation of work-forces that would directly result from the sale of this company to another company."
"The intent of this action would be to provide (me) with a bridge to new employment should the above action occur. This severance would be paid out over the course of six months in equal payments and would cease upon (my) attaining work during that six month time frame and/or would be reduced by any interim earnings that (I) might generate."
"Salary Contunuation: Salary continuation at Employee's current base salary rate less applicable income taxes and authorized deductions for a period of up to 6 months less any interim earnings."
The president of the old company told me that the reason for this letter was to keep me employed at the original company until it was sold, as they considered me an excellent, valuable employee. I heard that the president of the old company was brought in specifically to prepare the company for sale, so this is why I was concerned about my future.
This original company was sold to another company in July 2001.
(I understand that they only purchased the assets, not the liabilities.) The company who purchased the original company is a $30 billion company located in Illinois.
In September of 1992 my position was eliminated due to a consolidation of work forces and the plant was scheduled to thut down and be moved to another state, and I was given 9 weeks severance pay--not six months severeance as per my contract.
I recently requested that the new company honor the contract from the previous company, and I was told that "Based on the plain language of the letter, (I) would have been entitled to a payment of six months salary if a consolidation of work-forces directly resulted from the sale of (the old company) to (the new company) in July 2001. (The new company's) decision to consolidate facilities in September 2002, over a year after the acquisitioin, does not entitile (me) to such a payment".
What recourse do I have? I have a contract where the company benefited by my not looking for another job while they were trying to sell the company, and I would benefit from the six months continuation of salary if and when I were terminated due to a consolidation of work forces. Is this an enforcable contract?
If it is enforceable, do I sue the old company or the company that purchased it?
Please help. I am 57 years old and relied on this money to help me find another job.
Thanks for your help. I am sorry that my posting could not have been shorter.
Thanks again.