Posted on 01/29/2020 10:08:15 AM PST by aimhigh
The union that handles every shipping container that crosses West Coast docks is bracing for bankruptcy. It’s a rare prospect for a bargaining group, and it’s rattling organized labor nationally. (snip)
But a $94-million federal jury award Nov. 4 to ICTSI Oregon Inc., a cargo terminal operator, has forced union leaders to warn that a filing for Chapter 11 bankruptcy protection may be ahead.(snip)
A Chapter 11 filing would force the union to disclose details of its finances and operations, a disagreeable prospect for an intensely private organization.
(Excerpt) Read more at oregonlive.com ...
There may be a union more corrupt than the Longshoreman’s, but it would have to be the Teamsters or nothing.
A Chapter 11 filing would force the union to disclose details of its finances and operations, a disagreeable prospect for an intensely private organization.
A Chapter 11 filing would force the union to disclose details of its finances and operations...
Wait, that’s Teamsters. Never mind.
The words, “They made their bed, now let them lie in it” comes to mind.
https://www.fisherphillips.com/resources-alerts-jury-shocker-93-million-reasons-why-the
A recent $93.6 million verdict from an Oregon jury has the potential to bankrupt a union that some describe as one of the strongest and most militant in the United States—the International Longshore and Warehouse Union (ILWU). The November 4 federal jury award in favor of ICTSI Oregon Inc., the former operator of a Port of Portland terminal, was handed down after allegations of unlawful boycotts carried out by the ILWU-backed dock workers, which caused significant damages to ICTSI’s business.
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The lawsuit was the last remaining active case out of six separate actions filed in 2012 arising from a labor dispute at Terminal T6 in Portland, Oregon.
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The 2018 LM-2 filed by the ILWU national headquarters lists the total assets of the union as just over $8 million – $85 million less than necessary to satisfy the judgment against them.
It will get REALLY interesting once the members get to see where all of that money has actually been going.
$8 million in assets but that doesn’t include pension holdings. We’ll see if the Bankruptcy Judge decides to attach those funds to the stated assets...This could get fun.
On another note I have a an ex-Brother in law that is an ILWU member out of Astoria Oregon. If you ever heard him talk you would think that longshoremen job is the most psychically and mentally demanding job in the world and every job out side of that realm is menial labor. He was such a pompous ass.
On November 4, the jury awarded ICTSI $93,635,000 due to the ILWU’s and Local 8’s actions. The jury apportioned these damages as 55% the fault of the ILWU and 45% the fault of Local 8.
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. The dispute concerned which union was entitled to perform the job
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But in Portland it was a jury of six women and two men, not a judge, who ruled for ICTSI
There may be a union more corrupt than the Longshoreman’s, but it would have to be the Teamsters or nothing.
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SEIU.
longshoremen job is the most psychically and mentally demanding job in the world and every job out side of that realm is menial labor. He was such a pompous ass.
I suspect the market value of all the property that the ILWU owns is much greater than $8,000,000. Property includes union headquarter building(s) and all the hiring halls on the west coast.
I suspect the market value of all the property that the ILWU owns is much greater than $8,000,000. Property includes union headquarter building(s) and all the hiring halls on the west coast.
Sounds about right. They get all sorts of show up pay and other things like that before they turn a lick
ICTSI is a container shipping company, not a union.
I would suspect the property is owned by the officials and leased at a high rent to the union.....................
Which is why the fishbowl of bankruptcy has them worried.
The article mentions that the main hq’s in SanFran is owned by a charitable llc or trust. The union is a criminal operation, but not a stupid one.
Virginia needs to look at this.
Hunter Biden's lawyers might have some free time now. They could "negotiate" a settlement.
Maybe I’m missing something, but I would think a labor union’s biggest “asset” in a case like this would be its future collections of union dues.
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