Cog in the machine...

There's an IRS statement posted online that provides some information about the puchase of BCA-Wichita and it seems to indicate that Onex can void its "Asset Purchase Agreement" for one of three reasons

1. All required governmental and third-party consents to transfer have been obtained. Best I can tell, this refers to the fact that Boeing and Onex have to get approval from any number state and federal agencies before the sale can occur. From what I've read, however, TurnerCo is well on its way to meeting this requirement.

   
   

2. Midwestern "receives the proceeds of debt financing in substantially the amount and form described. I've got no freakin' idea what this clause means, unless it has to do with the $500 million in tax relief that the State of Kansas offered Boeing, in order to build parts of the 787 in Kansas. Best I can tell from what I've read, there are some legislators willing to grant this to Onex this break, without even reviewing the negative impacts to our communities. I'd suggest you contact your elected representatives and give 'em a piece of your mind on the subject of the proposed wage and benefit cuts that TurnerCo wants us to accept.

   
   

3. They complete "successful negotiation of collective bargaining agreements.You've probably read of the IAM's belief that they can disrupt the deal by not coming to an agreement for contracted wages, hours, and working conditions. As Mr.Rooney implies, while Onex is allowed to scuttle the sale if they don't come to agreements with our unions, nothing mandates that they have to walk away from the sale if they can't come to an agreement on the unions contracts. So, if they want to start operations on Day One with all their workers on strike, they still have the option to do so. One can only hope they wouldn't be so foolish...

-- Bill, who hopes Pete's been wrong and the New Boss ain't really the same as the Old Boss...