Word: bildisco
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Dates: during 1984-1984
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...decision came in rulings last month on National Labor Relations Board v Bildisco and Bildisco, and Local 408, International Brotherhood of Teamsters v. NLRB...
...decision grew out of a filing by Bildisco & Bildisco, a small New Jersey window and door wholesaler. In January 1981, nine months after Bildisco requested reorganization under Chapter 11 of the Bankruptcy Code, the company received permission from a bankruptcy court to revoke a three-year labor contract it had negotiated in 1979 with a Teamsters Union local. Reagan's Justice Department, interestingly, argued on the side of the union that this was not permissible...
...Foods Corp. filed for bankruptcy last year, they were accused of trying to rid themselves of unwanted labor contracts. "In itself, the decision will not cause companies to file for bankruptcy," said New York University Law Professor Lawrence King, a bankruptcy expert. "But it will make bankruptcy more attractive." Bildisco President Sal Valente disagreed: "Going into Chapter 11 is debilitating. Doing it just to solve a union problem would be like cutting off your nose to spite your face...
...recession and its aftermath, and a 1978 overhaul of the Bankruptcy Code that permits troubled, but not insolvent, firms to declare bankruptcy. The 1978 change has made bankruptcy both a shield and a sword. Robert Miller, executive vice president of Congress Financial Corp., a commercial lending institution, supports the Bildisco decision but finds the growth of bankruptcies disturbing. Says he: "Any time a company makes a bad business deal, whether it's a union contract or a lease, it can resort to Chapter...
That possibility seems short-lived. The ink was barely dry on the court's decision when Democratic Congressman Peter Rodino of New Jersey introduced a bill to reverse it. In anticipation of the Bildisco ruling, Democratic Congressman Paul Simon of Illinois in early February submitted legislation to amend the National Labor Relations Act. "The court's decision was so total," said Captain Henry Duffy, president of the Air Line Pilots Association, "if this doesn't gear up organized labor for a massive blitz on Congress, nothing will...
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