Still No Accrued Vacation Payments

To Our Employees:

Many of you have asked whether you are going to be paid for the services you are continuing to render to the firm. We have received the assurances of our banks — Bank of America and Citibank — that (with the exception of shareholders and former shareholders) you will be paid through at least Friday, October 10, 2008. Should you terminate your employment prior to that date, you will be paid through the date of termination.

We have asked our banks to confirm that those who remain employed by the Firm beyond October 10 will continue to get paid, and we hope to receive that assurance as well in the very near future.

Unfortunately, despite our fervent and repeated pleas, our banks continue to withhold their approval for paying employees accrued vacation pay. Inasmuch as our banks now control how we may use our cash, our hands are tied. The Firm recognizes its obligation to pay employees accrued vacation pay as legally required and we intend to do so as soon as circumstances permit.

We appreciate your understanding and support during these difficult times.

The Dissolution Committee/jrm


5 Responses to “Still No Accrued Vacation Payments”

  1. 1 Hellarne 6 October 2008 at 11:48 am

    This is really BS — the best thing would be to go into receivership before the partners plunder remaining assets/AR.

  2. 2 LB 6 October 2008 at 12:22 pm

    I smell class-action law suite!!!!!!!!!!!!!!

  3. 3 HELLdog 6 October 2008 at 12:37 pm

    No mention of benefits…I wonder if we still have any medical ins.?

  4. 4 hellerdrone 6 October 2008 at 12:41 pm

    Health benefits, according to Heller management have been paid through October 31, 2008.

    Heller Drone
    Cruise Director

  5. 5 HELLdog 6 October 2008 at 3:15 pm

    Thanks, HD. But at this stage, it’s very difficult to trust anything from “Management”, esp. the usual “It’s The Banks” now has our salary guaranteed for this pay period only. What’s next, I wonder? Doors close on Friday?

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