The Package

It came today – something that I have been waiting for…and dreading.  The details of my early buyout package.  Just right before Christmas.  What timing…

So after nine years of hard work, it comes down to a decision of sticking with a company that has a questionable future, or taking the money and running.  I hate to quit, but at the same time, I’m not confident that there is anything to stay for.  And leaving has its own risks as well.

For those of you unfamiliar with Michigan, the state is running around a 9% unemployment rate as of November.  This is going to make it harder to find a new job.  I have my resumes out there for the past few weeks, but there is nothing there I want.  I have been in contact with one company, but there is absolutely nothing definite because of the situation with the Big 3.  Very disturbing, to say the least.

I’ve also been scanning the on-line financial journals, and what they have to say about Chrysler is not positive.  They are stating that the $4 Billion loan will tide the company over until March, and after that is a question mark.  The rest of the money is earmarked for GM, leaving nothing for Chrysler unless Obama directs more money their way.  And I’m not positive that will happen.

Additionally, according to a couple of the journals, Cerberus is actively looking for a buyer or buyers to purchase Chrysler whole or in parts – Cerberus doesn’t care anymore as they want out of the car business yesterday.  The purchase and subsequent demise of their investment has hurt their reputation, and they want to be rid of the white elephant as soon as possible.  And this could mean anything from a Chapter 11 to a Chapter 7 if an extension is needed but not given in March.

Which does nothing to reassure anyone – employees, potential customers, or suppliers.  Or me…

At least one person, Always on Watch, stated in a comment to a previous post to take the package.  My wife is leaning in the same direction.  I’m 75% there as well, but dammit, I just don’t want to walk away. :cry:

But the alternative is to stick it out, get laid off, collect unemployment and sub-pay for 48 weeks, and still have nothing.  Or worse, go down with the ship and really have nothing.  It’s a choice from Hell – damned if you do, and damned if you don’t.

I’ve got a lot of sleepless nights ahead…

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About Tom Roland

EE for 25 Years, Two Patents - now a certified PMP. Married twice, burned once. One son with Asperger's Syndrome. Two cats. Conservative leaning to the Right. NRA Life Member.
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5 Responses to The Package

  1. I know this is a tough decision. Think long term — that’s my best advice.

  2. Teresa says:

    You certainly have a lot to think about and I will pray that you have the peace to make the best decision for your family.

    Merry Christmas!

  3. Tom says:

    AOW & Teresa – Thank you both for your best wishes.

  4. Jennifer says:

    Tom,

    I don’t envy you this decision, but you are in my thoughts and prayers at this time. It can be very scary being unemployed, but I wish you the best with whatever you decide.

  5. A bad set of choices this holiday season is a downer to be sure.

    The best thing for Chrysler would be bankruptcy. Most employees would keep their jobs but the main union contracts would have to be renegotiated before the company could be profitable again and that’s the thing we need.

    I hope you find some pleasant distractions from your trouble with the joy of the holiday. I came all the way up to Northern Ohio (Bowling Green) only to have it rain.

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