Thread regarding Xerox Corp. layoffs

@qr Nope. They aren't even the largest shareholder, so nobody gives a sh-t what their opinion is.

There is ~300 million of equity and over 4 billion in debt, so the bondholders are really the ones in charge.

@q2 Does anyone know if Starteepo has had any say so in all of these shenanigans?

@pt His yearly salary is stock based, but his parachute with the "Change of Control" provision is cash money. That parachute, as far as I can tell from filings, expires on 12/31/36. Perhaps they extend it, but why should they?

@eb
This is not correct.
Pastor's current contract explicitly dictates that he only profits if he successfully pulls the company away from distress.
He has most of his compensation tied to stock.

Cents was used because they don’t have any money. FYI

You forget that no one at xerox has any common cents or cares about anything

That pretty much explains a lot …

@eb Apologies. I misunderstood. Not sure how much sense that deal makes. File before next year and you get a reward for doing so? If that is in fact the case, file next week.
Why would he stick around and grind, try to make changes and keep employees in limbo until January and then file with zero in return.
It is a lose-lose for all.

@dt

No, his parachute expires on 12/31. Louie would want to file BEFORE 12/31 if he wants that payout.

@an CEO and CFO will present their case to the board of directors and senior leadership to voluntarily file. If creditors are "swarming" and looking for money, then Involuntary filing: Initiated by creditors meeting legal thresholds.
Once this happens, bonuses are gonzo for all.
This makes King Louie desperate to keep the ship upright until 12/31/2026. Once paid, most likely in a lump sum, the filing will begin- 01/02/2027.
Employees will be first to get money when reorganizing, but if you are eligible for PTO or vacation and decide to leave, not so much.

@aa legit question - is LP the only board member who can trigger CH 11 or does there have to be a unanimous board vote or something?

@a9 LP laughing all the way to the bank.

@a8 that would be hilarious

@a7
Look for Chapter 11 in 176 days.
January 2nd, 2027

174 days....

@a5 OP here. Yup. There could be another filing where they extended the date that I'm missing, but the SEC filing naming him CEO referenced that specific doc, and I'm not seeing another one.

@OP So basically 5 months and 21 days.
Who is not going to take option #1?
Exactly.