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Ford is proposing as condition for government bail out, its top executive would get a salary of $1 for next year, and would sell off most of its branches and dealerships,
Instead, how about Congress subsidize half the workers salaries up to 15,000 a year of whenever the auto companies sell off. And after 90% is sold off, the automakers employee’s salaries would also be guaranteed for the rest of the year.
The problem, with today’s bankruptcy laws, is that the assets stay frozen for months until the bankruptcy court decides what to do about them.
If in the future, companies before they declare bankruptcy should be able to declare themselves distressed and get some benefit for selling 90% of their assets. Even a small family owed company where there are no eager to work heirs, could be encouraging to stop functioning in such a way that the work they perform continues. The going out of business laws in this country should be changed to allow someone to take over what they do, and use of their equipment and facilities instantly.
Whether or not any of these ideas work, I hope to start a discussion of changes that might work, to discourage unused assets and property of remaining dormant while the lawyers and courts decide what to do.
Richard Kane of PA or