I've made legitimate offers to Amgen to re-negotiate that were formally rejected. So have others, some to re-negotiate and others to organize short sales which Amgen also rejected even though the first lenders were willing. Amgen is the only part of this situation that isn't willing. They act as if they have no part in this mess.
The point I haven't seen discussed here is this;
Amgen changed the terms of the original notes they offered as secondary financing. The secondary financing "benefit" was (as I've seen stated) Amgen's "big hammer in their recruitment toolbox." That "tool" was used to recruit employees here and is now being used against us. As was pointed out, people took calculated risk to come here based on information given by Amgen and relo. Many of us rented for a year before jumping in. When we did negotiate and sign our notes they were for interest only, for 5 years, very doable.
Then Amgen met with RIF's on Oct. 12, 2007, our severance package was explained to us which was very generous, however, at the close of the meeting, the bomb was dropped that in addition to the severance package, they were changing the terms on our notes. We were told, the good news is we had a year to repay.
Again, this sounds very generous but what this really means is they are actually calling notes due 2 to 3 years earlier than was agreed upon.
I understand the nature of business and its ups and downs. I understand lay-offs. I've been laid off, however we signed agreements on these notes with Amgen for 5 years, not 2 years, not 3. They took the opportunity to coerce (look it up, to compel by force, intimidation, etc., to dominate or control by exploiting fear, anxiety, etc.) RIF's to accept these terms or forget about any severance package.
I know what many are thinking, a severance package! Oh poor thing. That's more than I or most ever got but remember, Amgen came to us and you're right, they didn't have to do anything, but they did. It’s bait and switch.
Changing the terms of the notes? Do you think they would have ever been receptive to any of us changing the terms of our notes?
And I challenge anyone who says they wouldn't have taken the $$$. It's called being coerced.
This is Amgen passing its mismanagement, lost revenue issues on to whoever’s in the vulnerable position instead of honoring their secondary financing commitment.
The original note says that at the end of the term of this 5 year loan, the staff member shall have the option to seek to convert this loan for an additional 5 years or may have the option to convert the loan to a fully amortized loan by executing a new promissory note. As pointed out, there are some people who got this extension with no begging required.
If you think or say you don't care, you will. If you own your home this will continue to drive down your real estate values, sure hope you won’t need to refinance for some unforeseen reason, (more lay-offs are on the way), your neighborhoods will continue to decline and so will the general economy because everything is tied to the housing market (paint, carpet, appliances, furniture, landscaping, remodels, refinancing for remodels, etc.) and if you rent, well rental prices will be going up also as the rental market starts to flood by former home owners.
Bottom line is that lay-offs can be understood, having Amgen unilaterally change the terms of secondary financing that was bilaterally agreed upon is completely inappropriate.
Amgen says it cares about its "family" and "the community," says its business model is to "Do the right thing." All concerned will lose if they don't re-negotiate these loans. People will walk away, first lender's will foreclose but won't get their money, Amgen will get nothing because there won't be anything left to get, property values will continue to fall.....you know the rest.
As was mentioned, we might as well go down fighting. The power of any situation is the truth and the truth here is that Amgen reneged on their end of the secondary real estate financing deal to people who relocated here in good faith to do a job.
