LILLY TAKEOVER

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anonymous

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Last Friday the Indianapolis Business Journal reported that Lilly shareholders are considering a revised proposal that would reduce the barriers to potential takeovers of the company. The proposal, WHICH HAS BEEN BACKED BY CEO DAVID RICKS, would eliminate a requirement that all takeover offers are approved by 80% of shareholders, instead setting the standard as a simple majority. The plan would also include a measure to elect the entire 14-person BOD on an annual basis opposed to staggering elections over a 3 year period. Proponents of the proposals contend that the current rules entrench underperforming directors and executives!

IT LOOKS LIKE DAVEY RICKS IS LOOKING AT HIS GOLDEN PARACHUTE!!!!!
 


















Something wicked this way comes - yes they will reduce or eliminate pensions altogether...standard practice.. that way the big boys at the top can increase their holdings / golden parachutes... it’s screw screw screw the workers... this has been going on at Lilly for a long time... started when they put a business CEO in place... workers are just expendable widgets-respect for the worker no longer a priority
 












anonymous said:
Wow, hope my / our pensions are safe !
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what do you think that VERP was for? Clearing the way for dumping pensions. I mean they are already close to doing so by setting the retirement age at 65. They assume most employees who’ve started since they adopted that plan will leave before age 65. And the ones that stay won’t need retiree health insurance, go right to Medicare.
 






anonymous said:
DR cannot create value. He has a record of destroying value.
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Two new VPs hired this week to backfill VERPs - one in medical for oncology and one in statistics. so now LRL statistics has 2 VPs. A number of clinical VERP backfills are posted externally now. People left who didn’t want to go and all they are doing is replacing them. Destroying value isn’t right. Should be back over 40000 employees in no time.
 












anonymous said:
Two new VPs hired this week to backfill VERPs - one in medical for oncology and one in statistics. so now LRL statistics has 2 VPs. A number of clinical VERP backfills are posted externally now. People left who didn’t want to go and all they are doing is replacing them. Destroying value isn’t right. Should be back over 40000 employees in no time.
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Destroying value isn't right? You're crazy.
 






anonymous said:
Something wicked this way comes - yes they will reduce or eliminate pensions altogether...standard practice.. that way the big boys at the top can increase their holdings / golden parachutes... it’s screw screw screw the workers... this has been going on at Lilly for a long time... started when they put a business CEO in place... workers are just expendable widgets-respect for the worker no longer a priority
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Aren’t our current pensions fully funded and protected? I think I remember hearing from Mike Mason this past Fall when the VERP was announced that Lilly has been at risk of a takeover! Can Lilly not honor our pensions?! Maybe we need to get rid of David Ricks!
 






anonymous said:
Something wicked this way comes - yes they will reduce or eliminate pensions altogether...standard practice.. that way the big boys at the top can increase their holdings / golden parachutes... it’s screw screw screw the workers... this has been going on at Lilly for a long time... started when they put a business CEO in place... workers are just expendable widgets-respect for the worker no longer a priority
Click to expand...
Aren’t our current pensions fully funded and protected? I think I remember hearing from Mike Mason this past Fall when the VERP was announced that Lilly has been at risk of a takeover! Can Lilly not honor our pensions?! Maybe we need to get rid of David Ricks!
 












anonymous said:
Aren’t our current pensions fully funded and protected? I think I remember hearing from Mike Mason this past Fall when the VERP was announced that Lilly has been at risk of a takeover! Can Lilly not honor our pensions?! Maybe we need to get rid of David Ricks!
Click to expand...

Don’t see why they can’t do what GM and many others did and sell them to insurance companies. Then you get offered a lump sum - which has pros/cons depending on one’s personal situation. And I think you lose health care coverage then which is a big deal if not 65. I know a few years ago the pension was underfunded, where for many years it was well funded @nd then it took a dip. Should check on that.
 






anonymous said:
Don’t see why they can’t do what GM and many others did and sell them to insurance companies. Then you get offered a lump sum - which has pros/cons depending on one’s personal situation. And I think you lose health care coverage then which is a big deal if not 65. I know a few years ago the pension was underfunded, where for many years it was well funded @nd then it took a dip. Should check on that.
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Hiw do we find out if our pensions are fully funded? How do we find out if Our pensions are at risk if there is a takeover?
 
























anonymous said:
Aren’t our current pensions fully funded and protected? I think I remember hearing from Mike Mason this past Fall when the VERP was announced that Lilly has been at risk of a takeover! Can Lilly not honor our pensions?! Maybe we need to get rid of David Ricks!
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Pension plan assets are held in a trust that is protected from creditors. Federal law requires that these assets be used to pay plan participants the pension that is owed them.

If your pension plan's assets are insufficient to meet its obligations, then the Pension Benefit Guaranty Corporation (PBGC) will pay your benefit, subject to certain limits. The PBGC is a federal agency that guarantees private pensions. Corporate pension plan sponsors are required by federal law to participate in the PBGC's pension insurance program.

In 2012, the maximum monthly pension payable at age 65 that the PBGC guarantees is $4,653 for a single life annuity and $4,188 for a 50-percent, joint-and-survivor annuity. Lower limits apply to pensions payable at earlier retirement ages. If your monthly pension is below these limits, then you don't need to worry about the bankruptcy of your former employer.

Once again, if another company acquires your former employer, that company is required by federal law to adequately fund the pension plan of the company it purchased and participate in the PBGC program
 






Yes but during a takeover or if pension plan needs to be bailed out by fed insurance program pensioners can face significant time delays in receiving pension payments as the process is slowly worked through. review past instances with other companies. the above note intends to alleviate pensioners concerns and provide surety when that isn’t exactly the case. Still haven’t seen response to why Lilly doesn’t increase pension funding using some of the windfall from corporate tax savings.
 






No one is taking us over- our products are me-too's for the most part or going off patent. Our pipeline is not good enough for someone to want us. Only a few companies could afford to pay a premium and purchase us and I don't see any of them needing us. Even our savior- Bari- isn't really that great compared to the competition.

Sorry just isn't happening.
 






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