SSPO POLITICAL CAMPAIGN
May 1, 2005
URGENT NOTICE TO ALL MEMBERS
THE WINDOW OF OPPORTUNITY IS EXTREMELY SMALL
We held our fourth General Meeting of SSPO on Wednesday April 27, 2005, and, as usual, the main purpose was to hear an update from our Lawyer, Murray Gold.
Murray gave us an update of the current situation with Stelco and it’s restructuring process. He also advised us that our letter writing campaign
aimed at rescinding the “Regulation 5.1” provision, which allowed Stelco to underfund our pension fund, was a great success. In his opinion, it was our letters that caused the Provincial government to terminate Stelco’s use of this legislation. In fact, there was no doubt in his mind that our letters made it happen.
Unfortunately, we have more work to do.
The CCAA process is entering a critical stage and events are beginning to unfold rapidly. Stelco intends to present a preliminary restructuring plan to the court on May 12. The bondholders are also working on a proposal, as are the USWA/Brascan. The Stelco Salaried Pensioners do not have the information required to evaluate these proposals in relation to our pension funding. We have requested this information for some time but it has been denied. Our fear is that an offer will be tabled and we will not be able to do a proper analysis before agreements are made, potentially undermining our position. The Bondholders, who have a powerful position, will attempt to have their investment secured ahead of all others, including pensioners. Without information and time to analyze any deal, we could be vulnerable to the investors selling out as soon as they can recover their investment and we would be left to share in the inadequate remains.
We have been asked to write Premier McGuinty to use the influence of the Provincial Government to open the process and grant us access to the financial information we have requested.
Click Here to review points that should be included in your letter and for suggested distribution and addresses. We ask that you compose a letter using some or all of these points and send it to Premier McGuinty, with copies as indicated. As always, mail is considered most effective but e-mail is also acceptable. Time is of the essence if our letters are to have influence ahead of the May 12 session. Please act now.
WE URGE YOU TO GET INVOLVED NOW
PROVINCIAL POLITICAL CAMPAIGN
Your Steering Committee has created a lobbying package to assist our members in approaching members of the Ontario Provincial Parliament.
“Click Here” to join the Campaign urging Premier McGuinty to take immediate action on the 5.1 Election for Stelco Pension Plans.
“Click Here” for the MPP Campaign Package prepared to assist SSPO members.
“Click Here” to view Newspaper Articles regarding positions taken by MPP’s and the Provincial Government.
FEDERAL POLITICAL CAMPAIGN
Your Steering Committee has created a lobbying package to assist our members in approaching members of the Federal Parliament.
Please “Click Here” for the MP Campaign Package prepared to assist SSPO members.
Please “Click Here” to view Newspaper Articles regarding positions taken by MP’s and the Federal Government.
MUNICIPAL GOVERNMENT CAMPAIGN
Your Steering Committee has created a lobbying package to assist our members in approaching elected representatives of Municipal and Regional Governments.
Please “Click Here” for the Municipal Government Representative Campaign Package prepared to assist SSPO members.
Please “Click Here” to view Newspaper Articles regarding positions taken by local governments and council members.
This Site Is Maintained By Concerned Stelco Salaried Pensioners