Workers’ pensions and benefits should be first in line when a corporation fails.
Employees and pensioners should have more rights than corporate insiders and investors, not just equal rights. The relationships between workers and employers and between investors and corporations are not equal or synonymous.
Corporate investors don’t have a trust relationship with the corporations they invest in. They have a commercial and informed relationship with such corporations.
Investors, unlike workers, do not owe the corporations they are invested in a duty of honest and faithful service. The tasks performed by investors, unlike the tasks performed by workers, are not performed under the control and direction of the corporations they are invested in.
The current bankruptcy laws are a social and economic travesty.
Gord Van Dyck
Saltair