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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. |
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This Site Is Maintained By Concerned Stelco Salaried Pensioners |
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