Machinists Union Challenges Hawker Beechcraft Sale to Chinese Company

[Omaha Steve]

Source: IAM News

Washington, D.C. The International Association of Machinists and Aerospace Workers (IAM) today filed papers in U.S. Bankruptcy Court opposing an attempt by Hawker Beechcraft, Inc., to expedite the sale of its assets to a little-known Chinese company, Superior Aviation Beijing Co., Ltd. (Superior).

“The proposed sale of Hawker Beechcraft to a Chinese government-backed entity has broad implications for the U.S. economy and national security,” said IAM International President Tom Buffenbarger. “The sale should not be rushed through without adequate scrutiny by all interested parties, including federal regulators, state officials and the Wichita community. As the necessary review process has not yet commenced, giving Superior the exclusive right to negotiate the purchase of Hawker at this time is premature.”

In its court filing, the IAM expressed serious concern that the sale could facilitate the transfer of valuable commercial and military-related technology to China, leading to the loss of high-skilled, high-paying aerospace jobs while compromising U.S. national security interests.

“While Superior claims that it does not intend to purchase or control Hawker’s defense-related businesses, Superior would retain an interest in the defense businesses and would be entitled to receive proceeds from the eventual sale of those businesses,” said Buffenbarger. “Such terms and conditions warrant the most serious scrutiny from members of Congress and the appropriate intelligence agencies.”

FULL story at link.


Read more: http://www.goiam.org/index.php/news/press-releases/10364-iam-challenges-hawker-beechcraft-sale-to-chinese-company

[magic59]

1. After the dot com bust

China companies snapped up much of the IT infrastructure for pennies on the dollar. Its been going on for a long time and the huge amount of dollars they have because of our huge trade deficit means they can only use it for one thing, to buy US businesses. Its a vicious cycle.

[mountain grammy]

2. Good luck with this, IAM.

I'll contact my Congressmen.

[patrice]

3. I. cannot. believe. this.

Out on a canvass tomorrow; will make a note to call Roberts and Moran Wednesday.

[jtuck004]

4. So the union buys the company, operates it in a democratic fashion. What's that you say?

They only have $154 million in assets? Not a problem. We just let them leverage, or borrow against that as reserves, the $1.8 billion price.

(I wonder if anyone will take to the floor of the House, as impassioned over this as they are Chinese-made Olympic berets?).

That's not so implausible - the banks are getting $14 billion a year as a subsidy from the money they make on our 0% loans. And it's not as if there isn't a precedent - we are still paying the price for their destruction of the economy by borrowing trillions against a housing market that clearly wasn't worth the paper it was forged on.

(Oh, sorry. That $14 billion is JUST JP Morgan. Total for all is about 34. is, I think.).

It keeps it in the states, the security problem goes away, people learn to cooperate and see if they can make it.They would have to take classes in cooperative business, but that's better than watching their pensions flush down a toilet.

And their chances at success might be better than Mi$4 Rmoney would give 'em.