Friday, March 18, 2016

Approaching Employment End Game -OR- The Steadily Falling Waters of This March

UPDATED 9:34PM 3/18/2016: See bottom of entry.


So we did NOT get paid today and, what's more, the situation is extremely dire for the company. We will not be getting paid until at least Wednesday or Thursday and -- if enough people jump ship and the asset sale at the Tuesday bankruptcy hearing goes poorly -- we may never get paid again.

If there is any good news, there is an asset sale of the subsidiary companies including the one for which I work and there are at least two "good buyers" lined up.

To be clear, the "assets" refer to the billable staff and a small support staff. If this works as I understand it, on Tuesday, these companies will be bought up by one of those other, larger and financially stable companies. In return, that company gets all our federal and state contracts.

The serious problem is that we have a serious collective action problem whereby no one feels any confidence to wait around until Tuesday, so that if enough of the highly billable staff (those embedded onsite with the client) leave, then the company collapses because it has no real assets to offer at the asset sale. So it is in everyone's collective interest to stay but not in any individual's interest to stay.

The drop-dead backup is to have the prime contractor of our largest contract pick up the billable staff -- at some point in a few weeks.

The funny thing is that the company would have had enough money to meet payroll if it hadn't decided to make up all the 401k contributions it missed (to be clear, I'm talking about the employee ones, not the employer match).


I've very little money although my mom has agreed to help me out. I'll call my crazy dad. I also have a credit card (at least for the time being). I can't collect unemployment now since I've not been let go and if I quit, then I can't get unemployment.

So that's where things stand.

Everyone in the office was shell-shocked (as was everyone on the call) because it drove home the point that we might never get paid and approaching end game, but now the office is in an uproar and an old bottle of cheap red wine is being opened.

The Waters of March indeed.

UPDATED 9:34PM 3/18/2016


This has been one of the most emotionally topsy-turvy days -- and by that, I mean late afternoon into evening and nighttime -- in years.

Long story short, after many phone calls and text messages, it sounds as though the prime contractor might be picking us up, but I need to apply online this weekend.

I just walked back from Rosslyn -- where I went with my coworker Jonathan to Continental Pool lounge -- via the Key Bridge and the back streets of Georgetown to Dupont Circle on this tranquil, moonlit night.

My parents are going to help me financially, and my coworkers (and friends) have been wonderfully supportive including those in a position to make a difference. And I called Jonathan to let him know what to do.

End of Update and of Entry.

--Regulus

No comments: