Do you think it should be against the law (and something done about it) for a bankrupt company?

[caomh]

to refuse to sell when a reasonable offer has been made? This is what is happening close to where I live. Along with hundreds of others in the timber industry losing their jobs. Pilgrims Pride stated that they wanted to make the glut of chickens go away so chicken prices could be raised. To me that just is not right!!!

This was in out local paper:
Pilgrim’s Pride’s northeastern Louisiana employees and chicken growers were left in limbo today as the company remained quiet about the latest $60 million offer to buy the company’s Farmerville Processing plants.

State Sen. Mike Walsworth, who has been joining daily meetings of Gov. Jindal’s Pilgrim’s Pride Emergency Task Force, said that there were no new developments today.

Pilgrim’s Pride didn’t return calls or an e-mail requesting an update on the status of the company’s decision.

Meanwhile, the Louisiana Workforce Commission has scheduled a series of meetings on Monday through Thursday for the 1,300 workers who will lose their jobs if the complex is closed as scheduled in April.

The Workforce Commission will also open a transition center on March 24 at the Pilgrim’s complex for the workers, where services such as job placement assistance, job counseling, job search workshops, unemployment insurance and other supportive services will be offered.

All Workforce Commission services are free.

Jindal and his staff have been working to broker a deal for Foster Farms of California to buy the northeastern Louisiana Pilgrim’s operation, with Foster Farms putting up $20 million and the state investing $40 million.

The governor said that Foster Farms would also invest about $50 million in new equipment and agree to keep the work force intact for at least five years.

Pilgrim’s Pride, which declared bankruptcy in December to reorganize, rejected the first $40 million offer from Foster and the state earlier this week, but took the $60 million offer under consideration.

“Discussions continued (Thursday) between Pilgrim’s Pride and Gov. Jindal and his staff regarding the future of the company’s Farmerville complex,” Pilgrim’s spokesman Ray Atkinson said in a written statement on Thursday. “A revised offer was formally presented to the company (Thursday), and several potential alternatives were also discussed. At this time no agreement has been reached and no offer has been accepted.”

State officials said Pilgrim’s executives originally said the company valued the plant at between $65 million and $70 million.

Jackson said the company is closing the complex because of a glut of chicken on the market.

Louisiana Attorney General Buddy Caldwell said this week he is looking into potential violations of Louisiana Unfair Trade Practices Act by Pilgrim’s Pride based on the possibility that the company could be trying to manipulate the chicken market by closing the plants.

Caldwell spokesman Tammi Arender Herring said the attorney general is also investigating whether Pilgrim’s Pride is violating bankruptcy laws by holding up the sale of the complex.

[ailwyn]

to refuse to sell when a reasonable offer has been made?

Define a 'reasonable offer'. Based on YOU figures, a reasonable offer was not made.