(Source: Huffington Post opinion column by Teamsters General President James P. Hoffa, April 28, 2014)
WASHINGTON, D.C. — Private equity firm Cerberus Business Finance, LLC, is looting a bankrupt airline that for 66 years ferried troops and equipment to war zones in the Middle East and Southeast Asia. Cerberus’ greed has tragic consequences for pilots and flight attendants now without a job, a paycheck or health insurance.
Cerberus took control of the bankrupt airline, World Airways, and retroactively cancelled the pilots’ health insurance coverage without telling them. A pilot who’d been with World for 25 years went into a coma thinking he was covered. When he came out of the coma, he found Cerberus had cancelled his health insurance — and he owed $2 million for his medical care.
Full story: Huffington Post