No. of Recommendations: 3
Let's see, it is the management's responsibility to run the company and the union's responsibility to provide labor.

The role of each is clear and essentially the same:

- management: maximize shareholder value
- unions: maximize member value, however the union chooses to define it (loosing you job over a strike may be the best possible decision)

2 billion in unfunded pension liabilities doesn't help either.

Cash management is a management responsibility. Failure to fund pensions may be a good strategic management decision:

- it's a free loan
- it gives you negotiating leverage (fold or you'll never see your retirement)

So when a company fails, it is usually from bad management:
- failure to change with the market
- failure to manage costs
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