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From the Detroit News;

http://www.detnews.com/apps/pbcs.dll/article?AID=/20070124/AUTO01/701240401/1148

Detroit automakers and the United Auto Workers are looking at a plan that would transfer responsibility for retiree health care from the companies to the union.

...

The companies would have to put up billions of dollars in cash and stocks, but they would then be free of this burdensome liability. It would be up to the UAW to make sure the fund remained solvent, but its members would have the security of knowing these key retirement benefits could not be taken away by a bankruptcy court judge.


It seems like a long shot, but at least they are looking for new ideas.

- Jeff
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JPMorgan analyst Himanshu Patel estimates it would cost GM $33 billion and Ford $13 billion to set up the fund -- assuming they could convince the UAW to accept an investment equal to just 60 cents on the dollar.

How much cash would GM and F have left?
And that is funding at only 60%

Mish
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