LyondellBasell, this one could hurt!!!

[Tiramisu]

Three of my neighbors, two girlfriends, and a lady who bought one of my pups work at Lyondell. I hate that this is happening. Were they being too greedy?

[Marilyn]

Originally Posted by Tiramisu

Three of my neighbors, two girlfriends, and a lady who bought one of my pups work at Lyondell. I hate that this is happening. Were they being too greedy?

Yes/No. They based their business decisions on how things were looking in 2007 and into the future. 2008 was a record breaking year until September. Basell went into heavy debt buying Lyondell in 2007. Their projections for being able to cover the debt were based on past and projected performance. The world changed in Sept. '08 and when consumers stopped buying things and cars, the demand for chemicals and plastics plummeted and so did the industries' profits. The bills came due and the income just wasn't there. The creditors needed to work with Lyondell in restructuring their loans or they had to file bankruptcy. The latter happened.

LyondellBasell is not the only company in this industry in trouble. Ineos is having trouble covering their debt. Dow lost the Kuwait deal and committed to buy Rohm & Hass this summer when stock was high. Now they are trying to renegotiate the purchase and may sue Kuwait to recover billions lost on that deal. Dow is the largest chemical company in the world. LyondellBasell was number 3. When giants like these have problems, there will be ripples into other industries as well.

Also, it seems to begin a domino effect once one falls, others follow.

The news is so fresh, we don't know what to expect, yet. There will be some reductions in force. We just have to wait and see how the restructuring works, and whether or not we get paid.

I don't know what tomorrow will hold, whether we will be shipping to them or not. I'm figuring, not, but will have to wait and see. I've been in this industry since 1979, and have never seen a time anything like this. I was hopeful until today. Now, I really don't know. I've never seen so many units just not running. The entire Invista, Lyondell, DuPont plant site in our area is down, no steam or anything. Most of the company employees/non-contract people are still there, but for how long?

Houston could be the next Detroit at this rate. Very, very sad!!

[2tiredmom]

I know it's really scary. When it affects a big company like that it is a trickle down
effect. My husband works in Ag-Fertilzer business and they are taking a hit too.
So that will affect the farmers and then turn around and hit us again at the grocery stores. I along with others I'm sure are praying it will stop soon. We've had it good for to long. It's amazing what greed can do to people.
Your in my thoughts and prayers. I'm sure if God had an e-mail address his inbox would be overflowing a gazillion times over.

[Marilyn]

I'm really in a frump over this. It's so hard to shake off. Last night we went to our Wednesday night service at church, and it was so nice. We're having a Ladie's Day on Jan. 24th and I'm the coordinator and master of ceremonies, so we were busy working on that after services. We had a really nice Bible study and devotional. I felt so much better getting my mind on more important things. Afterward we went to IHOP with the preacher and his wife, his wife is like my best friend, any way, when we were paying to leave, she asked me about Lyondell and how things were going. She meant very well, but she brought me back down to thinking of my concerns over this issue. This morning, for some reason, I just have a feeling of dispair. I know I'm not supposed to. My life priorities are higher than work and money. It's just a forboding kind of feeling. Usually I'm much more positive. Gotta get out of this mood, and soon!!!!

Also, there's a funeral I should probably attend today, but I'm just not sure I'm up to it right now. Gotta rise above all this and get on with life!!!

[gja1000]

Marilyn, I do think it is a sense of foreboding that you are feeling. Not necessarily for yourself, but for many many others, our country, etc. I know you feel you should "rise above" it, but I think it is your profound concern for others, humankind if you will, that has you in such a funk. I heard someone on some media say something like, "in times like these, we remember to appreciate the little things, rather than the material things". It reminded me of something you said recently about trying to appreciate things like faith, family, fun, etc, rather than worrying about the declining 401K (I know that probably not exactly what you said, but something like it)

I don't think you are wrong to feel the way you are feeling, I just think your kindness and compassion is overwhelming you.

[Marilyn]

Oh, Gayle, you are so sweet. Your kind words brought tears to my eyes. It is a sad time, and I do hate being down like this. We had a woman who had been laid off call our office looking for a job. My husband had a man call him the same way. These people will do anything just to have a job again. It is upsetting.

I think your word foreboding does describe how I feel. I'm afraid that any day the whole thing will come tumbling down. One of our daughters ask what would happen if the country went bankrupt, and I really didn't know what to tell her. I heard today that California could start giving some of their state employees IOU's for pay checks within the next 3 weeks. Macy's, my favorite department store, is closing 11 stores.

Then I wonder, is the media causing this? Are they freaking us all out and causing us to be afraid to spend money which is causing the economic problems.

It's all beyond me and I'm afraid it's too complicated for anyone to truly understand and know what needs to be done. What they've done so far isn't working.

My husband is worrying that I'm internalizing this and will give myself a heart attack or something. I am getting a fever blister again, which I can always attribute to a stressful event.

Sorry, this shouldn't be about me. It's much bigger than that.

[AngieDoogles]

I agree completely with Gayle. I think you are taking it hard because you have such a huge heart. Hang in there. Hopefully things will start to get better soon.

[DianaB]

Marilyn, I know that you're worried about what's going on and I know that you know this passage from the Bible, but I'm going to share it with you anyway. Pay special attention to verse 34. This is from the Message--

Matthew 6:19-34

A Life of God-Worship
19-21"Don't hoard treasure down here where it gets eaten by moths and corroded by rust or—worse!—stolen by burglars. Stockpile treasure in heaven, where it's safe from moth and rust and burglars. It's obvious, isn't it? The place where your treasure is, is the place you will most want to be, and end up being.
22-23"Your eyes are windows into your body. If you open your eyes wide in wonder and belief, your body fills up with light. If you live squinty-eyed in greed and distrust, your body is a dank cellar. If you pull the blinds on your windows, what a dark life you will have!

24"You can't worship two gods at once. Loving one god, you'll end up hating the other. Adoration of one feeds contempt for the other. You can't worship God and Money both.

25-26"If you decide for God, living a life of God-worship, it follows that you don't fuss about what's on the table at mealtimes or whether the clothes in your closet are in fashion. There is far more to your life than the food you put in your stomach, more to your outer appearance than the clothes you hang on your body. Look at the birds, free and unfettered, not tied down to a job description, careless in the care of God. And you count far more to him than birds.

27-29"Has anyone by fussing in front of the mirror ever gotten taller by so much as an inch? All this time and money wasted on fashion—do you think it makes that much difference? Instead of looking at the fashions, walk out into the fields and look at the wildflowers. They never primp or shop, but have you ever seen color and design quite like it? The ten best-dressed men and women in the country look shabby alongside them.

30-33"If God gives such attention to the appearance of wildflowers—most of which are never even seen—don't you think he'll attend to you, take pride in you, do his best for you? What I'm trying to do here is to get you to relax, to not be so preoccupied with getting, so you can respond to God's giving. People who don't know God and the way he works fuss over these things, but you know both God and how he works. Steep your life in God-reality, God-initiative, God-provisions. Don't worry about missing out. You'll find all your everyday human concerns will be met.

34"Give your entire attention to what God is doing right now, and don't get worked up about what may or may not happen tomorrow. God will help you deal with whatever hard things come up when the time comes.

[Marilyn]

Thank you, Diana, yes, I know this scripture very well, and I'm trying to maintain the proper perspective, and pray a lot and try to give it to God since He is the one in control.

When you are right in the throws of something it does become difficult, and I was using this forum to release some of my concerns, I guess. We seem to at least have some information now and have an idea what our liabilities will be. It will probably be pretty bad for our branch as I feared. We will know for sure on Monday. Not enough to affect anyone's job, but definitely our pay this month, when the big right-off will occur if it goes as we think it may.

Thank you all for listening, and for your support. You are such a wonderful group of ladies and friends!!!!!

I'm feeling much better now that we have some information and a direction on how to conduct our business with them in the future. My direct boss is pleased with what we've done. And I think our other management are too, now that all the freaking out is over.

With great rewards, come great risk sometimes.

[judy]

I'm so glad you are feeling better about this situation. One day at a time.

Hugs,

Judy

[DianaB]

Marilyn, I know that this is a couple of days late but how did Monday go at work?

[HALEY]

love you post Diana.

but my belief is this recession is going to get worse before it gets better!

[Marilyn]

Well, the LyondellBasell thing is not looking good. We don't have the final ruling yet, now they are saying maybe by next Tuesday. It is looking like we may get stiffed for over a $1M. At my branch, it's $700K of that amount. I did find out that the commission plan works both ways. We share in the profits and the losses. I haven't calculated the damage yet, because I just didn't want to know, but if they write off the $700K, our profits in a month are not this much, so my commission will be a negative number. I will still get my base pay, but no commission until I make enough commission from profit to offset the negative. Once the negative is paid back, I'll start receiving positive commission pay again.

So this thing is personal, and it looks like those of us who do earn commission will lose pay. We are blessed and do not live paycheck to paycheck, so we will be okay. There are at least 2 people who are not in the same situation as we are who will be affected.

We just have to increase sales elsewhere as much as possible to offset this loss which is difficult right now. I'm working on some things to try to improve the situation and reduce the damages. One reason I haven't been on here as much this week.

Thank you all for caring so much, my dear friends. Our family is very blessed though. We will weather this okay. It's just money, the important things are doing great!!!!