BPI FOLLOWUP

On July 5, 2017 I posted some notes about ABC settling with BPI regarding the "pink slime" broadcast that nearly caused BPI to fail. And let's call it LFTB for Lean Finely-Textured Beef.

In my post, I said 700 people lost their jobs. The Sioux City Journal has reported that number as 750, but there is an important (mostly unreported) fact regarding those folks: Eldon and Regina set up a fund of $10 million to give to those people after the settlement.

You can see why it isn't reported much. Worthy actions by business people do not make the cut.

For full disclosure, son Matt has a responsible job at BPI, but I know nothing that isn't in the papers. One thing in the papers--Disney, the parent of ABC, reported in their financial footnotes that they set aside $177 million for settlement expenses. Implies that the settlement was significantly higher? That suspicion was confirmed by the BPI lawyers. 

Just to make Disney/ABC a bit more uncomfortable, their insurer has sued them in an attempt to deny paying the rest of the settlement.

Keep tuned.