Former Kmart stockholder stiffed by bankruptcy laws

Former Kmart stockholderstiffed by bankruptcy laws
EDITOR:
I noticed the article in your business digest section titled "Kmart stock price soars after earnings estimate."
Many former Kmart stockholders including myself are so offended by this for the following reason: Most of the former investors were dedicated Kmart customers all their lives. We supported Kmart over the years as well through the purchase of common stock, having trusted the "experts" who were running things at corporate headquarters. We faithfully stood by Kmart during their reorganization last year. Then, we all got shafted!
Please explain to me how a federal bankruptcy judge can declare that all the common stock Kmart supporters bought over the years in their retirement planning could be declared null, void and absolutely worthless, while new stock was immediately issued and sold to new investors at a new fixed price. Then, we find out through your recent article that those new investors are doubling their money this year due to Kmart's improved performance.
Also, when Kmart stole our investments through this corrupt but legal process, the directors split nearly $108 million in bonus monies paid for doing an outstanding job, (of screwing all the former investors). Where is the true justice in all of this? The only people who had nothing to do with the mismanagement of the company were the only ones punished!
I think that these profits on the new stock should be used to compensate the former shareholders before going to any new investors. It will never happen under the current bankruptcy laws, but you know what, the good Lord is keeping track, and one day soon I feel confident that thieves will receive their just reward.
LAWRENCE J. SCHULER
Canfield
Local TV station was wrongto let newscaster resign
EDITOR:
I do not understand why a newlywed has been made to resign her job as an experienced newscaster due to a wet T-shirt contest in Florida. It seems whoever felt it was necessary to ruin her career is a very malicious, jealous person.
This is America, and I am sure Catherine Bosley regrets having one night of fun not realizing someone planned on & quot;framing & quot; her. I am sure she did not plan to be on the Internet.
Obviously, she realizes it was not a responsible thing to do. Who has not done something when they were young that they regret? Why is this young woman who is excellent in her job being chastised?
After overcoming a life-threatening illness, she deserved to do whatever she wanted to do.
I will miss her pretty smile, and I feel WKBN-TV is losing an excellent announcer. I would like to know some of the skeletons in their closets. Remember "judge not lest ye be judged."
DENICE YOUNG-NYCZ
Boardman
Washington missed the boatin handling Medicare issue
EDITOR:
I wonder, if ever, the American people will get wise to the crap coming out of Washington. The latest Trojan horse is the Medicare destruction bill disguised as the Medicare prescription bill.
Unlike most other modern countries, the drug companies are still free to charge whatever they want to. The insurance companies will be given millions in taxpayers' money to compete with Medicare and companies that provide drug coverage to their retirees will be given millions in taxpayer money to do what they already do.
The decent thing to do would have been to give any retiree that wanted one a discount card with discounts based on their previous year's income.
Their next target is Social Security and what they are going to use are 401(k)-IRAs. Here is an example: Without Social Security; you save $200,000 in your 401(k)-IRA and live on $20,000 a year. You better hope you die within 10 years, because the 11th year you going to starve. Also the elderly are going to be at the mercy of the financial sharks roaming the country.
GERALD MILLER
Niles