Rump Organization

In: Business and Management

Submitted By menger
Words 1164
Pages 5
MEMORANDUM

To: Dr. John J. Morris, Department of Accounting
From: Group #2 (Jordan King, Kelsey Darnell, Xiaomeng Liao)
Date: 04/04/2013
Subject: ACCTG 642: Case 08-6, The Rump Organization

Statement of Relevant Facts
The Rump Organization is a commercial real estate company that purchases and constructs commercial property. On the basis of the corporate restructuring plan, Rump’s CEO, Ronald Rump, and Rump’s board of directors on December 27, 2005 approve a plan to involuntarily terminate 100 of the company’s employees. The plan provides for each terminated employee to receive a lump-sum cash payment equal to one month’s salary only if the employee voluntarily signs a waiver of any right to legal action against Rump. Consistent with Rump’s past practice, employees that refuse to sign the litigation waiver will not receive any of the severance benefits. The employee will be terminated whether or not the waiver is signed. The following additional facts are given: 1. The plan was approved on December 27, 2005 by Rump’s board of directors and Rump’s CEO, Ronald Rump. 2. The corporate restructuring plan identifies 100 employees to be terminated, the job classifications and locations of each employee to be terminated, and the expected completion date of January 31, 2006. 3. On December 31, 2005, each affected employee was e-mailed a summary of all the plan’s terms, which included the amount of severance benefits the employee would receive upon termination, subject to signing the litigation wavier by January 31, 2006. 4. Rump believes it is unlikely that significant changes will be made to the plan or that the plan will be withdrawn before its execution. 5. The plan allows employees to leave Rump at any time, but no later than January 31, 2006. The employees must sign the waiver no later than January 31, 2006.

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