GM pensions a new model

General Motors Co., the largest US automaker, said it aims to cut its pension obligation by almost one fifth by offering lump-sum payments to about 42,000 salaried retirees and shifting plans to a Prudential Financial Inc. unit.

The moves, which follow Ford Motor Co.’s planned offer of lump-sum buyouts, will eliminate about $26 billion from GM’s pension obligations, which totaled $134 billion at the end of last year. The offers are a first for Detroit-based GM, which projects second-half charges of $2.5 billion to $3.5 billion and a $200 million decrease in annual pension income.

Prudential Financial Inc., General Motors Co., Ford Motor Co., GM, pension obligations

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Hondo: Leave it to Peavy

Chuck Norris would never let the Rockies smack him around, but Bud Norris did last night so Hondo went draino with the Astros and his ever-expanding deficit ballooned to 1,875 mcnertneys.

Tonight, Mr. Aitch will slap the Kiss of Death on the white-hot Chisox – 10 units on Peavy to muzzle the Mariners.

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George “Dubya” Bush’s official portrait was unveiled yesterday at the White House. Obama is expected to hang it facing to the wall so he can stab it in the back whenever he walks by ... Tom Brady said yesterday it’s time to turn the page on the Pats’ Super Bowl loss and start thinking about the 2012 season. And remember, everybody, it’s never too early to join Gisele and say some prayers for Tommy ... John Edwards beat the rap on one count of taking illegal campaign contributions, while a mistrial was declared on the other five counts. That’s a shame! Most were hoping The Husband From Hell would get an opportunity to spend some quality time with the Shawshank Sisters.

hondo@nypost.com

Chuck Norris, Astros, Bud Norris, Tom Brady, Chisox, White House, John Edwards

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Errors, Fordham bats move defending champ Xaverian a game from elimination

Xavieran was in control. The Clippers led by three runs and were hitting Fordham Prep pitcher Steve Fondu, who was beating them in the seeding round Saturday before being pulled.

“Normally we build on that,” Xaverian coach Lou Piccola said of the lead. “We made one mistake and everything comes back to kills us.”

The Rams would go on to score nine unanswered runs and stun the defending CHSAA intersectional champions 9-3 in the winner's bracket of the Class AA baseball championship round Thursday night at St. John’s University. Xaverian must now come back 2:30 p.m. Friday at Kaiser Stadium and take on division rival Molloy facing elimination.

Denis Gostev

Xaverian's Julian Lanfranco (l.) tags Fordham Prep' Robbie Lynch at second base.

Photos: Xaverian-Fordham Prep

“We couldn’t come through it,” shortstop Gabe Hernandez said. “Once somebody failed we were a little lost.”

A botched run down at third in the top of the third inning opened the door for two more Fordham Prep runs after one scored on the play. Piccola felt starter John Pena and reliever Frank Kaplan did not make enough quality pitches to finish off Rams hitters, who he credited with forcing long at bats. Fordham Prep scored two more runs in the fourth on a single by Zach Leone and broke the game open with two more in the sixth and seventh. The Bronx school pounded out 12 hits and star leadoff hitter Andrew Velasquez was 3-for-3 with two walks, scored three runs and drove in one.

“Too many lapses,” Piccola said. “They did not have the focus to recover.”

While Xaverian (19-2) made an uncharacteristic four errors, the Rams (15-7) and Fondu settled down after the second inning. After that he allowed just one hit. The Furman-bound right-hander allowed no runs on four hits in the seeding round, but Xaverian rallied for a 3-2 run against the Fordham bullpen. Then Clippers felt they had him scouted well coming into this game. Their bats however were again quiet.

“We were like this kid is going to challenge us with his fastball outside,” Hernandez said.

Xaverian has lost just twice all season and have gone unbeaten in the postseason up until now. The Brooklyn powerhouse will have a different challenge ahead of it if the team hopes to repeat. The Clippers feel like they can put this loss behind them and focus on Molloy even with Senior Mass later in the day Friday.

“It’s up to them,” Piccola said. “It’s not up to me. We haven’t had a lot of adversity throughout the year and now we do. We’ll see what type of team we’re made of.”

jstaszewski@nypost.com

Fordham Prep, Lou Piccola, Xaverian, The Clippers, The Clippers, Steve Fondu, Gabe Hernandez, Frank Kaplan, St. John’s University, Clippers, Julian Lanfranco, Piccola

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Giants' Canty will teach proper techniques at Manhattan clinic

George Willis
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Blog: By George

Giants defensive lineman Chris Canty admits he is “actively concerned” about the long-term effects concussions and blows to the head can have on a football player. It’s not something the seven-year veteran is taking lightly.

While the NFL expands its research into the issue, Canty is trying to do his part on a grass-roots level to enhance safety for youngsters who might have interest in playing the game.

He will be hosting a “Camp of Champions” on June 28 and June 29 in Washington Heights where more than a dozen current and former NFL players, along with members of the Police Athletic League and Fire Department football teams, will teach proper techniques to more than 300 youngsters in a non-contact environment.

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Chris Canty

“When it relates to the youth, we want to teach them the fundamentals of the game while limiting contact — especially blows to the head,” Canty said yesterday at the Giants training facility in East Rutherford. “I think the concern for player safety is headed in the right direction at the NFL level, and I believe it will trickle down to the collegiate level, the high school level and so on.

“But I think it’s very important that we acknowledge that this is something we need to address when we’re talking about the injury rate and how it’s affecting life after sport.”

Canty has held the camp in Charlotte, N.C., the past six years, but is relocating it to Manhattan to strengthen his bond with the New York area. Open to youngsters ages 8 to 16, it will be held at the George Washington Educational Campus on Audubon Avenue in Washington Heights, a location Canty picked because of its easy access to public transportation.

“We wanted to be able to access and share the experience with the kids up here because they need it,” Canty said. “My platform is here. I live here full-time, so it’s important for me to able to help this community. It’s important for me to give back to the New York metropolitan area.”

The camp isn’t just about learning proper football fundamentals.

“We try to use the platform of athletics to relay other messages about life skills, communication, leadership, teamwork, motivation and discipline,” he said. “We try to relay those messages through sport and physical activities.”

With the effects of concussions becoming an issue of concern, not only in the NFL but to parents of high school kids and younger, Canty wants to offer a reminder of the benefits of playing football. It is a rough sport, no doubt. Canty underwent knee surgery the Wednesday after the Giants beat the Patriots 21-17 in Super Bowl XLVI and is spending the OTAs rehabbing. But he would have it no other way.

“There’s always that concern [of injury],” he said. “With that being said, I love what I do. I would not rather do anything else in the world than play professional football. I understand I can’t play it forever, but I try to do the right things to take care of my body and limit the hits as much as possible.

“Every man has to make their own choice. At the high school level is a little dicey because you’re not talking about adults there, you’re talking about children. But at the collegiate level and pro level you can hear the claims and address them. But at the same time, every man is free to choose how they make a living. I love the game. I think it’s the greatest team game on earth. There are a lot of people that share my passion of the game. There are certain lessons you learn on the gridiron that you can’t learn in a classroom.”

For more information on the Camp of Champions, call 704-900-4081 or 704-589-5944.

george.willis@nypost.com

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Chris Canty, NFL, NFL, Washington Heights, George WillisFollow George, George Washington Educational Campus, Police Athletic League

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Blavatnik wants new Warner execs for $weeter music

Warner Music Group, controlled by billionaire Len Blavatnik, has been quietly reaching out to music execs as it prepares for the eventual exit of Stephen Cooper, a caretaker CEO who is expected to turn the company over to his replacement.

Sources say Blavatnik has been sending out feelers recently in search of candidates with both music credentials and operating expertise.

“They are looking for a creative who is a decent entertainment operator,” said one source.

Cooper has a reputation as a corporate turnaround specialist who continues to run his own firm while he overhauls Warner. Sources said he is focused on cutting costs and slimming down the company — but is not in it for the long haul.

Cooper had been Warner’s chairman until he switched roles last August with long-term Warner chief Edgar Bronfman Jr., who stepped down as CEO just two months after Blavatnik’s Access Industries completed its $3.3 billion Warner deal.

The next round of musical chairs could see Cooper return to the role of chairman, as opposed to an outright exit, sources said.

The looming change at the top has also raised the question as to whether Lyor Cohen, who oversees Warner’s recorded music division, will stick around under new management.

Cohen has not yet been offered a new contract and is working under his existing contract, which grants him $3 million in annual salary plus a $3.5 million bonus, according to Warner’s last proxy statement as a publicly traded company.

Cooper is currently working on a new executive compensation plan that would more closely align pay with the company’s performance.

Cohen, who declined to comment, is likely to wait until the plan is complete before he decides whether to stay.

“It was important for the new owners to get a sense of the business and the senior leadership team before any renegotiations,” one insider said.

Cohen’s prior incentives were tied to Warner’s stock price — a metric that no longer applies now that the company is privately owned.

Blavatnik’s growth plan for Warner, the world’s third-largest music major, hinges on generating organic growth and potentially picking up smaller assets.

Warner lost out to larger rivals Universal Music Group and Sony Entertainment Group in the bidding for EMI. Universal and Sony struck deals to split up and acquire EMI’s recorded music and music publishing businesses, leaving Warner to chase after the scraps in the event either sells assets to gain regulatory approval.

In the first three months of the year, Warner’s revenue fell 8 percent to $628 million. Universal’s grew 6.7 percent, to $1.28 billion, after accounting for currency fluctuations. Sony’s music revenue, which includes other subsidiaries such as publishing, fell 1 percent on an adjusted currency to $5.4 billion.

catkinson@nypost.com

Warner Music Group, Stephen Cooper, Len Blavatnik, Edgar Bronfman Jr., Lyor Cohen, Universal Music Group, Sony Entertainment Group, music execs, Access Industries ebook download, Blavatnik

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Pending home sales fall in April, worse than forecast

WASHINGTON -- US pending home sales fell in April for the first time in four months, the National Association of Realtors (NAR) said Wednesday.

The group's index dropped 5.5 percent to 95.5 from a downwardly revised 101.1 in March. March's pending home sales index was initially reported to be 101.4.

Economists surveyed by Dow Jones expected April's pending sales to be unchanged from the initial March reading.

Nevertheless, pending home sales are still 14.4 percent higher compared to one year earlier, NAR noted.

"Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues," Lawrence Yun, the trade group's chief economist, said.

A sale is listed as pending after a contract is signed but the deal has not closed, though the purchase usually is completed within a few months.

For the full year, NAR predicts that existing-home sales will reach 4.66 million, up from 4.26 million in 2011. And sales of existing homes are expected to climb to 4.92 million in 2013. Home prices, meanwhile, could rise two percent to three percent in 2011 and four percent to five percent in 2013, NAR forecast.

To read more, go to MarketWatch

National Association of Realtors, NAR, Dow Jones, Lawrence Yun

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Rangers should hire Leetch to assist with power play

Larry Brooks
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Blog: Slap Shots

John Tortorella sure sounded as if he would enter the offseason with an open mind about the type of personnel he would be amenable to adding to the Rangers.

“You have to be really careful about ruling people out,” the coach made a point of saying yesterday. “You don’t want to box yourself in.”

And the best place for the Rangers organization to start to address the fundamental issue the coach alluded to yesterday when he said, “We have to work extra hard to score goals,” is not to rush out and sacrifice a handful of assets in a trade for someone like Rick Nash. It’s for the club to hire an assistant coach to run the power play, which has ranged between dysfunctional and adequate during Tortorella’s tenure.

Neil Miller; AP

TAKING POINT-ERS: Rangers coach John Tortorella, at locker cleanout yesterday, said he would be open to changes, so he should welcome franchise great Brian Leetch as a power-play assistant.

Brian Leetch

VOTE: WHICH RANGERS TO KEEP?

This is where Tortorella must have the most open mind of all, because if the head coach won’t acknowledge the need or isn’t receptive to the idea of adding such a specialist to his coaching staff, the move would be counter-productive.

Better to do nothing, better to leave the power play in the hands of assistant Mike Sullivan (if he does not leave the organization for a head-coaching job in Calgary), than force someone on Tortorella.

The perfect guy is standing right here, of course. That’s Brian Leetch, who has eased back into the fold doing some television work with MSG.

It is impossible to think of anyone who would be better in teaching gifted, young defensemen Ryan McDonagh and Michael Del Zotto the art of playing the point than Leetch, truly one of the most accomplished power-play quarterbacks of his time.

It is, however, a long way from the booth to the bench, even in a metaphorical sense and even if Leetch would be willing to commit to such a role.

The relationship between Leetch and general manager Glen Sather, essentially nonexistent since the moment No. 2 was traded by the Rangers to Toronto on his 36th birthday on March 3, 2004, would have to be repaired in order for Leetch to rejoin the team.

But most critically, Tortorella would have to be willing to yield authority concerning a critical component of his team and one in which Leetch (or an alternate choice of pedigree) would be intimately involved with the club’s most talented players.

The Devils have Adam Oates, one of the most proficient power-play operatives of his era, on their staff. When Darryl Sutter replaced Terry Murray as head coach of the Kings, the Devils’ opponent in the Stanley Cup finals, he immediately invited Bernie Nicholls to work on the power play.

Tortorella affirmed the obvious at yesterday’s breakup day in stating the Rangers did not get enough from their top players in the defeat to the Devils. That was most damaging in the final three games, all of which the Blueshirts lost, as they went an aggregate 0-for-6 on the power play.

This notion that Henrik Lundqvist is somehow an illegitimate King because he departs from his seventh NHL season without a ring is sheer lunacy. It not only took Dominik Hasek nine seasons as a starter to win a Cup, it took a trade to a Detroit team filled with Hall of Famers until he could scale the mountain top in 2002.

Lundqvist, who has the standing to note yesterday, “We went from high to low so many times in the playoffs; it [20 games] was a lot of hockey to play,” is not on the list of topics on which the organization must focus.

Tortorella’s acknowledgment that Michael Sauer, who did not play after being concussed on Dec. 5, is “a huge question mark” and “can’t be counted on [for next season]” means that adding a top-four defenseman becomes a priority. The Rangers will be all in on the University of Wisconsin’s presumptive free agent Justin Schultz as the first step toward filling that void.

But improving the power play also must be a priority. And the place to start to address that issue is by adding a coach with the expertise to direct it.

No offense (well, that’s the problem), but neither Tortorella nor Sullivan attempts to be a goaltending coach.

larry.brooks@nypost.com

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