Gary, we went through a similar thing when What Was Current Employer was bought out by What's Now Current Employer (yeah, I have trouble keeping track too). As part of their deal What's Now was obligated to grandfather all of us at our old pay rates. What they weren't obligated to do was to keep us in our particular positions, which is in part why I'm doing what I'm doing now. They also weren't obligated to keep everyone on board. They got rid of some managers by transferring them to locations 30+ miles from their homes, for example.

Nevertheless, I KNOW it's nerve wracking buy kudos for speaking up and making your case known. That's half the battle ;)