Ok - now I get it. When EDS bought TransAlliance I was unimportant, but when Fiserv bought EDS I became nonexistent (and dismissed in record time by someone I had never seen before).
A nice commentary on how the word 'important' varies in context. For the PHB and his cohorts, 'important' has nothing to do with productivity or results and everything to do with perks and power.
If the status is "nonexistant" it will probably continue without anyone noticing. Give it a status of "unimportant" and it will definitely be the first to be dumped in the blue box and the employee recycled.
The PHB is being (accidentally) quite clever: important projects attract all the useless people who want to make a name for themselves, but ultimately bleed the project dry.