23% Pay Cut For Fas!

[tadjr]

Go fares are a competitive response to SWA and Independance air.Yes go fares killed the yield but what's the choice?

US10

[post="183270"][/post]​

OK, so how is the following reflected by either WN or DH? RDU is the closest city and its 90+ miles away. TPA-PGV (Greenville, NC) $123.00 rt out the door.
Oops, plus the $10 ticketing fee. Who is this in response to? I dont think it should be a $300-400 fare, but this is ridiculous. This was something that I ticketed last week. Why are we doing this to ourselves? I guess that was a dumb question....

Oh, and congrats that its only 23%. I'm still waiting to hear what they want to offer the CWA other than the 35% they originally proposed back in August.

 

[PITbull]

pitbull,

No confusion here. The company entered BK with 750 million in unrestricted cash.This cash is the collateral for the ATSB guaranteed loan.The ATSB has given the company temporary permission to dip into a portion of this cash to meet day to day cash obligations.

Go fares are a competitive response to SWA and Independance air.Yes go fares killed the yield but what's the choice?

US10

[post="183270"][/post]​

That's a lie!

They had $950 million in cash and $726 million of that was restricted for the ATSB covenant, and another $400 million in liquidity. $1.4 billion total.

They went into BK to screw the retirees, future retirees, and steal the hell out of this labor force to cover up for their incompetence.

Lakefield is a waste of room air.

 

[cavalier]

Here is why the government won't save the AFA’s tail or ANY union's tail, plus that fact it's not their job. Hell if they didn't save the Steel industry, why now? I could name a TON of businesses that are gone and Uncle Sam never so much as lifted and eyebrow as it happened to thousands....U's problems are nothing to them, nothing. A vote, don’t make me laugh, how many are even registered let alone vote and then they B-I-T-C-H…Apathy is the real problem.

economics

 

[USA320Pilot]

As I have been telling readers all along it would have made a lot more sense and there would have been a lot less of a sacrifice if the union's were able to reach consensual agreements outside of the court.

Now employees will have to live with the results due to failed union leadership.

It is widely expected that Judge Mitchell will rule in favor of the company. When would now be a good time for each union to cut the best deal possible, limit damage, and then if necessary, seek employment elsewhere?

Apparently the Dispatchers and as of today, ALPA sees the light.

Respectfully,

USA320Pilot

 

[PITbull]

USA320,

You keep saying to "reach consensual agreements". You mean to say "to completely capitulate".

I can speak for our group....There is no way the f/as will survive financially on accepting peanuts" for wages. They can collect "peanuts" through Unemployment benefits.

 

[cavalier]

The unions believe otherwise, obviously.

The waters will soon be tested and we all will see the results. If the unions get crushed, can you say Regan and the air traffic controllers union, which started the decline of unionism in this country more that any other one event I can remember. Hmm, wonder if Glass was involved in that?

 

[FWAAA]

That's a lie!

They had $950 million in cash and $726 million of that was restricted for the ATSB covenant, and another $400 million in liquidity. $1.4 billion total.

They went into BK to screw the retirees, future retirees, and steal the hell out of this labor force to cover up for their incompetence.

[post="183278"][/post]​

Not quite, PITbull. You got some of it correct, but not all of it. And us10 is telling the truth.

On September 10, U had $750 million of unrestricted cash and short term investments, $726 million of which secured the ATSB loan. If U fell below that, it would be in default. At the time of filing, U was down to its last $24 million of cash that it could spend without triggering a default. That was cutting it close, by any standard.

http://www.donlinrecano.net/dr201/mwc/04-1...000006-0000.pdf

On top of that, U had another $720 million of cash and short term investments, for a total of $1.45 billion. Problem is, that other $720 million was (and still is) Restricted Cash, and represents such obligations as workers comp claims, credit card holdbacks and other obligations. It is untouchable for general operating purposes.

U has received permission to spend some of the $726 million of unrestricted cash (securing the ATSB loan) since it could not find DIP financing and was able to demonstrate the value of the LGA and DCA slots at between $350 million and $425 million or so, depending upon the appraiser.

Some people confuse the two amounts of cash - it is easy to do, since each is just over $700 million. But make no mistake, the term "restricted cash" (of which U has $720 million) has nothing to do with the cash collateral securing the ATSB loan - problem is, too many people use the term "restricted" when discussing the ATSB minimum cash balance of $726 million. "Restricted Cash" is explained more fully in the most recent 10-Q.

If U really had as much extra cash as you assert (where you say that us10 is lying), don't you think that the media, the bankruptcy court, someone besides you would be all over that story?

 

[PITbull]

I can tell you that that is NOT what Lakefield told AFA in a closed meeting in August.

You are mistaken.....if your figures above are actually correct...then how in the hell did 4 ALPA reps get blamed for a bankruptcy filing by anyone???? ALPA's capitulation before BK would not have prevented squat!

YOur logic places U smack into BK for just the pension debt alone. Your logic states that the company was in violation of the convenants.

I can tell you this, U management sat before the AFA MEC and expressed that they were in fear of paying the $110 m for pension liabilities because it would bring their CASH RESERVES DOWN at a time when the next two quarters were predicted to be slow for U.... They told AFA they had about $950 million in cash. U did not burn $200 million in cash in 1 month.

Your statements are NOT correct. The 10Q report comes out in March 2005 which reflects year's end 2004; not now.


Labor needs to demand legislative reform NOW!

No company should be able to dance into BK 2 in a short timframe of 2 years, wipe out pensions and wages of the workers, for the sake of stakeholders' and creditors' investments.

THE MAKET PLACE SHOULD DICTATE SURVIVALBILITY FOR A COMPANY..... NOT THE GOVERNMENT OR THE COURTS.

SHAREHOLDERS, STAKEHOLDERS WHO PLACE MONEY INTO INVESTMENTS SHOULD BE SMART ENOUGH TO WEIGHT THE RISKS. There is no protections for the average wall street gambler; there should be no protection for the heftier investing company who gambles either.

Folks who file for personal bk, are not permitted to file again for 4 years. And they can't receive credit even for a gas card,no matter what their income is.

 

[Bradly71]

... but if other airlines can make money in this environment, then they deserve to do so without a bunch of other airlines being given cash infusions from the govt. Enough has been spent on all the airlines, its time for some free market.

[post="183269"][/post]​

I agree and will be hated and bashed, but let it go. US is all but dead, Repubulican or Democrat it does not matter. If you are that p****d off, leave.. go away.. get a job that gives you the benefits and pay you think you deserve. I am and always will be a proud ex-employee of US Airways with posters and plane models at my desk, but even I would leave at this point. There is not one elected or appointed person on this earth that you can blame, it all goes back to the unions and bad management. Please, get a grip on reality. I and some of my fellow "furloughed" friends have written our senators before asking that they give no more assistance to the airlines and we'll do it again. As for the media, aside from the little beat reporter in Pittsburgh, do you honestly think anyone cares? geesh

 

[Bradly71]

..Folks who file for personal bk, are not permitted to file again for 4 years. And they can't receive credit even for a gas card,no matter what their income is.

[post="183355"][/post]​

WRONG!!!!!!

I always wanted to do that, so thought I should before I got banned <_<

You must have never filed for bankruptcy... I did after being furloughed
in round one. Within 3 weeks of that I had preapproved credit cards, including
gas cards, in my mail and refinancing offers for my homes. So, it depends on
where you are and the laws of your state, not only on federal laws. But.. here
again.. you manipulate things to state what you want them to. Perhaps you
should run for office.. if John FlipFlop can, surely you can too

 

[usfliboi]

Pitbull, It sounds like AFA is going to negotiate to me, based on Perys last e line. Are you saying you dont agree?

 

[HPearlyretiree]

Exactly where did I call anyone unpatriotic?

Just saying that US's problem has nothing to do with Dems or Reps.

Unions problems are the same. Hell, why are the airlines forced to have their unions covered under the Railway Labor Act? Its not like a strike at any one airline will ruin the company, and as for the Railroads, the last time they were of any national import was in the 40's.

You want to blame anyone, blame US, for decades now they knew they had to make hard choices to compete with low fare airlines, and they didn't do a good job of it.

 

[ITRADE]

IIRC, a certain president about 9 years ago - a dem - forced AA pilots back to work. Interesting. But I digress.

 

[FWAAA]

I can tell you that that is NOT what Lakefield told AFA in a closed meeting in August.

You are mistaken.....if your figures above are actually correct...then how in the hell did 4 ALPA reps get blamed for a bankruptcy filing by anyone???? ALPA's capitulation before BK would not have prevented squat!

YOur logic places U smack into BK for just the pension debt alone. Your logic states that the company was in violation of the convenants.

I can tell you this, U management sat before the AFA MEC and expressed that they were in fear of paying the $110 m for pension liabilities because it would bring their CASH RESERVES DOWN at a time when the next two quarters were predicted to be slow for U.... They told AFA they had about $950 million in cash. U did not burn $200 million in cash in 1 month.

Your statements are NOT correct. The 10Q report comes out in March 2005 which reflects year's end 2004; not now.

[post="183355"][/post]​

Here is the most recent 10-Q, genuis. It was filed in August, 2004 for the 3 mo ended June 30:

http://investor.usairways.com/EdgarDetail....04-27&SID=04-00


Pay close attention to the two entries labeled "restricted cash" of $161 million and $595 million. Add those two numbers together and you get the total restricted cash. That number has nothing to do with the $750 million of unrestricted cash (of which $726 million secured the ATSB loan) existing on September 10.

For future reference, 10-Ks are filed each spring for the preceding year.

10-Qs are filed quarterly, covering the preceding 3 months.

I couldn't care less what some backwater executive told the AFA in a meeting, the publicly filed and available numbers are what they are. Shouting in big fonts and screaming doesn't change that.

 

[NeedForSpeedNFS]

HOPE ALL CITIZENS IN THE UNITED STATES ARE VOTING THIS ELECTION!!!!!

Same administration stays with the House and Senate....the American workers are done in this country.

[post="183211"][/post]​

YOU BET......PITbul, I'LL BE VOTING