ALPA 3-15
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MEC CODE-A-PHONE UPDATE
March 15, 2003
This is Roy Freundlich with US Airways MEC update for Saturday, March 15, with four new items.
Item 1. The Negotiating Committee met with management yesterday evening and received a second counterproposal to ALPA’s proposal.
· On the collection of the 35 million dollars from Stephen Wolf, Rakesh Gangwal, and Larry Nagin, management responded that the creditors committee is addressing the issue. The plan of reorganization papers filed with the court by management proposes that the Company release its ability to recover these funds from Wolf and Nagin. The filing did not propose the release for the ability to recover Gangwal’s payout. ALPA’s position is that it wants the money recovered from all three executives.
· The Company offered ALPA a seat on US Airways, Inc. Board (which is in addition to the current US Airways Group Board member). ALPA is requesting a seat on the executive, compensation, and finance committees. Management is proposing that if there is a labor member on these committees then it would be ALPA, but also said they have no intention and are opposed to putting a labor member on the committees.
· Management agreed to reduce the LTD benefit commencement waiting period from 6 months to 120 days.
· Management proposed that the final average earnings (FAE) be calculated from 36 of the previous 120 months prior to age 60 stated in annual terms. This is a movement toward ALPA’s position. The Company’s position in its original proposed plan provided a much narrower window and in some cases had FAE dependent on one month of pay. The widening of the FAE window would allow pilots who already had their best earnings in recent years, and who will retire during the current contract, to capture previous higher earnings for FAE determination.
· Withdrew request for MEC withdrawal of Mesa grievance.
· On LTD retirement benefits management made some movement on LTD contributions but the proposal severely restricts pilots on LTD from obtaining an adequate retirement benefit.
· On the proposed interim period to await legislative action to preserve the DB plan after termination, management offer to put cash contributions in escrow until the end of year. The status of such funds in escrow remains unclear.
· Management is proposing that it wants ALPA to agree that if the PBGC rejects a negotiated DC plan, than we default to the Company’s original proposed plan they consulted the PBGC on, without ALPA acceptance. This is a serious backtracking position. The Committee is concerned that management is making minimal moves to address follow-on plan issues, but then wants the ability to take it all back through interaction with the PBGC. Just as we saw management torpedo the legislative effort for restoration funding by disclosing to senators the Company’s work on a “solution†to plan termination, management now wants, in effect, to retain its ability to torpedo an negotiated follow-on plan with the PBGC, and then impose their original plan.
Additional updates on the negotiations will be provided as information becomes available.
Item 2. MEC Chairman Bill Pollock has called a special MEC meeting to convene in Herndon, VA, on Monday, March 17 at 10 a.m., and adjourn on Tuesday, March 18 at 5 p.m. or at the completion of business. The agenda is as follows:
1. Briefings from the R & I Committee with reports from ALPA and independent pension actuaries.
2. Briefings from financial, legal and bankruptcy advisors regarding corporate reorganization efforts.
3. Report from the Negotiating Committee on the status of negotiations.
The meeting will be held at the Days Inn Conference Center Dulles Airport. The telephone number for transportation information is 703-471-6700. Please be advised that portions of the meeting will be in closed session.
Item 3. MEC Chairman Bill Pollock has sent a letter to all US Airways pilots that discuss the recent activity concerning pension issues.
The letter includes information on the recent actuarial reports and analyses on the DB plan received from the MEC’s independent and in-house actuaries and on the current negotiations between ALPA and the Company on efforts to obtain an acceptable follow-on DC plan, resolve fairness issues, and obtain settlement terms as well as pursuing a legislative solution to the pension issue. The letter also provides an overview of the bankruptcy court findings on the Company’s motion to terminate the pilots’ DB plan and addresses the differences between the issues of legal representation for active pilots and for retired pilots.
Included with the letter is frequently-asked-questions document on terminated pension plan benefits.
The letter is available on the pilots only home page of the US Airways pilots website at usairwayspilots.org.
I
tem 4. At its first quarter meeting, on Friday, March 28, in Annapolis, the MEC will hold elections of committee chairmen for the Merger, Jumpseat and Legislative Affairs committees. If you are interested in serving your fellow pilots in any of these positions, please contact MEC Secretary/Treasurer Philip Osterhus at the MEC office at 800-USAIRMEC.
Please remember we have 1,827 pilots on furlough.
Thank you for listening.
March 15, 2003
This is Roy Freundlich with US Airways MEC update for Saturday, March 15, with four new items.
Item 1. The Negotiating Committee met with management yesterday evening and received a second counterproposal to ALPA’s proposal.
· On the collection of the 35 million dollars from Stephen Wolf, Rakesh Gangwal, and Larry Nagin, management responded that the creditors committee is addressing the issue. The plan of reorganization papers filed with the court by management proposes that the Company release its ability to recover these funds from Wolf and Nagin. The filing did not propose the release for the ability to recover Gangwal’s payout. ALPA’s position is that it wants the money recovered from all three executives.
· The Company offered ALPA a seat on US Airways, Inc. Board (which is in addition to the current US Airways Group Board member). ALPA is requesting a seat on the executive, compensation, and finance committees. Management is proposing that if there is a labor member on these committees then it would be ALPA, but also said they have no intention and are opposed to putting a labor member on the committees.
· Management agreed to reduce the LTD benefit commencement waiting period from 6 months to 120 days.
· Management proposed that the final average earnings (FAE) be calculated from 36 of the previous 120 months prior to age 60 stated in annual terms. This is a movement toward ALPA’s position. The Company’s position in its original proposed plan provided a much narrower window and in some cases had FAE dependent on one month of pay. The widening of the FAE window would allow pilots who already had their best earnings in recent years, and who will retire during the current contract, to capture previous higher earnings for FAE determination.
· Withdrew request for MEC withdrawal of Mesa grievance.
· On LTD retirement benefits management made some movement on LTD contributions but the proposal severely restricts pilots on LTD from obtaining an adequate retirement benefit.
· On the proposed interim period to await legislative action to preserve the DB plan after termination, management offer to put cash contributions in escrow until the end of year. The status of such funds in escrow remains unclear.
· Management is proposing that it wants ALPA to agree that if the PBGC rejects a negotiated DC plan, than we default to the Company’s original proposed plan they consulted the PBGC on, without ALPA acceptance. This is a serious backtracking position. The Committee is concerned that management is making minimal moves to address follow-on plan issues, but then wants the ability to take it all back through interaction with the PBGC. Just as we saw management torpedo the legislative effort for restoration funding by disclosing to senators the Company’s work on a “solution†to plan termination, management now wants, in effect, to retain its ability to torpedo an negotiated follow-on plan with the PBGC, and then impose their original plan.
Additional updates on the negotiations will be provided as information becomes available.
Item 2. MEC Chairman Bill Pollock has called a special MEC meeting to convene in Herndon, VA, on Monday, March 17 at 10 a.m., and adjourn on Tuesday, March 18 at 5 p.m. or at the completion of business. The agenda is as follows:
1. Briefings from the R & I Committee with reports from ALPA and independent pension actuaries.
2. Briefings from financial, legal and bankruptcy advisors regarding corporate reorganization efforts.
3. Report from the Negotiating Committee on the status of negotiations.
The meeting will be held at the Days Inn Conference Center Dulles Airport. The telephone number for transportation information is 703-471-6700. Please be advised that portions of the meeting will be in closed session.
Item 3. MEC Chairman Bill Pollock has sent a letter to all US Airways pilots that discuss the recent activity concerning pension issues.
The letter includes information on the recent actuarial reports and analyses on the DB plan received from the MEC’s independent and in-house actuaries and on the current negotiations between ALPA and the Company on efforts to obtain an acceptable follow-on DC plan, resolve fairness issues, and obtain settlement terms as well as pursuing a legislative solution to the pension issue. The letter also provides an overview of the bankruptcy court findings on the Company’s motion to terminate the pilots’ DB plan and addresses the differences between the issues of legal representation for active pilots and for retired pilots.
Included with the letter is frequently-asked-questions document on terminated pension plan benefits.
The letter is available on the pilots only home page of the US Airways pilots website at usairwayspilots.org.
I
tem 4. At its first quarter meeting, on Friday, March 28, in Annapolis, the MEC will hold elections of committee chairmen for the Merger, Jumpseat and Legislative Affairs committees. If you are interested in serving your fellow pilots in any of these positions, please contact MEC Secretary/Treasurer Philip Osterhus at the MEC office at 800-USAIRMEC.
Please remember we have 1,827 pilots on furlough.
Thank you for listening.
Hi Lavman,
I read the IAM objection, but US Airways response was not included. I find it amazing that US Airways has agreed in part with ALPA's request to recoup the money paid to Mr. Gangwal. I truly do not believe they thought this through prior to consent. If this stays as written, there is the potential for a major corporate fallout.
I read the IAM objection, but US Airways response was not included. I find it amazing that US Airways has agreed in part with ALPA's request to recoup the money paid to Mr. Gangwal. I truly do not believe they thought this through prior to consent. If this stays as written, there is the potential for a major corporate fallout.
Since Chip has disappeared, I am willing to assume the role of commenting in a tabloid sensationalism manner for this thread only!
"The plan of reorganization papers filed with the court by management proposes that the Company release its ability to recover these funds from Wolf and Nagin. The filing did not propose the release for the ability to recover Gangwal’s payout."
THIS IS HUGE!!!!
The word on the street shortly after Mr. Gangwal left the property was that he & Mr. Wolf had a huge falling out. This may or may not be true, but for the sake of the argument let's assume it is. So, ALPA goes along with this which forces Mr. Gangwal to sue US Airways to recover the 5 million. Keeping in mind this man knows which closet holds the skeletons and is furious that he alone is being singled out, while probably holding an old grudge. Can you imagine what information will be revealed in the courtroom? In the event this scenario takes place it will be standing room only in the courtroom. [img src='http://www.usaviation.com/idealbb/images/smilies/6.gif']
"The plan of reorganization papers filed with the court by management proposes that the Company release its ability to recover these funds from Wolf and Nagin. The filing did not propose the release for the ability to recover Gangwal’s payout."
THIS IS HUGE!!!!
The word on the street shortly after Mr. Gangwal left the property was that he & Mr. Wolf had a huge falling out. This may or may not be true, but for the sake of the argument let's assume it is. So, ALPA goes along with this which forces Mr. Gangwal to sue US Airways to recover the 5 million. Keeping in mind this man knows which closet holds the skeletons and is furious that he alone is being singled out, while probably holding an old grudge. Can you imagine what information will be revealed in the courtroom? In the event this scenario takes place it will be standing room only in the courtroom. [img src='http://www.usaviation.com/idealbb/images/smilies/6.gif']
PITbull
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As far as going after these contractual payouts from these boys, I think we may just be trying to swim upstream in a storm. My understanding of these pension payouts is that they were contractual triggers, and with regard to Gangwal's payout, he was off the property 6 months before Siegel was in anyones view. More than anyone of these execs who received this, Gangwal would have MORE of an entitlement to have his language honored, IMO. Wolf and Nagin were on the property when the retorhic of BK was being considered a possibility even way back in March, and Wolf is still here with the money sitting in his bank account. Nagin was General Counsel then. They must have plotted the BK course, too, even when management told us they would do whatever they could to avoid BK when Siegel was at the table with the Labor groups last March screaming "woe is me" on the pension liability. Now, that's the crime with Wolf's and Nagin payout. Having Siegel spout about what we as Labor had to do in order to save the airline, knowing those two guys were in the back room cutting their checks.
I am for honoring contracts, and I don't pick and choose whose to honor or not and when the right time is or not.
Yea, we all feel cheated and maybe part or most of our concessions had to fill that loss of cash position for the company, but legally, I don't think we can or should attempt to recover this. Pilots got their "lump sum" retirements paid out the past two years, AND we should not force this issue. As far as Gangwal, I had heard there was a huge falling out in Oct. of 2001 with the big bad Wolf. Gangwal was our CEO in the best of times for this Industry. He acted out what the BOD voted on to do, and, in the best interest for this company. Hindsight is always 20/20. If the plan approval at the time was a UAL merger, then that was the plan. We were all waiting for that to go through, as well, even for our own 401K stock sake. Just didn't work out that way.
I say, leave it alone.
I am for honoring contracts, and I don't pick and choose whose to honor or not and when the right time is or not.
Yea, we all feel cheated and maybe part or most of our concessions had to fill that loss of cash position for the company, but legally, I don't think we can or should attempt to recover this. Pilots got their "lump sum" retirements paid out the past two years, AND we should not force this issue. As far as Gangwal, I had heard there was a huge falling out in Oct. of 2001 with the big bad Wolf. Gangwal was our CEO in the best of times for this Industry. He acted out what the BOD voted on to do, and, in the best interest for this company. Hindsight is always 20/20. If the plan approval at the time was a UAL merger, then that was the plan. We were all waiting for that to go through, as well, even for our own 401K stock sake. Just didn't work out that way.
I say, leave it alone.
fatherabraham
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Pitbull,
Nice post, agree completley. Honorable men stand by their word (contract).
We would be stooping to mgt level ( somewhere around whale sh**) by not honoring their contracts. Revenge is not ours!
Nice post, agree completley. Honorable men stand by their word (contract).
We would be stooping to mgt level ( somewhere around whale sh**) by not honoring their contracts. Revenge is not ours!
mlt said:
The word on the street shortly after Mr. Gangwal left the property was that he & Mr. Wolf had a huge falling out.
DCAflyer says:
As near as I can tell, the fallout happened shortly after Gangwal, on a conference call with Wall Streeters when he was trying to pump up ratings, told those on the call that the events of September 11th gave US Airways opportunites (presumably with respect to labor and abrogating contracts) that it would not otherwise have. In other words, 9/11 was a scapegoat excuse to screw people. This was reported in the Washington Post around holloween, 2001. Gangrene was off the property very shortly thereafter, and it wasn't the typical executive leaving and giving six months notice. I believe it was just a few short weeks.
PITbull said:
As far as going after these contractual payouts from these boys, I think we may just be trying to swim upstream in a storm.
DCA flyer replies:
PIT, my understanding is that a company can request reimbursements for these payouts which were made within 12 months preceding a C-11 filing. I think IAM is doing the right thing under the circumstances. Ordinarilly, I would say no, but for years WolfGang made certain they were paid first, at the expense of all others and without regard to the harm and detriment it caused. I would hope that AFA, CWA, and ALPA join IAM in their motion to have these funds returned.
Fatherabraham said:
Nice post, agree completley. Honorable men stand by their word (contract).
DCAflyer replies:
Abe, where's the honor? Wolf and Gangwal have raped, piliaged, and plundered this company since the day they stepped on the property, and they did it without regard to the tens of thousands of people they were hurting along the way. They were paid to MANAGE the company, but only managed to run it further and further into the ground. If they had run this company in good faith, for the benefit of its growth and prosperity (notwithstanding the events of 9/11) I might agree with you. But they paid themselves first and left the skeletons to be discovered by Dave, hoping the evidence of their mismanagement would point to 9/11. Of course we all know better. But since they attempted to mislead people and blame everyone for their incompetence, I don't believe they are entitled to anything.
The word on the street shortly after Mr. Gangwal left the property was that he & Mr. Wolf had a huge falling out.
DCAflyer says:
As near as I can tell, the fallout happened shortly after Gangwal, on a conference call with Wall Streeters when he was trying to pump up ratings, told those on the call that the events of September 11th gave US Airways opportunites (presumably with respect to labor and abrogating contracts) that it would not otherwise have. In other words, 9/11 was a scapegoat excuse to screw people. This was reported in the Washington Post around holloween, 2001. Gangrene was off the property very shortly thereafter, and it wasn't the typical executive leaving and giving six months notice. I believe it was just a few short weeks.
PITbull said:
As far as going after these contractual payouts from these boys, I think we may just be trying to swim upstream in a storm.
DCA flyer replies:
PIT, my understanding is that a company can request reimbursements for these payouts which were made within 12 months preceding a C-11 filing. I think IAM is doing the right thing under the circumstances. Ordinarilly, I would say no, but for years WolfGang made certain they were paid first, at the expense of all others and without regard to the harm and detriment it caused. I would hope that AFA, CWA, and ALPA join IAM in their motion to have these funds returned.
Fatherabraham said:
Nice post, agree completley. Honorable men stand by their word (contract).
DCAflyer replies:
Abe, where's the honor? Wolf and Gangwal have raped, piliaged, and plundered this company since the day they stepped on the property, and they did it without regard to the tens of thousands of people they were hurting along the way. They were paid to MANAGE the company, but only managed to run it further and further into the ground. If they had run this company in good faith, for the benefit of its growth and prosperity (notwithstanding the events of 9/11) I might agree with you. But they paid themselves first and left the skeletons to be discovered by Dave, hoping the evidence of their mismanagement would point to 9/11. Of course we all know better. But since they attempted to mislead people and blame everyone for their incompetence, I don't believe they are entitled to anything.
PITbull
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DCflyer,
I understand your view point. Many share that side. But where I sit, Contract language is contract language. Of all the Execs that got a payout, (so did Siegel last March as his sign on bonus $750,000) Gangwal received this payout 6 months before Siegel came on board. And I know for a fact that he never SOLD NOT ONE SHARE OF STOCK while employed at U. It is a fact that Gangwal and Wolf had a "parting" not as friends.
In the position that I am in, I would not challenge others contractual rights, as I would want our contract language to be honored as well. Every single word. We hold management to it, grieve it with all our might, until we receive remedy. This is called "bargaining in good faith". With regard to how Wolf and Gangwal manged the company...you have to put your focus on mostly Wolf, who was the Chairman of the Board and the entire Board of Directors. Once the potential merger was announced with UAL, all employees were hoping and betting on this merger. It just didn't work out for us. With regard to managing this company, with Gangwal as CEO, we made more money from 1995 through 1999 then at anytime in U's history.
My focus is directly on this NEW mangement team and RSA who will have the majority control of our airline. Labor Relations dept will continue to handle the daily operations with regard to employee discontent and morale, which will be their toughest hurdle. In order to succeed, somehow this management team will have to reach its employees, and right now, breaking labors legs and back, is not the way to run an airline. Looks good on paper with all the horrific cost cutting, but altimately a company's success is measured on the pax safisfaction as well as employee satisfaction with whom they work for and with.
As far as Siegel, he will be a "puppet" to the RSA Representatives on the Board, as Gangwal was to Wolf and Gang.
I can already see in my "crystal ball", that Dr Bronner is NO FRIEND to labor.
My focus is looking ahead, not behind. Wolf has approx 2 weeks left sitting on the Board.
I understand your view point. Many share that side. But where I sit, Contract language is contract language. Of all the Execs that got a payout, (so did Siegel last March as his sign on bonus $750,000) Gangwal received this payout 6 months before Siegel came on board. And I know for a fact that he never SOLD NOT ONE SHARE OF STOCK while employed at U. It is a fact that Gangwal and Wolf had a "parting" not as friends.
In the position that I am in, I would not challenge others contractual rights, as I would want our contract language to be honored as well. Every single word. We hold management to it, grieve it with all our might, until we receive remedy. This is called "bargaining in good faith". With regard to how Wolf and Gangwal manged the company...you have to put your focus on mostly Wolf, who was the Chairman of the Board and the entire Board of Directors. Once the potential merger was announced with UAL, all employees were hoping and betting on this merger. It just didn't work out for us. With regard to managing this company, with Gangwal as CEO, we made more money from 1995 through 1999 then at anytime in U's history.
My focus is directly on this NEW mangement team and RSA who will have the majority control of our airline. Labor Relations dept will continue to handle the daily operations with regard to employee discontent and morale, which will be their toughest hurdle. In order to succeed, somehow this management team will have to reach its employees, and right now, breaking labors legs and back, is not the way to run an airline. Looks good on paper with all the horrific cost cutting, but altimately a company's success is measured on the pax safisfaction as well as employee satisfaction with whom they work for and with.
As far as Siegel, he will be a "puppet" to the RSA Representatives on the Board, as Gangwal was to Wolf and Gang.
I can already see in my "crystal ball", that Dr Bronner is NO FRIEND to labor.
My focus is looking ahead, not behind. Wolf has approx 2 weeks left sitting on the Board.
MarkMyWords
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good points PITBull....
The 35 million dollar payouts are a bitter pill to swallow but contractually I don't see where we will get the money back. I applaud those that are trying, but if it was money that was due to you, per your contract, and another employee group was trying to take it away.....how would you feel?
So where's the Bon Voyage party for Wolf?
![9.gif']](/proxy.php?image=http%3A%2F%2F%5Bimg+src%3D%27http%3A%2F%2Fwww.usaviation.com%2Fidealbb%2Fimages%2Fsmilies%2F9.gif%27%5D++%5Bimg+src%3D%27http%3A%2F%2Fwww.usaviation.com%2Fidealbb%2Fimages%2Fsmilies%2F9.gif%27%5D&hash=a47b39ce7ab9e3a36c4bf9e4d085e000)
The 35 million dollar payouts are a bitter pill to swallow but contractually I don't see where we will get the money back. I applaud those that are trying, but if it was money that was due to you, per your contract, and another employee group was trying to take it away.....how would you feel?
So where's the Bon Voyage party for Wolf?
[blockquote]
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On 3/16/2003 8:06:16 PM MarkMyWords wrote:
good points PITBull....
but if it was money that was due to you, per your contract, and another employee group was trying to take it away.....how would you feel?
So where's the Bon Voyage party for Wolf? [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif']
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[/blockquote]
No offense but I'd feel like a Pilot.
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On 3/16/2003 8:06:16 PM MarkMyWords wrote:
good points PITBull....
but if it was money that was due to you, per your contract, and another employee group was trying to take it away.....how would you feel?
So where's the Bon Voyage party for Wolf? [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif']
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[/blockquote]
No offense but I'd feel like a Pilot.
[blockquote]
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On 3/16/2003 8:06:16 PM MarkMyWords wrote:
So where's the Bon Voyage party for Wolf? [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif']
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[/blockquote]
AOG-N-IT replies...Hopefully it's somewhere , where "Ice Water" and Flame Retardant Clothing is in great demand....and 15 Million won't even make a down payment on either. [img src='http://www.usaviation.com/idealbb/images/smilies/7.gif']
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On 3/16/2003 8:06:16 PM MarkMyWords wrote:
So where's the Bon Voyage party for Wolf? [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif']
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[/blockquote]
AOG-N-IT replies...Hopefully it's somewhere , where "Ice Water" and Flame Retardant Clothing is in great demand....and 15 Million won't even make a down payment on either. [img src='http://www.usaviation.com/idealbb/images/smilies/7.gif']
PITbull
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[blockquote]
----------------
On 3/16/2003 8:06:16 PM MarkMyWords wrote:
good points PITBull....
The 35 million dollar payouts are a bitter pill to swallow but contractually I don't see where we will get the money back. I applaud those that are trying, but if it was money that was due to you, per your contract, and another employee group was trying to take it away.....how would you feel?
So where's the Bon Voyage party for Wolf? [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif']
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[/blockquote]
Mark,
That is the first thing you've said that I can agree with. Wouldn't like any group or mangement nullifying or disregarding contract language that had been negotiated; whether new or long standing language. No sir, wouldn't like that at all; and would spend my energy to ensure the language was honored.
[img src='http://www.usaviation.com/idealbb/images/smilies/5.gif']
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On 3/16/2003 8:06:16 PM MarkMyWords wrote:
good points PITBull....
The 35 million dollar payouts are a bitter pill to swallow but contractually I don't see where we will get the money back. I applaud those that are trying, but if it was money that was due to you, per your contract, and another employee group was trying to take it away.....how would you feel?
So where's the Bon Voyage party for Wolf? [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/9.gif']
----------------
[/blockquote]
Mark,
That is the first thing you've said that I can agree with. Wouldn't like any group or mangement nullifying or disregarding contract language that had been negotiated; whether new or long standing language. No sir, wouldn't like that at all; and would spend my energy to ensure the language was honored.
[img src='http://www.usaviation.com/idealbb/images/smilies/5.gif']
fatherabraham
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Fatherabraham said:
Nice post, agree completley. Honorable men stand by their word (contract).
DCAflyer replies:
Abe, where's the honor? Wolf and Gangwal have raped, piliaged, and plundered this company since the day they stepped on the property, and they did it without regard to the tens of thousands of people they were hurting along the way. They were paid to MANAGE the company, but only managed to run it further and further into the ground. If they had run this company in good faith, for the benefit of its growth and prosperity (notwithstanding the events of 9/11) I might agree with you. But they paid themselves first and left the skeletons to be discovered by Dave, hoping the evidence of their mismanagement would point to 9/11. Of course we all know better. But since they attempted to mislead people and blame everyone for their incompetence, I don't believe they are entitled to anything.
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[/blockquote]
Dca,
Hey man, I'm with you 100%. Agree with all your points.
What i tried to say was , these 3 Mgt negotiated a contract with U BOD. The BOD is responsible for this travesty. In NO way am I implying that their is honor among these theives. Rather I am saying like Pitbull, a contract is a contract....PERIOD! Now should the BOD seek relief under the law....OK.
Should you or I or alpa or iam etc.. NO.
Then as tug so surprisingly confessed, we may find ourselves feeling like a pilot.
Nice post, agree completley. Honorable men stand by their word (contract).
DCAflyer replies:
Abe, where's the honor? Wolf and Gangwal have raped, piliaged, and plundered this company since the day they stepped on the property, and they did it without regard to the tens of thousands of people they were hurting along the way. They were paid to MANAGE the company, but only managed to run it further and further into the ground. If they had run this company in good faith, for the benefit of its growth and prosperity (notwithstanding the events of 9/11) I might agree with you. But they paid themselves first and left the skeletons to be discovered by Dave, hoping the evidence of their mismanagement would point to 9/11. Of course we all know better. But since they attempted to mislead people and blame everyone for their incompetence, I don't believe they are entitled to anything.
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[/blockquote]
Dca,
Hey man, I'm with you 100%. Agree with all your points.
What i tried to say was , these 3 Mgt negotiated a contract with U BOD. The BOD is responsible for this travesty. In NO way am I implying that their is honor among these theives. Rather I am saying like Pitbull, a contract is a contract....PERIOD! Now should the BOD seek relief under the law....OK.
Should you or I or alpa or iam etc.. NO.
Then as tug so surprisingly confessed, we may find ourselves feeling like a pilot.
