ALPA/USAPA topic of the week

[Pi brat]

Yes they did - and the minimum "cash" requirements were lowered twice - shortly after US entered BK2 and again in early 2005 (Jan I think, although it may have been Feb before the court approved the modification). Without the ATSB's two agreements to lower those minimums, US would have violated the covenants twice. One of the "what if's" I always wondered about was whether the ATSB could have actually called the loan since US was in BK and the ATSB-backed loan was a pre-BK debt. Of course, just entering BK2 violated the loan covenants so that may be a clue to the answer....

However, those minimum "cash" requirements didn't result in that amount becoming classified as restricted "cash". The "cash collateral", as it was called, was a part of the unrestricted "cash" number in the earlier post. So while US had the ~$550+ million or ~$400 million in "cash", most of it wasn't spendable if the ATSB requirements were to be met.

Jim

Jim,
Since you're good at it, and I'm lazy, how much cash did each company have in the bank on the day the merger was closed. The ATSB loans were paid off, and the loan restrictions were gone then right? Just wondering how much cash the two companies brought to the table.

I keep hearing that AWA was paying the payroll for the east just before the merger closed, you know if that is true, or how to find out?

 

[AAA73Pilot]

p.s. - noticed any of those ALPA lanyards roaming around in PHL and CLT lately? Don't let your bloomers fall off when the votes are tallied.....

Been out for 2 days now. So far the only ALPA lanyards I've seen are worn by the bus tour folks. Even some of them didn't have one on. The total? Maybe 5. Looks like a landslide to me. So what's your point? Maybe you were confused on the location.

 

[BoeingBoy]

Jim,
Since you're good at it, and I'm lazy, how much cash did each company have in the bank on the day the merger was closed.

To the best of my knowledge, that isn't publicly available info. Pre-merger HP filed the standard quarterly reports, so the last stand-alone report was for 2Q05 and showed assets on June 30th. Post merger the reports were for the combined company, so for the 3Q05 report the merger had closed. Admittedly, there was only a few days between BK exit/merger closing and the end of the quarter, but lots of things happened in those few days - company money became co-mingled and the outside investor money flowing in being the big two for this discussion.

In the pre-merger monthly filing for the month of August 2005 (last full month before BK exit), US had ~$400 million in "cash" (and burned through ~$80 million that month alone). There's no way to know how much "cash" HP had at the end of August 2005, but almost certainly not hundreds of millions more than at the end of June. Yet, the 3Q05 report for the merged US/HP showed ~$1.4 billion in "cash" on Sept 30 - 3 days after BK exit.

Jim

ps - in case anyone is wondering why I didn't use the numbers from the Sept 2005 monthly financial report filed with the BK court by US, there aren't any. The Sept filing just said to refer to the 3Q05 SEC filing.

 

[Phoenix]

ALPA is at it again. New ALPA funded scare videos.​

Click here to Watch the Video at YouTube, be careful, its SCARY

The funny thing is that the ALPA heros in the video (Mike, Tony, and Derek) are also high profile ALPA soldiers known for their FPL eligible positions in ALPA.

Mike is the Chairman of the ALPA National Merger Policy Review Committee, and a former FedEx LEC member (Where FPL was not near as groovy).

Tony had a minor roll in FedEx support to the passage of age 65.

And Derek ( vice-chairman of the FedEx pilots’ union) is quoted recently in an interview about seniority (made even more famous by the Delta Northwest talk.

No video rebuttal is planned by the pilots of Southwest, American, or UPS.

MEC CODE-A-PHONE UPDATE
December 8, 2007

This is Arnie Gentile with a US Airways MEC update for Saturday, December 8th, with four new items.

Item 1. The Grievance Committee has posted an important update under What's New that reviews the Committee's work during the past few weeks on two arbitrations: the first concerning the Company’s failure to include pilots on LTD as full participants in the pilots' defined contribution retirement plan and the second on the PIT base closing. The Grievance Committee Update will also be emailed to all pilots.

Item 2. ALPA has established a Merger Policy Review Committee which met in Herndon, Va., the week of December 3 to begin planning their work leading up to a presentation to the May 2008 ALPA Executive Board. The Chairman of the Merger Policy Review Committee is FedEx Captain Mike Arcamuzi
.....

And Derek... his full published comments at this link

“Seniority is really the keystone of a pilot’s career,†says Derek Martin, vice-chairman of the FedEx pilots’ union. “Every aspect of your career, from the time you’re hired to the time you retire, is driven by your seniority number. It stays with you.â€

Because Mr Martin was hired 12 years ago, near the start of a long recruiting wave at the delivery company, he has always reached the next phase of his career faster than many of his peers. Within two years he was first officer on a wide-bodied jet ferrying packages internationally.

The captain says the key to his rapid advancement was his position on the FedEx pilot seniority list.

 

[EastUS]

No video rebuttal is planned by the pilots of Southwest, American, or UPS.

"“Every aspect of your career, from the time you’re hired to the time you retire, is driven by your seniority number. It stays with you.â€￾ And this..from an Alpoid propogandist. Rarely has hypocrisy been better raised unto an actual art form What I actually found to be "scary" was that those people have such obvious contempt for their targeted audience that they imagine having three of them blathering out the same spiel as some "tag team", is in some way, supposed to "impress". Well...I certainly was "impressed". I'm naturally also going to go to a guy with all of 12 years to "learn" all about seniority....sheesh! These arrogant fools have..GOT...to...GO!!!

 

[EastUS]

USAPA, Best of luck with the vote. This retired guy is pulling for you. Finish what we tried to do 20 years ago.

Many thanks sir. Indeed...better late than never.

 

[oldiebutgoody]

Yea, those videos by the FEDEX guys look pretty unrehearsed. I'm sure those words are all their own. Funny how they all say the EXACT same thing. Even the ALPA "spin" looks pretty bad.

 

[luvthe9]

How much is ALPO spending to save us from leaving? They will be alright when we are gone there only losing 13 million a year. I don't want to be a ALPO member when the MDA pilots win their 1 BILLION+ lawsiut against ALPO, I hate to see that assessment you boys will be paying

 

[Richard]

As this topic has now crossed 400 posts for the week, we're going to close it and start a new one, perhaps with the poll from another thread. Please remember the rules, and do not make personally targeted comments.

Thank you.