Attention Phl Based Pilots

[ClueByFour]

BB, check the latest 8-k, filed with the SEC on 3/15:

US Airways also agreed to a loan covenant that its minimum unrestricted cash balance would not fall below the lower of $700 million and the outstanding balance of the loan at each month until its "going concern paragraph" is removed, at which point the unrestricted cash covenant will be reduced to $500 million.

By my read, $700 is the minimum until the "going concern" paragraph is removed.

I don't see "unless" or an ultimatum in there, and I have to believe such a change/omission would have to be reported to the SEC ASAP.

I'm not a lawyer nor do I hold a series-7 and/or series-63. YMMV. If US files an update with the SEC tomorrow, I'm gonna find a shareholder and initiate an SEC inquiry into Bloomberg .

 

[BoeingBoy]

Clue,

Thanks. Since I have no idea what a series-7 or series-63 is, that tells you how much I know.

Jim

 

[Bud8EE]

I think a certain Captain may be afraid because the PIT and PHL pilot reps didn't approve the new scope relief TA and had the votes to stop it. It seems they may not be as willing to cut loose the furloughed pilots as quickly and other and want a more deliberate process so as to actually give the company relief but hold true to the "union concept" by negotiating agreements that benifit everyone and be thoughtful of the long term consequences to the piloting profession. Who knows but maybe ALPA is turing over a new leaf. The fact that afew that serve understand the concept of self-sacrifice frightens some as evidenced by certain posts. So in essence what may be worrying the thread starter is a cotrolling mentality now on the MEC that is operating with more thoughtful deliberations and more consideration for those who were promised a "soft landing".

 

[TheLarkAscending]

I think a certain Captain may be afraid because the PIT and PHL pilot reps didn't approve the new scope relief TA and had the votes to stop it. It seems they may not be as willing to cut loose the furloughed pilots as quickly and other and want a more deliberate process so as to actually give the company relief but hold true to the "union concept" by negotiating agreements that benifit everyone and be thoughtful of the long term consequences to the piloting profession. Who knows but maybe ALPA is turing over a new leaf. The fact that afew that serve understand the concept of self-sacrifice frightens some as evidenced by certain posts. So in essence what may be worrying the thread starter is a cotrolling mentality now on the MEC that is operating with more thoughtful deliberations and more consideration for those who were promised a "soft landing".

Wow - voting with consideration and a conscience, I'm impressed. You know that the Haudenosaunee philosophy states that every decision effects the next seven generations...it would be nice if there were finally some forethought given to the future impact.

 

[BoeingBoy]

Lark,

Amen.

Jim

 

[ClueByFour]

I think a certain Captain may be afraid because the PIT and PHL pilot reps didn't approve the new scope relief TA and had the votes to stop it.

Don't they have to send it all out for member ratification in any case?

 

[BoeingBoy]

Clue,

That's what some of the reps are saying, but it's not in the mail yet.

Jim

 

[Bud8EE]

Don't they have to send it all out for member ratification in any case?

Everything that goes out to membership ratification is first approved by the MEC. In this case the MEC rejected the TA and gave the negotiation comittee marching orders to go back in and secure better returns and protections for the amount of relief being sought.

 

[mwereplanes]

The company was just introduced to the new MEC. One that will make requirements a part of the negotiating process. Gutless wonders who live in constant fear have also met something called a roll call. That process ensures the majority of represented pilots are heard.

The MEC is the filter for any TA that will be voted on by the group. That is their job. And this MEC will make certain that any TA will be the best possible prior to our group voting on it. That is a big change from the last MEC. Remember, we did NOT get to vote on our pension theft.

Fear has met reason. Contrary to the fear mongering by certain pilots on this web site, we are going to hold this management accountable for their ineptness. Make no mistake, we absolutely want this company to survive. But we will not continue to subsidize pathetic management. That is not something to fear. It is something that labor can be proud of.

mr

 

[michael707767]

SoldWholeSale:

There's no panic, it's about living in the 21st century and reality-based thinking.

Regards,

USa320Pilot

reality based thinking? Don't talk to me about reality. For you it seems it's ok to outsource every job but yours. The reality is it would be cheaper for U if we outsourced the A-320s but that would affect your job 320pilot so you would be against it. It sounds like some members of U ALPA are starting to realize you have to represent the whole group. You can't screw the junior guys to protect the senior. Deal with it.
Michael

 

[N628AU]

BoeingBoy:

Today Bloomberg News published a report that said if KPMG issues a second "going concern" letter than the company would be in violation of the revised ATSB loan guarantee covenants.

Sir, with all due respect, you're wrong.

Regards,

USA320Pilot

No, USA320Pilot, you are wrong, as is all too often the case. I will take what is written in the press release and SEC documents over a single press report. Have you ever seen an erroneous press report?

 

[Phoenix]

I urge you to recall the PHL ALPA Captain Rep, PHL First Officer Rep, and the PHL Secretary/Treasurer.

Regards,

USA320Pilot

Stick to the issues in LGA, or change bases if you want to.

 

[fatherabraham]

Captain topic starter,

With all due respect, the majority of posters do not agree with you. The majority have spoken thru their reps and you need to let the chips fall where they may.

As someone who believes in fair representation of all members including the thousands who may have been hired after you , i find it deplorable to sell them down the river for yours or anyones short term ( potential ) gain.

Me thinks mgt may have to actually manage if folks keep saying NO.

 

[savyinvestor]

SoldWholeSale:

There's no panic, it's about living in the 21st century and reality-based thinking.

Regards,

USa320Pilot

reality based thinking? Don't talk to me about reality. For you it seems it's ok to outsource every job but yours. The reality is it would be cheaper for U if we outsourced the A-320s but that would affect your job 320pilot so you would be against it. It sounds like some members of U ALPA are starting to realize you have to represent the whole group. You can't screw the junior guys to protect the senior. Deal with it.
Michael

Excellent post. Its always easier to agree to cutbacks except when its your job. Then it doesn't sound like the reasonable thing to do. Savy