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On 4/24/2003 12:28:46 PM N305AS wrote:
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On 4/24/2003 11:03:00 AM KCFlyer wrote:
Whatever became of the last airline CEO whose resignation was demanded by labor in return for concessions?
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As I''m sure you''re already aware, this happened in 1986 at Eastern Air Lines.
Prior to a BOD vote to either sell the company to Frank Lorenzo''s Texas Air Corporation or file for Chapter 11 Bankruptcy (which, at that time, was much more of a stigma than it is today), EA''s management had secured employee givebacks from every union, save for the IAM.
In the culmination of his grab for power at EA, union chief Charlie Bryan agreed to concessions...but only if CEO Frank Borman would agree to resign.
In the end, Borman agreed, but the BOD did not accept his resignation and voted to sell the company rather than face the uncertainty of a bankruptcy proceeding.
The rest, as they say, is history.
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I learned something new today. Did not know about Borman''s request for resignation. That only further supports my point. Agree to the concessions if Carty is forced out. Again, I am not from AA. If US had that option at that time, we sure as hell would have jumped on it. If so, maybe you guys wouldn''t be going through this right now.