awausairtech
Veteran
We all know the truth. My Webpage
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We all know the truth. My Webpage
Northwest Airlines is a case in point. It landed in bankruptcy court with more than a billion dollars in the bank. Management even claimed, as it declared Chapter 11, that it didn't need the protection of the bankruptcy court to keep operating. It was a bold and shameless maneuver to use the bankruptcy courts to batter its unions, avoid paying its bills and renege on its contracts.It's the only reason LCC has made money--the second bankruptcy.
Think about it: if you could suddenly lower your mortgage, return 1 of your 3 cars, and dump your home equity line, would you be better off?
BK laws in this country (and not just those relating to airlines) need to be revamped. LCC is proof positive that BK slews the market economy way out of it's "natural" whack.
the former CEO and the former CFO of US Airways, who together piloted that airline into debtor's land, reportedly each walked away with $35 million in salary, bonuses and stock options in 1998. They then feathered their retirement nest by receiving administrative credit for more than 20 years that they weren't actually on the job. The CEO, Stephen Wolf, left the company with a $15 million pension cash-out just six months before US Airways declared bankruptcy. h34r:
Here's the mantra:
Capitalism without bankruptcy is like Christianity without hell. - Frank Borman, CEO, Eastern Airlines
If you read the bible....Hell does not exist anywhere in it. Just made up over time.
Now capitalism without bankruptcy is something we can live without.
Well... since you capitalize the word "hell" and use a lower case for “Bible” then your lack of scholarship on the matter is obvious.
Huh?
Lower case "hell" is generic. Upper case is generally considered specific to Christians, just as it is with "bible".
Interesting, attempting to argue a point by using your own ignorance.
Must of watch old Charlton Heston movie last night on ABC!How does knowing this tidbit actually qualify as having anything to do with US Airways??
Except that maybe the execs have a God Complex.