Haven't Heard About the Extra 4% in Equity to be Held Aside?

You think this is screwed up? 
 
They say they will set aside 14%, ok fine. How will they determine how much goes to the membership if the stock price rises or takes a nose dive?
Remember our distribution is based on the stock price when the company releases them on that day.
Who are they to hold my shares when they are at this price? What if in 6 months they are worth $22.00 again?
This is screwed up any which way you look at this. It just doesn't surprise me anymore with this sham of a union we have.
 
Unbelievable!!!
 
WAKE UP TULSA!!! Sign a card to get rid of this POS union.
 
You guys are just gonna get the same treatment after the merger if you all decide to keep this pathetic representation they want to call an Alliance.
Good move Metalmover, just hope the rest of the membership will be that smart to fire the TWU and IAM.
 
To me the logical choice would be to settle this with the retirees instead of lining the attorney's pockets...
 
You went from 5% to 14%, and after its' done it will be 100% of your equity...
 
But the TWU was always represented by incompetence...
 
 
 
TO: TWU AA Locals 501 - 591 
 
RE: Update to American Airlines Employees Eligible for Equity Distributions 
 
Over the last four months, three class actions have been filed on behalf of former 
AA employees who were excluded from equity distributions under the TWU 
Equity Distribution Plan adopted last year. TWU, acting at the urging of a 
unanimous vote of Local AA Presidents, intends to vigorously defend all these 
lawsuits, and has already begun to do so. However in view of the pendency of 
these legal claims, the TWU International Administrative Committee (the “IAC”) 
has decided that it would be imprudent not to increase the Reserve to a point that 
it could satisfy a judgment which could result if the lawsuits were fully 
successful, plus the associated legal and administrative costs. Based on the 
calculations of our experts, this amount has been set at 14% of the total equity 
allotted to TWU to distribute. Therefore in order to place 14% of the equity into 
reserve pending the results of the lawsuits, the Day 120 distribution to members 
will be noticeably less than it would have been had no lawsuits been filed. At the 
same time, you should be aware that if the exclusions from distribution are upheld 
as lawful in the course of the litigation, the equity in reserve (minus 
administrative and legal expenses) will be distributed to those who are eligible to 
receive it under the TWU Equity Distribution Plan. So as to protect further 
distributes from the Reserve, be they plaintiffs or the group of eligibles under the 
TWU Equity Plan, from volatility in the value of AA stock, TWU, pursuant to an 
order entered by the Federal Judge in the Demetrius case in San Francisco, will 
secure a professional investment manager to prudently manage the 14% equity 
that has been placed in Reserve. 
 
 
Jager said:
To me the logical choice would be to settle this with the retirees instead of lining the attorney's pockets...
 
You went from 5% to 14%, and after its' done it will be 100% of your equity...
 
But the TWU was always represented by incompetence...
 
 
 
TO: TWU AA Locals 501 - 591 
 
RE: Update to American Airlines Employees Eligible for Equity Distributions 
 
Over the last four months, three class actions have been filed on behalf of former 
AA employees who were excluded from equity distributions under the TWU 
Equity Distribution Plan adopted last year. TWU, acting at the urging of a 
unanimous vote of Local AA Presidents, intends to vigorously defend all these 
lawsuits, and has already begun to do so. However in view of the pendency of 
these legal claims, the TWU International Administrative Committee (the “IAC”) 
has decided that it would be imprudent not to increase the Reserve to a point that 
it could satisfy a judgment which could result if the lawsuits were fully 
successful, plus the associated legal and administrative costs. Based on the 
calculations of our experts, this amount has been set at 14% of the total equity 
allotted to TWU to distribute. Therefore in order to place 14% of the equity into 
reserve pending the results of the lawsuits, the Day 120 distribution to members 
will be noticeably less than it would have been had no lawsuits been filed. At the 
same time, you should be aware that if the exclusions from distribution are upheld 
as lawful in the course of the litigation, the equity in reserve (minus 
administrative and legal expenses) will be distributed to those who are eligible to 
receive it under the TWU Equity Distribution Plan. So as to protect further 
distributes from the Reserve, be they plaintiffs or the group of eligibles under the 
TWU Equity Plan, from volatility in the value of AA stock, TWU, pursuant to an 
order entered by the Federal Judge in the Demetrius case in San Francisco, will 
secure a professional investment manager to prudently manage the 14% equity 
that has been placed in Reserve. 
 
Click to expand...
Why would the TWU not have the plaintiffs pay the administrative and legal costs when this frivolous lawsuit is dismissed.
 
Robbed again. But I'm sure the internationals bank account will not spare a dime on the lawsuit. This union screws the retirees out of profit sharing /equity/and years of pathetic contracts and the members wind up footing the bill. But remember the twu is saving you from yourself.
 
when will this circus of representation be voted out of my life !
 
I say the crap has got to stop. In the original agreement, 5% was going to be set aside to cover any mistakes, suits etc...We all threw a fit but left it at that and moved on. Then, another 5% was taken because the TWU and all their experts miscalculated and didn't cover the expenses that the former members lawsuit may win if they prevail. Once again, we complained, voiced our opinion and even brought up the scenario that what was to prevent the TWU from coming back and taking more. Not gonna happen we were told. 10% would cover the claims and legal costs IF they prevail I was told. Guess what, they are back for more. The TWU and their financial experts strike a deal to take another 4% (totaling 14%) of our equity to satisfy the claims and pay the administrative and legal costs. Even if the TWU prevails, our equity is still going to cover those latter costs...ABSURD!
 
So, not only did we lose in bankruptcy and pre bankruptcy concessions, we now have given concessions to our own union as well. At least when we gave back to AA, we knew what benefit and dollar amount we were giving back. The money (equity) the union is stealing from us is open ended...we have no idea how much they are taking!
 
No other union on the property has this problem. Only the twu. In fact the twu is the only one that choose to administer this theft.
 
  1. Lets file another class action lawsuit for our money they keep stealing from us. Whatever happened with the equity formula details ????
  2. The only positive is maybe these lawsuits bankrupt the twu and we can finally get rid of them. Sweet justice
 
AANOTOK said:
I say the crap has got to stop. In the original agreement, 5% was going to be set aside to cover any mistakes, suits etc...We all threw a fit but left it at that and moved on. Then, another 5% was taken because the TWU and all their experts miscalculated and didn't cover the expenses that the former members lawsuit may win if they prevail. Once again, we complained, voiced our opinion and even brought up the scenario that what was to prevent the TWU from coming back and taking more. Not gonna happen we were told. 10% would cover the claims and legal costs IF they prevail I was told. Guess what, they are back for more. The TWU and their financial experts strike a deal to take another 4% (totaling 14%) of our equity to satisfy the claims and pay the administrative and legal costs. Even if the TWU prevails, our equity is still going to cover those latter costs...ABSURD!
 
So, not only did we lose in bankruptcy and pre bankruptcy concessions, we now have given concessions to our own union as well. At least when we gave back to AA, we knew what benefit and dollar amount we were giving back. The money (equity) the union is stealing from us is open ended...we have no idea how much they are taking!
Click to expand...
On top of the 2.7M in BK expenses paid by AA.
DOH!
 
Actually the TWU should have let the injunction stand and no further shares would have been distributed until the final resolution of the class action suit. In that case the TWU would have been able to shift the blame for those shares being held to the actual parties responsible. Our Brothers and Sisters who are suing US, ME and YOU for monies meant to make up for our losses moving forward. Those of us who have to live under a contract that occurred solely due to BANKRUPTCY and the laws that assist companies in stripping things from us.

I'm sure that I'll have my held shares in the next few months when their suit is thrown out of court for no merit. No harm, no foul.....
 
You mean the brothers and sisters who switched from NO to Yes took the $40grand and now want some of the equity that was given in exchange for the concessions? I say take the money from the 757 grievance and use that since Tulsa voted for this deal and they had the most people retire. Didn't the Pilots and Flight Attendants give their retirees equity? But then again didn't they also come out of Bankruptcy with deals that still left them near the top of the industry and not at a very distant bottom, sans USAir?

This horrible deal happen "solely" due to the laws, it was helped by people in our union who were and have been helping AA screw us for many years prior to the filing.

Sure you may get your 'held shares" , less legal and administrative costs that is.
 
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