RowUnderDCA
Veteran
- Oct 6, 2002
- 2,123
- 1
I know I must be daft, but how do you preserve equity in bankruptcy? Are does RSA have some kind of super equity than can survive bankruptcy?
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This statement is "Purely Speculative ".USA320Pilot said:US Airways would prefer to restructure outside of the courts, but it will do so inside of bankruptcy, if necessary. Then the company will be forced to maintain cash flow so it does not require DIP financing and any group that does not have a S.1113 letter, will be put squarely in the "cross hairs" where the judge will protect the debtor and creditors. To suggest otherwise is nonsense because Bronner will do whatever is necessary to maintain the security and his investment, which could cause the current board to issue more shares to the company following the next re-organization.
Didn't the pilot group have their pensions protected in the S1113 letter?? Just curious of the facts of the past.USA320Pilot said:any group that does not have a S.1113 letter, will be put squarely in the "cross hairs" where the judge will protect the debtor and creditors. . Thus, some unions can see a lot of pain where their members can be badly hurt, which could be avoided.
Respectfully,
USA320Pilot
Once again you distort the facts, the judge by law has to order the parties to negotiate before an abrogation can take place.USA320Pilot said:US Airways’ Legal Department and its consultants are preparing for a bankruptcy filing, where it’s expected the company will immediately present S.1113/S.1114 motions seeking a court order to set aside labor contracts and then reject aircraft/facility leases. The targets will be employee pay, retirement plans, and lease payments because these would be the largest drain on cash flow. It’s imperative that the airline maintain cash during its “formal restructuringâ€. It’s entirely possible that along with gates and office space, the company would reject the Charlotte maintenance facility and Winston-Salem reservation sales office, and close the Pittsburgh reservation sales and maintenance facilities too.
Finally, for anybody to suggest that labor would have any leverage in court for a twice failed company is nonsense. US Airways will compare its labor contracts against the profitable LCC’s and the court will order new contracts to protect cash flow, the debtor, and the creditors, period. Do I like it? No, of course not, but it’s reality.
Respectfully,
USA320Pilot
It is time for you to stop posting false information and meddiling in other union's affairs.USA320Pilot said:It's time to stop the rhetoric and fruitless "chest pounding". Any union that does not have a S.1113/S.1114 letter prior to the company entering bankruptcy will get "creamed" period, where the cuts will be much, much more painful.
The court will not side with labor and will protect the debtor and creditors, especially with the Bush Administration and the ATSB involved in the process.
As I have said before, the painful result could be as bad as rejection of labor accords, closure of all current major maintenance and reservation facilities, and virtually all outsourcing of jobs.
It's up to a union and its members of whether or not they want to work at US Airways at LCC levels, the only profitable part of the industry on an annual basis, or work elsewhere.
It's really that simple.
Respectfully,
USA320Pilot
Cav It will be so interesting in the end my friend. Unified or not, your group will give as will ours and others. If not, it will be forced on you or you will all be out of a job. Plain, simple, reality? What about that do you not understand. Why are you here? Who are you loyal too? Your family? Your co workers? Whats amazing here, is reality hits you in the face with facts. I cant blame your leadership for making noise. History tells us, the IAM have always yelled a little louder when they bled. In the end, Im afraid not only will the iam be broken. youll all be out of a job, the very thing your leadership is suppose to be protectin. NOT YOUR JOB, but the majority of the jobs.cavalier said:This is for the captain, usflichild/boy, hawk, flyonthewall, and all others who have refuted my remarks that the mechanics are united this time NO MATTER WHAT THE CONSEQUENCES. So put that in your pipes add some wacky weed and take a deep drag PORTION DELETED BY MODERATOR
"Tim McCulloch, a spokesman for IAM Local Lodge 1976 said "a lot'' of the 2,200 mechanics at Pittsburgh International Airport gathered Wednesday afternoon to discuss US Airways. He said that they reaffirmed, by voice vote, their anti-negotiating stance."
I guess you don't understand.usfliboi said:Cav It will be so interesting in the end my friend. Unified or not, your group will give as will ours and others. If not, it will be forced on you or you will all be out of a job. Plain, simple, reality? What about that do you not understand. Why are you here? Who are you loyal too? Your family? Your co workers? Whats amazing here, is reality hits you in the face with facts. I cant blame your leadership for making noise. History tells us, the IAM have always yelled a little louder when they bled. In the end, Im afraid not only will the iam be broken. youll all be out of a job, the very thing your leadership is suppose to be protectin. NOT YOUR JOB, but the majority of the jobs.
Wasn't your PENSION protected under the S1113 letter?? You continue to ignore the truth and keep spouting off how this useless S1113 is going to save all the other groups. :down: We see through you and no you are untruthful, so once again give it a break and stay out of our business, we are all grown adults and really do understand the risks, you'll never stop trying to save your own A$$!! Wishing you a chance to share in our PAIN.USA320Pilot said:It's time to stop the rhetoric and fruitless "chest pounding". Any union that does not have a S.1113/S.1114 letter prior to the company entering bankruptcy will get "creamed" period, where the cuts will be much, much more painful.
USA320Pilot