Off topics posts

[arera-51]

I don't think the relationship employees have with NW management would deter Doug from going after NW if the DL deal didn't work. After all we all know it would be US management for the most part taking over. Would NW employees make pins as well? I wish we would just do the NW thing and leave precious Delta right where they are... sitting ducks. I guess they at Delta realize that their worst fears have come true....

Them Delta workers are morons. They like working for peanuts.Half them are global services anyways outside the hubs run by somlians & liberians topping out at $6 bucks an hour. I wonder if they are handing out pins like idiots.

 

[Twicebaked]

Them Delta workers are morons. They like working for peanuts.Half them are global services anyways outside the hubs run by somlians & liberians topping out at $6 bucks an hour. I wonder if they are handing out pins like idiots.

What is with you with the Somolian and Liberian attacks? Every reply in every thread that you have posted has been an attack on some ethnic group. If they are happy making $6 an hour, so be it. Chill dude!!

 

[Charlie_Tuna]

I wonder what argument would surface when the IAM uses DOH to staple all the mechanics ro bottom of list.

 

[soc-hpjester]

This could be a way to rid HP/US of the unions (except ALPA) and start fresh with the "New Delta" by accepting only the employees from HP/US that want to go non union. It would solve all of DP's problems.

 

[Charlie_Tuna]

This could be a way to rid HP/US of the unions (except ALPA) and start fresh with the "New Delta" by accepting only the employees from HP/US that want to go non union. It would solve all of DP's problems.

Dream world

 

[700UW]

Interim Agreement Language

Interim Agreement Update

Machinists Union Responds to US Airways Merger Proposal

(IAM Transportation NewsWire)

International Association of Machinists and Aerospace Workers (IAM) General Vice President Robert Roach, Jr. today issued the following statement in response to US Airways' proposal to buy Delta Airlines:

"The IAM is prepared for additional airline mergers and a US Airways-Delta pairing is one of many being evaluated by our Transportation Merger Team. If US Airways hopes to complete a successful merger with Delta or any other airline they must first conclude the ongoing negotiations with the Machinists Union regarding the integration of America West employees into US Airways. Earlier today, US Airways CEO Doug Parker contacted me and indicated a desire to work with the Machinists Union. We are prepared to work together as long as all affected employees' interests are fully protected."

The IAM represents US Airways' Mechanic & Related, Stores Clerks, Fleet Service and Maintenance Instructor employees.

From Fleet Service:

Despite your Negotiating Committee’s resolve to reach a Labor Agreement that addresses the needs of US Airways while protecting our members from unnecessary pain, it is increasingly obvious that the company does not share the same goal.

Your Committee has not abandoned hope of achieving a fair and equitable agreement, however, we must report that US airways expects front line IAM members to continue subsidizing unwarranted executive bonuses, pay raises for management and expansive schemes such as Delta debacle. They can’t even close the current deal with their employees, how can employees trust them with another deal.

The comprehensive proposal the IAM presented to US Airways was rejected out of hand by Vice President Al Hemenway as being “too costly†and “not a basis†upon which an agreement could be achieved.

The IAM’s comprehensive proposal reflected your issues about wages, overtime rules, pensions, job security, the 60-day rule, vacations, holidays and other issues the membership expressed through the IAM’s Transition Survey.

If Mr. Hemenway believes these issues are not the basis for an agreement and his superiors concur, there is no prospect for the long-term profitability of this airline.

Your Negotiating Committee will continue seeking a fair and equitable agreement that reflects your concerns. However, this can only be achieved with your continued support.

While we continue waiting for US Airways to provide an official response to our latest proposal, District 141 is now concentrating our efforts on working with legal counsel in preparation for the upcoming “Change of Control†arbitration case with the carrier.

Sincerely,

S. R. Canale
President & Directing
General Chairman

Do you not understand creditors get to vote?

At UAL Retirees were not on the Creditors Committee yet they voted on the POR.

UAL AFA Retiree Vote

From the SEC:

Who Develops the Reorganization Plan for the Company?
Committees of creditors and stockholders negotiate a plan with the company to relieve the company from repaying part of its debt so that the company can try to get back on its feet.

One committee that must be formed is called the "official committee of unsecured creditors." They represent all unsecured creditors, including bondholders. The "indenture trustee," often a bank hired by the company when it originally issued a bond, may sit on the committee.

An additional official committee may sometimes be appointed to represent stockholders.

The U.S. Trustee may appoint another committee to represent a distinct class of creditors, such as secured creditors, employees or subordinated bondholders.
After the committees work with the company to develop a plan, the bankruptcy court must find that it legally complies with the Bankruptcy Code before the plan can be implemented. This process is known as plan confirmation and is usually completed in a few months.

Steps in Development of the Plan:

The debtor company develops a plan with committees.

Company prepares a disclosure statement and reorganization plan and files it with the court.

SEC reviews the disclosure statement to be sure it's complete.

Creditors (and sometimes the stockholders) vote on the plan.

Court confirms the plan, and
Company carries out the plan by distributing the securities or payments called for by the plan.

What is the Role of the U.S. Securities & Exchange Commission in Chapter 11 Bankruptcies?

Generally, the SEC's role is limited. The SEC will:
review the disclosure document to determine if the company is telling investors and creditors the important information they need to know; and ensure that stockholders are represented by an official committee, if appropriate.

Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of public investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.

How Will I Know What's Going On?

Sometimes, you may first learn about a bankruptcy in the news. If you hold stock or bonds in street name with a broker, your broker should forward information from the company to you. If you hold a stock or bond in your own name, you should receive information directly from the company.

You may be asked to vote on the plan of reorganization, although you may not get the full value of your investment back. In fact, sometimes stockholders don't get anything back, and they don't get to vote on the plan.

Before you vote, you should receive from the company:

a copy of the reorganization plan or a summary;

a court approved disclosure statement which includes information to help you make an informed judgment about the plan; a ballot to vote on the plan; and
notice of the date, if any, for a hearing on the court's confirmation of the plan, including the deadline for filing objections.

Even when stockholders do not vote, they should get a summary of the disclosure statement, and a notice on how to file an objection to the plan.

Stockholders may also receive other notices unrelated to the plan of reorganization, such as a notice of a hearing on the proposed sale of the debtor's assets, or notice of a hearing if the company converts to a Chapter 7 bankruptcy.

Chapter 11 is usually the choice of corporations.
Any debtor who can file a Chapter 7 liquidation is also eligible to file a Chapter 11 reorganization plan. However, most reorganizations are undertaken by corporations rather than individual debtors. Like Chapter 7 liquidations, Chapter 11 cases may be either voluntary or involuntary. In other words, the debtor may voluntarily initiate a Chapter 11 proceeding, or the debtor's creditors can force the debtor into a reorganization.

When a business seeks protection under Chapter 11 reorganization, the business does not ordinarily contemplate liquidation, although Chapter 11 can now be used for orderly liquidations over a period of years if the business has no prospect of being run profitably. In a Chapter 11 reorganization, a business' management typically stays in place as a debtor-in-possession. In other words, a trustee does not normally take title to business assets in a Chapter 11 reorganization. Creditors can petition the court for the appointment of a trustee for their protection if they can show that appointing a trustee would be in the best interest of the estate or if there has been gross mismanagement of the business by present management.

A Chapter 11 reorganization pursuant to a plan filed with the bankruptcy court normally either contemplates the rehabilitation of a business over a period of time or the orderly liquidation of the business. Typically, the business will discharge a portion of its debt in the proceeding. Creditor's debts are sometimes transformed into stock, an equity ownership interest.

Businesses typically seek protection under a Chapter 11 plan when they are faced with temporary financial reverses or cash shortages. Perhaps, the best known Chapter 11 filing was by Manville Corporation when they were faced with massive claims over asbestos liability, but the corporation was financially solvent. Chapter 11 proceedings, as do the bankruptcies, provide temporary relief from collection activities and lawsuits.

After the bankruptcy petition is filed and the court enters an order of relief, a creditors' committee will be formed from the debtor's unsecured creditors. Typically, the initial creditors' committee will work with the debtor and the court trustee to formulate the reorganization plan. In a larger Chapter 11 proceeding, there will typically be more than one creditors' committee because different creditors will have differing interests.

After the order for relief, the debtor has 120 days to formulate and file a plan of reorganization with the bankruptcy court. If the debtor fails to submit a plan during the 120 day period, or if creditors fail to consent to the debtor's plan during the first 180 days, any of the creditors can submit a plan. The court is sometimes faced with conflicting plans.

A plan of reorganization must designate classes and interests under the plan and what these classes of creditors will receive under the plan. For example, secured creditors might be one class, unsecured trade creditors a second, and employees a third. The plan must be fair and equitable and must provide an adequate means for its own execution. Generally, all identified classes must accept the plan of reorganization by a majority vote, which also comprises at least two thirds of the total claims within each class. Finally, the bankruptcy court must approve the proposed reorganization plan after determining that it is in the best interests of the creditors.

Although each class of creditors must normally approve the reorganization plan by majority vote, the bankruptcy court can still approve a plan over the objections of one or more classes of creditors. This power is called the "cram down" power.

As in Chapter 7 liquidations, the automatic stay prevents creditors from initiating or continuing either collection actions or litigation without court approval during the pendency of the bankruptcy case. Litigation in progress must come to a halt. This advantage has led some corporations to opt for Chapter 11 protection despite the fact that they were in no danger of insolvency.

Although at one time executory labor contracts could be avoided by the debtor in possession, Congress amended the bankruptcy code to provide that a debtor in possession cannot generally avoid collectively bargained union labor agreements.

The bankruptcy court has the power to dismiss a Chapter 11 case when the debtor has not complied with the reorganization plan or when it is highly unlikely that the plan can be carried out as originally intended.

 

[longing4piedmont]

Interim Agreement Language

Interim Agreement Update



From Fleet Service:
Do you not understand creditors get to vote?

At UAL Retirees were not on the Creditors Committee yet they voted on the POR.

UAL AFA Retiree Vote

From the SEC:

ahh the old cut and paste, deflect but do not address the issue.

You are truly a piece of work.


One more time. The committee makes a decision if ANY POR gets voted on. What do you not understand.

Don't even bother to respond, I'm tired of you and refusal to be honest in your post.

 

[700UW]

I am honest and listed government and legal sources, you are using symantics.

The SEC and other sources are credible.

 

[Charlie_Tuna]

Just got to love the way some folks pick out and post parts that support their view.

So is it so much different that theres a link to whole story and I posted what I thought was interesting part of it then from you posting whole story and highlight the pieces you want read?

I think people are smart enough to click a link to get story.

Come on you can do better then that.

And I stick by my cut and paste. The unknown debt buyers are the biggest part of that story.

ahh the old cut and paste,

Please don't be a hypocrite. Like you don't cut and paste.

Going back to the posting whole story thing don't the moderators frown on posting whole articles?

Don't we all edit others posts when we respond to certain parts?

To be honest when 700 posts I rather his be cut and paste. :blink:

 

[scot]

Going back to the posting whole story thing don't the moderators frown on posting whole articles?

Linking to sites/posts is preferable to taking up lots of space to post lengthy items.

Don't we all edit others posts when we respond to certain parts?

I think that question was just answered.

 

[700AW]

I am honest and listed government and legal sources, you are using symantics.

The SEC and other sources are credible.

if you are going to use this word, then say it right

"se‧man‧tics  /sɪˈmæntɪks/ Pronunciation Key - Show Spelled Pronunciation[si-man-tiks] Pronunciation Key - Show IPA Pronunciation

–noun (used with a singular verb) 1. Linguistics. a. the study of meaning.
b. the study of linguistic development by classifying and examining changes in meaning and form.

2. Also called significs. the branch of semiotics dealing with the relations between signs and what they denote.
3. the meaning, or an interpretation of the meaning, of a word, sign, sentence, etc.: Let's not argue about semantics."

from dictionary.com

 

[700UW]

And what does that have to do with the topic?

This is not an english lesson it is about Delta and the possible takeover.

Once again you try to attack me instead of sticking to the topic at hand.

 

[700UW]

I wonder what argument would surface when the IAM uses DOH to staple all the mechanics ro bottom of list.

You're statement is an oxymoron.

DOH is not staple. Staple is placing everyone at the bottom and DOH is dovetailing.

In every merger where mechanics become IAM they have always used DOH and Dovetailing.

 

[isthisok]

You two are driving me friggin' crazy. Both of you rant too much. You both get into personal battles that frankly everyone on this board get tired of. How about making your posts short and sweet and not these long boring tirades. If this were on paper there would be a couple of National Forests dead by now. Peace!

 

[wings396]

Them Delta workers are morons. They like working for peanuts.Half them are global services anyways outside the hubs run by somlians & liberians topping out at $6 bucks an hour. I wonder if they are handing out pins like idiots.

Those employees that you speak of are not DL ones to begin with. They are only contracted workers handling the DL ramps, and have no ties to Delta at all. Why would they care about wearing the buttons at all??