USA320Pilot
Veteran
- May 18, 2003
- 8,175
- 1,539
PilotAction Merger News for US Airways & American Airlines: August 20, 2013
Airlines Rally as Analysts Defend Sector: AMR Gains 7%, US Airways Rises 2%
See Story: http://blogs.barrons....d=yahoobarrons
Union for American Airlines flight attendants is urging members to contact AGs
See Story: http://aviationblog.....tact-ags.html/
American, city of Fort Worth reach agreement to terminate lease at Alliance maintenance base
See Story: http://blogs.star-te...m.com/sky_talk/
Dallas News APA Ad to Texas AG and Gubernatorial Candidate Greg Abbott
See Story: https://public.allie....=1042&mid=2085
USAPA PHX Domicile Rep Update: August 20, 2013
The Phoenix Representatives wish to provide you with avenues to voice your support for the merger. Please encourage support from family and friends, and perhaps have them share with others.
John, Dave, and Roger
https://petitions.wh....rways/hqZ3gs9v
http://www.change.or...=share_petition
https://www.facebook...AttorneyGeneral
http://www.ag.virgin....ntactForm.aspx
https://www.facebook....al/87812031980
https://www.facebook.com/tomhorneaz
http://myfloridalega...ttorney_General
[email protected]
[email protected]
Tennessee Office of the Attorney General and Reporter
P.O. Box 20207
Nashville, TN 37202-0207
Telephone: (615) 741-3491
Fax: (615) 741-2009
APA Update (Bankruptcy Update): August 20, 2013
On Aug. 15, Judge Lane opened the confirmation hearing on the proposed Plan of Reorganization by stating that following the Justice Department's filing of an antitrust lawsuit, he had given consideration to adjourning the hearing to a later date but opted to go forward with it. He then told all parties that because the prehearing filings had been filed before the DOJ suit, he wanted more information in the form of additional written briefings as to whether the DOJ lawsuit impacted the timing of confirmation of the Plan of Reorganization. Judge Lane set a briefing deadline of Aug. 23.
During the course of the hearing, the court appeared favorably disposed toward the Plan of Reorganization. Of the nearly 40 plan objections and pro se letters, all except the U.S. Trustee's objections were resolved or overruled. These included the withdrawal of USAPA's objection and the overruling of the objection by the Supplement B pilots and the AICA objection on behalf of former TWA pilots. The U.S. Trustee's objections to the Chairman Letter Agreement (Mr. Horton's $19.9 million), the payment of certain professional expenses for members of the Unsecured Creditors Committee and expenses of Indenture Trustees were taken under advisement by the court.
Synopsis of the hearing: The company's counsel walked the court though all of the "technical amendments" to the third amended Plan of Reorganization. The principal technical amendment was the company's agreement with the APA to advance the amounts necessary to pay the pilots' withholding taxes due upon receipt of shares. There were no objections to the modifications. Resolving these tax issues will result in significant savings to pilots because it functionally eliminates pressure for individual pilots to sell shares of stock immediately upon receipt in order to cover IRS-mandated withholding. APA took the lead on behalf of all employees, and we are grateful to all who worked so hard to bring this challenging problem to a successful conclusion. This is an important achievement that has the potential to net significant gains for our pilots.
The request for additional briefings is viewed by counsel as a prudent, thoughtful act to assure no procedural conflicts and seems likely to result in confirmation after the Aug. 23 briefing. For now, your APA leadership will be focused on the legal process ahead along with our goal of obtaining antitrust approval for our proposed merger and eventual exit from bankruptcy. As more details become available, we will communicate them to you as quickly as possible.
Airlines Rally as Analysts Defend Sector: AMR Gains 7%, US Airways Rises 2%
See Story: http://blogs.barrons....d=yahoobarrons
Union for American Airlines flight attendants is urging members to contact AGs
See Story: http://aviationblog.....tact-ags.html/
American, city of Fort Worth reach agreement to terminate lease at Alliance maintenance base
See Story: http://blogs.star-te...m.com/sky_talk/
Dallas News APA Ad to Texas AG and Gubernatorial Candidate Greg Abbott
See Story: https://public.allie....=1042&mid=2085
USAPA PHX Domicile Rep Update: August 20, 2013
The Phoenix Representatives wish to provide you with avenues to voice your support for the merger. Please encourage support from family and friends, and perhaps have them share with others.
John, Dave, and Roger
https://petitions.wh....rways/hqZ3gs9v
http://www.change.or...=share_petition
https://www.facebook...AttorneyGeneral
http://www.ag.virgin....ntactForm.aspx
https://www.facebook....al/87812031980
https://www.facebook.com/tomhorneaz
http://myfloridalega...ttorney_General
[email protected]
[email protected]
Tennessee Office of the Attorney General and Reporter
P.O. Box 20207
Nashville, TN 37202-0207
Telephone: (615) 741-3491
Fax: (615) 741-2009
APA Update (Bankruptcy Update): August 20, 2013
On Aug. 15, Judge Lane opened the confirmation hearing on the proposed Plan of Reorganization by stating that following the Justice Department's filing of an antitrust lawsuit, he had given consideration to adjourning the hearing to a later date but opted to go forward with it. He then told all parties that because the prehearing filings had been filed before the DOJ suit, he wanted more information in the form of additional written briefings as to whether the DOJ lawsuit impacted the timing of confirmation of the Plan of Reorganization. Judge Lane set a briefing deadline of Aug. 23.
During the course of the hearing, the court appeared favorably disposed toward the Plan of Reorganization. Of the nearly 40 plan objections and pro se letters, all except the U.S. Trustee's objections were resolved or overruled. These included the withdrawal of USAPA's objection and the overruling of the objection by the Supplement B pilots and the AICA objection on behalf of former TWA pilots. The U.S. Trustee's objections to the Chairman Letter Agreement (Mr. Horton's $19.9 million), the payment of certain professional expenses for members of the Unsecured Creditors Committee and expenses of Indenture Trustees were taken under advisement by the court.
Synopsis of the hearing: The company's counsel walked the court though all of the "technical amendments" to the third amended Plan of Reorganization. The principal technical amendment was the company's agreement with the APA to advance the amounts necessary to pay the pilots' withholding taxes due upon receipt of shares. There were no objections to the modifications. Resolving these tax issues will result in significant savings to pilots because it functionally eliminates pressure for individual pilots to sell shares of stock immediately upon receipt in order to cover IRS-mandated withholding. APA took the lead on behalf of all employees, and we are grateful to all who worked so hard to bring this challenging problem to a successful conclusion. This is an important achievement that has the potential to net significant gains for our pilots.
The request for additional briefings is viewed by counsel as a prudent, thoughtful act to assure no procedural conflicts and seems likely to result in confirmation after the Aug. 23 briefing. For now, your APA leadership will be focused on the legal process ahead along with our goal of obtaining antitrust approval for our proposed merger and eventual exit from bankruptcy. As more details become available, we will communicate them to you as quickly as possible.