[FONT face=Arial size=2][STRONG][EM]--- UNITED PILOTS SEEK TO ISSUE NEW SHARES ---[/EM][/STRONG][/FONT]
[P][FONT face=Arial size=2]Pilots for United Airlines, fearing a bankruptcy court judge may allow the sale of millions of shares of stock held by an employee stock ownership plan, want to issue millions of new shares to save the plan''s seat on the carrier''s board of directors. The new shares would be granted to the ESOP, freeing the plan''s trustee to resume selling the millions of shares it still owns. The maneuver would allow the pilots union to block a provision in the airline''s governance rules that would force its removal from the board of directors. The airline''s rules state that representatives of the pilots union and machinists union can remain members of the board only if employees own at least 20 percent of the company''s stock.[/FONT][/P]
[P][FONT face=Arial size=2][STRONG][EM]From Bloomberg News[/EM][/STRONG][/FONT][/P]
[P][FONT face=Arial size=2]Pilots for United Airlines, fearing a bankruptcy court judge may allow the sale of millions of shares of stock held by an employee stock ownership plan, want to issue millions of new shares to save the plan''s seat on the carrier''s board of directors. The new shares would be granted to the ESOP, freeing the plan''s trustee to resume selling the millions of shares it still owns. The maneuver would allow the pilots union to block a provision in the airline''s governance rules that would force its removal from the board of directors. The airline''s rules state that representatives of the pilots union and machinists union can remain members of the board only if employees own at least 20 percent of the company''s stock.[/FONT][/P]
[P][FONT face=Arial size=2][STRONG][EM]From Bloomberg News[/EM][/STRONG][/FONT][/P]
