Retiree Equity Lawsuit Info

[Rogallo]

TWU GOTTA GO!

 

[NYer]

The company is holding the shares. The twu has a claim against the company and that claim is being paid in shares. With the share price moving up your total shares will decrease because it wont take as many to pay the claim.   The agreement is for 5% to be withheld and for the company to withhold 10%  could put them in a lawsuit. Since when does the companies have the discretion to withhold wages from twu members to pay lawsuits incurred by the twu?  

 
That's a stretch. It is a total of 10%, not 5% and 10%.
 
If there is a conclusion to the lawsuit before the 120th day, then they either pay the retiree's for they win in court, or pay the Members if they lose. If this takes longer than 120 days, then the shares would be transferred to the TWU until there is a resolution.
 
The total of the 5% or the 10% won't come to the TWU until the 120th day, just like every other creditor.

 

[NYer]

And why are the TWUs funds so low? Loss of members? No. Costs associated with strikes while fighting for the members rights? NO. Ten years ago with the same amount of members the TWU had double the cash so what happened? Your buddy Jim Little burnt through it. Him and his former boss loved to spend, first signing a long term, very expensive lease for a floor on Broadway to all his real estate deals in DC. On top of that he loaded up the organization with overpaid pro-company loyalists and provided them cars and benefits as if they were CEOs. Paying Bobby Gless $180k plus a car, Don Videtich $150k plus a truck, Gless was making nearly triple what he would make as a mechanic. Little had people all over the place, most making six figures while telling his members to agree to concessions. Thankfully he is gone, but much work needs to be done.

Saying that the Union does not have the money to fight this isn't the right answer, sadly the answer is this is all part of a bad deal, and the deal was that any lawsuits arising would be paid for from the fund. End of story.

 
You are consistent with the talking points, got to give you that.
 
Unfortunately, an easy check of the LM-2's clearly shows how expenditures went down as receipts went down.
 
We could also go over the issues of the check-off's in 100 (with thousands not paying dues), the issues with 291, the railroads in continuous negotiations, the AA bankruptcy, the AE bankruptcy, fighting the raids....You can portray a certain picture, but you can block out the entire scene.
 
I guess then you are in agreement with the current regime and their cuts, which will force the Locals to be more self-sufficient with their resources. The good news, I guess, is that we no longer have any of those names associated with the TWU...that  must mean "happy days" are coming....eh.

 

[scorpion 2]

 
That's a stretch. It is a total of 10%, not 5% and 10%.
 
If there is a conclusion to the lawsuit before the 120th day, then they either pay the retiree's for they win in court, or pay the Members if they lose. If this takes longer than 120 days, then the shares would be transferred to the TWU until there is a resolution.
 
The total of the 5% or the 10% won't come to the TWU until the 120th day, just like every other creditor.

Your the one stretching. Or reading something that's not there. If it were 5 and then 10 more I would have said %15.  If we dont get all but the %5 of the value at day 120 then a class action against both the parties responsible needs to be filed.
What happens if the value goes down while the twu is holding them (if it is even possible for them to get their hands on them)?  Will they be responsible for buying shares on the open market to make up the difference, I would think so.  Who will pay the taxes on the shares if they are handed over to the twu. Will we have to pay taxes again if they are distributed to us after the suit is settled?  If this money grabbing cocknbull suit is given class status then a real can of worms could be opened up.       

 

[AANOTOK]

The former employees/members are suing the TWU, not it's members. 5% was set aside from the members to cover ANY lawsuits. Now that the former members have told the TWU that they feel their fair share amounts are 10%, the TWU wants to comeback and take more from the members although 5% was the agreed upon amount. The former employees are suing the TWU, not it's hard working members. So, 10% to cover their shares and then how much more for the lawyer fees? So fed up with these crooks!!

 

[MetalMover]

The former employees/members are suing the TWU, not it's members. 5% was set aside from the members to cover ANY lawsuits. Now that the former members have told the TWU that they feel their fair share amounts are 10%, the TWU wants to comeback and take more from the members although 5% was the agreed upon amount. The former employees are suing the TWU, not it's hard working members. So, 10% to cover their shares and then how much more for the lawyer fees? So fed up with these crooks!!

It still comes out of active members pockets. 
If they win the lawsuit, maybe all active members should file a lawsuit that since it was the TWU leadership's  decision to exclude them from equity, then it should come from the TWU, not the members.
I hope this lawsuit takes as long as the TWA pilots did...12 years minimum.

 

[AANOTOK]

It still comes out of active members pockets. 
If they win the lawsuit, maybe all active members should file a lawsuit that since it was the TWU leadership's  decision to exclude them from equity, then it should come from the TWU, not the members.
I hope this lawsuit takes as long as the TWA pilots did...12 years minimum.

Just to clarify, that's what I was saying, just a little differently.

 

[MetalMover]

Just to clarify, that's what I was saying, just a little differently.

I know what you were saying, I was adding to your sentiment.
But seriously, maybe it is time for us active members sue the TWU for bad representation.....Enough is enough. I am sure there are other charges that can be filed like us having to foot the bill to pay for a court decision should the early outs who are longer with the company moving forward, win.
 
We pay enough in union dues..Match that amount by every member and we can get a lawsuit off the ground.

 

[Jager]

So I'm guessing you Gents are a bit pissed that the retiree committee is fighting to remove the "R" from the D2R.. So we can board by check in time and not behind some 6 month punk that just hired on..

 

[AANOTOK]

So I'm guessing you Gents are a bit pissed that the retiree committee is fighting to remove the "R" from the D2R.. So we can board by check in time and not behind some 6 month punk that just hired on..

Nope, not this gent...have no problem with a retiree boarding by "check in time"
 
But why is a six month new hire a "punk"...do I detect some anger in that comment?

 

[Jager]

Absolute...haha....  We put in 25-35 years through tough times and a "New Hire"  with 6 months bumps us off.. Would you rather I classify the bro's as "rookies"..  Or is that not PC?

 

[MCI transplant]

. $39,000.00

Don't you mean about $28,000.00 after tax's?

 

[MetalMover]

Don't you mean about $28,000.00 after tax's?

Maybe the retirees should've been exempt from federal, state, medicare and social security taxes!
 
Better yet why don't they file a lawsuit to recoup all the taxes taken from their buyout and have the active employees pay for it.
 
C'mon, MCI.....THEY TAKE TAXES OUT!

 

[Bob Owens]

The "6 month punk that just hired on" who only gets one week of vacation for the first 5 years?

 

[MCI transplant]

Maybe the retirees should've been exempt from federal, state, medicare and social security taxes!
 
Better yet why don't they file a lawsuit to recoup all the taxes taken from their buyout and have the active employees pay for it.
 
C'mon, MCI.....THEY TAKE TAXES OUT!

Don't blow a gasket MetelMover. I was just trying to show the reality of things, nothing more.