Retiree Equity Lawsuit Info
- Thread starter Jager
- Start date
That is correct. What is going on is they are trying to get a out of court settlement from the TWU vs the TWU spending millions in lawyer/court costs that may drag on a long while. They want the TWU to cave in on fear....cheaper to settle vs court costs...etc.NYer said:
NYer
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- Jun 4, 2010
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The 2nd lawsuit says..."The TWU Equity stemmed from a so-called "Me-Too" provision in the collective bargaining agreement that required New American to give the TWU equal treatment to the other unions that also received equity in New American."
"Rather than simultaneously effectuate the Early Separation and the TWU Equity programs, the TWU Local required Plaintiff and proposed class to immediately decide whether to enroll in Early Separation. It is not until August 2013 that the Defendants informed persons who took Early Separation that Defendants had decided to deny Plaintiff and the proposed class their previously-vested rights to the TWU Equity."
The Equity is a mechanism of the bankruptcy and it aimed at Creditors and used in attempt for those Creditors to receive a portion of their losses incurred in the bankruptcy process.
It was the Company that scheduled the Early Out's which had the intent of minimizing involuntary furloughs, so it was impossible for the TWU to control that timing.
The August timing of the Equity Distribution is solely based on the exit from bankruptcy which was planned for September and was pushed back to December because of the anti-trust lawsuit. So, again, the TWU did not have the power to control when the Equity was distributed.
And the "Me Too" is only good in the bankruptcy process and not meant to morph into any issues after the airline emerges from bankruptcy. In short, the "ME Too" was no longer in force once the emergence from bankruptcy took place.
They don't even understand the basic process.
"Rather than simultaneously effectuate the Early Separation and the TWU Equity programs, the TWU Local required Plaintiff and proposed class to immediately decide whether to enroll in Early Separation. It is not until August 2013 that the Defendants informed persons who took Early Separation that Defendants had decided to deny Plaintiff and the proposed class their previously-vested rights to the TWU Equity."
The Equity is a mechanism of the bankruptcy and it aimed at Creditors and used in attempt for those Creditors to receive a portion of their losses incurred in the bankruptcy process.
It was the Company that scheduled the Early Out's which had the intent of minimizing involuntary furloughs, so it was impossible for the TWU to control that timing.
The August timing of the Equity Distribution is solely based on the exit from bankruptcy which was planned for September and was pushed back to December because of the anti-trust lawsuit. So, again, the TWU did not have the power to control when the Equity was distributed.
And the "Me Too" is only good in the bankruptcy process and not meant to morph into any issues after the airline emerges from bankruptcy. In short, the "ME Too" was no longer in force once the emergence from bankruptcy took place.
They don't even understand the basic process.
NYer
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- Jun 4, 2010
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First lawsuit: "Despite the fact that TWU had undertaken to negotiate American’s 1113 Proposal on behalf of all of its Members, and despite the fact that all of these TWU Members made concessions in consideration for which the Equity was granted, the Equity Distribution Committee made an arbitrary decision to exclude from the Equity Distribution any Member who had been employed by American Airlines in a TWU-represented craft/class..."
The decision wasn't arbitrary, is was based on the fact that Judge Lane made it clear that the Equity was to be distributed for concessions in a prospective manner. In other words, for concessions that we being felt into the future. Although the concessions were part of the 1113, those that took the Early Out were not going to work under or live under so same concessions for which the Equity was granted by the Judge and Creditors Committee.
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"In deciding to exclude from the Equity Distribution Members who were no longer on payroll or approved leave in a TWU-represented craft/class on July 26, 2013 or who accepted a voluntary Early Out or Stand-in-Stead, TWU acted arbitrarily. There is no rational basis or explanation for TWU’s decision to exclude the Early Out/SIS Plaintiffs and the Class from the Equity Distribution"
They acted according to the words spoken by Judge Lane at the time of the Equity packages being approved. It wasn't arbitrary.
The decision wasn't arbitrary, is was based on the fact that Judge Lane made it clear that the Equity was to be distributed for concessions in a prospective manner. In other words, for concessions that we being felt into the future. Although the concessions were part of the 1113, those that took the Early Out were not going to work under or live under so same concessions for which the Equity was granted by the Judge and Creditors Committee.
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"In deciding to exclude from the Equity Distribution Members who were no longer on payroll or approved leave in a TWU-represented craft/class on July 26, 2013 or who accepted a voluntary Early Out or Stand-in-Stead, TWU acted arbitrarily. There is no rational basis or explanation for TWU’s decision to exclude the Early Out/SIS Plaintiffs and the Class from the Equity Distribution"
They acted according to the words spoken by Judge Lane at the time of the Equity packages being approved. It wasn't arbitrary.
MetalMover
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I wonder if the retirees will file another lawsuit over their downgraded boarding priority!NYer said:
D
DallasConehead
Guest
So what, let them get their day in court if they think they have been wronged. If the union caves and settles out of court then that's our problem. IMHO I don't think retires have a leg to stand on.
We still have to get the remaining 120 day shares also what ever is left after the union takes it share, plus the company match for the retiree med. All these things will be dragged on for years. Good thing I don't handle my mortgage payment like that.
We still have to get the remaining 120 day shares also what ever is left after the union takes it share, plus the company match for the retiree med. All these things will be dragged on for years. Good thing I don't handle my mortgage payment like that.
MetalMover
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- Sep 16, 2013
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Well good luck with your lawsuit....As far as the boarding priority goes.....Done deal!Barfbag said:
I agree, when they voted on the contracts there was no language on the Equity in the contract, so where is the expectation that they would get equity?? This is a settlement that was agreed upon after they left for concessions we have to work under. Concessions that funded their $40k.NYer said:
I have a settlement for them, give the $40k to the union to be used to buy additional shares which gets added to the pool, come back to work and work under the concessions and then they get a share of the equity, or if they like just throw the $40k in, because that $40k that was given to them was funded by the concessions that we have to live under, they want to double dip, they want the $40k, and they want the Equity we are being given in exchange for funding the $40k they received!!!!
That's the point we need to make clear, they aren't suing the company or the TWU, they are suing "US", their former coworkers. They are trying to take equity away from us. Would not be suprised if it came out the Company was driving these firms to press forward with the lawsuits.AANOTOK said:
Another wedge, this one between Retirees and current members.
If anything these guys should be looking into a lawsuit on their retiree medical to force the Court to give them equity for the plan they paid into for twenty years. We could support them with that. Right now they are just pissing us off, maybe that's the real intent.
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