Retirees filed to be reheard

[Steve Walegir]

C'mon W, they have never bowed to pressure and rushed anything. That is a misplaced concern.
I guess my only question would be the tax comment. If they "hold back some funds because of taxes",
will the check I receive (if a check) be free and clear, or will I need to pay as well.

When we received our original disbursement the company held back shares to cover taxes. We were only liable for gains above the price when acquired. So depending on if or when a member sold determined their additional tax liability. Since then Judge Lane made a ruling on other creditors being responsible for their own taxes, not sure if this applies to us. Personally I'd rather take care of my own taxes but that's just me. The formula for distribution shouldn't have changed for the original formula, so the only hold up should be the tax issue.
Does anyone remember the numbers of members in all classes at the timeframe used for disbursement? I think title 3 had just over 7,000 at the time. Not sure about any other title groups

 

[AANOTOK]

When we received our original disbursement the company held back shares to cover taxes. We were only liable for gains above the price when acquired. So depending on if or when a member sold determined their additional tax liability. Since then Judge Lane made a ruling on other creditors being responsible for their own taxes, not sure if this applies to us. Personally I'd rather take care of my own taxes but that's just me. The formula for distribution shouldn't have changed for the original formula, so the only hold up should be the tax issue.
Does anyone remember the numbers of members in all classes at the timeframe used for disbursement? I think title 3 had just over 7,000 at the time. Not sure about any other title groups

In regards to the tax issue, the other disbursements were giving to us in "shares" so therefore you are right, any increase in value once sold would be taxed. This time around, I had originally heard or read in one of the previous memos from the TWU that you would be getting a check instead of shares once this case was settled. If that's the case, we would not have the opportunity for any increase in value and the tax liability that goes with it. Now while the money has been invested by the TWU, it has increased in value so I'm assuming that amount is taxed and would be covered by the TWU before we receive anything. Since there are no longer any "shares", I'm guessing the union will just withhold a lump sum to cover both the Attorney fees (locked in at no more than 4%) and the taxes owed. They also mentioned a hold back of monies to correct mistakes that may happen during disbursement.
Man. I just wrote a lot and not really sure I said anything that made sense.

 

[bob@las-AA]

When we received our original disbursement the company held back shares to cover taxes. We were only liable for gains above the price when acquired. So depending on if or when a member sold determined their additional tax liability. Since then Judge Lane made a ruling on other creditors being responsible for their own taxes, not sure if this applies to us. Personally I'd rather take care of my own taxes but that's just me. The formula for distribution shouldn't have changed for the original formula, so the only hold up should be the tax issue.
Does anyone remember the numbers of members in all classes at the timeframe used for disbursement? I think title 3 had just over 7,000 at the time. Not sure about any other title groups

Fleet Service:.....9068
M&R:..................9656
Stores:................1140
Dispatchers:.........147
Instructors:...........154
Maint Cont Tech:...79
SimTechs:..............80

Total Eligible... 20324

 

[Steve Walegir]

Fleet Service:.....9068
M&R:..................9656
Stores:................1140
Dispatchers:.........147
Instructors:...........154
Maint Cont Tech:...79
SimTechs:..............80

Total Eligible... 20324

I'm not doubting or questioning those numbers but I thought the numbers were lower then that. O.k. good to know

 

[bob@las-AA]

In regards to the tax issue, the other disbursements were giving to us in "shares" so therefore you are right, any increase in value once sold would be taxed. This time around, I had originally heard or read in one of the previous memos from the TWU that you would be getting a check instead of shares once this case was settled. If that's the case, we would not have the opportunity for any increase in value and the tax liability that goes with it. Now while the money has been invested by the TWU, it has increased in value so I'm assuming that amount is taxed and would be covered by the TWU before we receive anything. Since there are no longer any "shares", I'm guessing the union will just withhold a lump sum to cover both the Attorney fees (locked in at no more than 4%) and the taxes owed. They also mentioned a hold back of monies to correct mistakes that may happen during disbursement.
Man. I just wrote a lot and not really sure I said anything that made sense.

I understood what you wrote.

 

[Talos]

The Law is not designed for us to be able to countersue for our Legal fees in a case like this. Unfortunately no the only pleasure we can take in it all is that those EBO people who initiated the case are out many thousands of dollars of their own money for nothing.

The Lawyers got paid though of course.

It's unfortunate but the system sure takes care of the lawyers. when you consider the amount of stock given to members the case the early out people made seems almost foolish. Especially with those appeals they did.

 

[cltrat]

I don't have a stake in this obliviously but man I sure hope you guys get what you've worked for and deserve to have

 

[bob@las-AA]

I'm not doubting or questioning those numbers but I thought the numbers were lower then that. O.k. good to know

Earlier, on Oct 4, the union put out a letter reflecting a much higher number of eligible members, I fired off a letter to all the hubs presidents, and the head of communications at the international, although a second letter was published on the 13th, it did not include the corrected number of members eligible for this distribution. But never the less it did raise eyebrows. Some of us are watching, and have no problem pointing out false info.

 

[WeAAsles]

Earlier, on Oct 4, the union put out a letter reflecting a much higher number of eligible members, I fired off a letter to all the hubs presidents, and the head of communications at the international, although a second letter was published on the 13th, it did not include the corrected number of members eligible for this distribution. But never the less it did raise eyebrows. Some of us are watching, and have no problem pointing out false info.

You could just read the TWU International LM2’s also? Might be a drop easier? I also assume that they will have a full accounting through the audit when it’s all said and done.

 

[WeAAsles]

It's unfortunate but the system sure takes care of the lawyers. when you consider the amount of stock given to members the case the early out people made seems almost foolish. Especially with those appeals they did.

Well the truth whether they like it or not needs to be accepted. Through the Courts it was proven that they had no entitlements to any equity provided from AA’s restructuring. (Old AMR)

As is Human Nature most will never accept it and it will naw at them for the rest of their lives. Occasionally we’ll run into one here and there on Social Media sites where they will continue the claim that the entire World was complicit in screwing them and Life is nothing but one big gyp.

Meaning most IMO will go back to the dirt they came from never accepting the facts.

Cest La Vie.

 

[AANOTOK]

The latest...apparently the TWU is working with AA on direct deposit of the equity and the plan is to have it done by Thanksgiving.

 

[Steve Walegir]

The latest...apparently the TWU is working with AA on direct deposit of the equity and the plan is to have it done by Thanksgiving.

Thx for the info
DD would be the easiest way to do it. Wish I knew that before spending two days trying to get computerserve to un-block my account.

 

[AANOTOK]

Thx for the info
DD would be the easiest way to do it. Wish I knew that before spending two days trying to get computerserve to un-block my account.

Steve, I don't believe you "computerserve" work was done in vain. I think there will be more shares distributed by the company in the future. Maybe a little more than was originally thought...fingers crossed.

 

[WeAAsles]

The latest...apparently the TWU is working with AA on direct deposit of the equity and the plan is to have it done by Thanksgiving.

That’s not a bad idea as it would get the money out to the majority of the people it’s owed to in the most expeditious amount of time.

Now let’s see if what you stated pans out?

 

[Steve Walegir]

Steve, I don't believe you "computerserve" work was done in vain. I think there will be more shares distributed by the company in the future. Maybe a little more than was originally thought...fingers crossed.

I hope not because computerpaininmyasss lived up to their name