TWU Equity Distribution Informational Meeting – Hand Out

[Birdman]

No need to fight, this is America..plenty of lawyers need money too.

I assumed it would be a legal fight with blood sucking lawyers.

 

[NYer]

You hit the nail on the head Chuck. Not only that, the TWU is charging the membership a 5% handling fee. The TWU's response would be "well, the Teamsters would probably charge 10%". I couldn't argue with that. A lose lose proposition with either the TWU or the IBT.

That's not how it was explained. They're holding a 5% portion in order to handle issues after the Equity is given out. What happens if they make a mistake and someone or a group didn't get enough. If they fix it, where would their shares come from if it's all given out? They need to make sure to have some shares to fix those issues. They also said the remainder would be reissued to the members once those issues are cleared up.

Was told the lawyer also mentioned that past unions have done the same and it's usually between 3% & 5%.

At least they're thinking ahead to make sure someone is not left without their shares in there are mistakes made in distribution.

 

[AANOTOK]

NYer - You seem pretty knowledgeable, where it states "straight time all in rates of pay", does this mean they will be going off your W2 earnings like the flight attendants. Thanks!

 

[NYer]

NYer - You seem pretty knowledgeable, where it states "straight time all in rates of pay", does this mean they will be going off your W2 earnings like the flight attendants. Thanks!

Don't know. Where does it say that?

The word from the meetings today is that there is some kind of formula and no one said anything about W-2's

 

[AANOTOK]

Don't know. Where does it say that?

The word from the meetings today is that there is some kind of formula and no one said anything about W-2's

There are certain eligibility requirements for the several components that are specific to those components (scope, pension, me-too, health insurance, 757 outsourcing). Among the specific factors applicable to payment distribution for one or more of these components are straight time “all-in” rates of pay, years of service, employee status during the period, and coverage by one of the International 29d grievances

 

[NYer]

There are certain eligibility requirements for the several components that are specific to those components (scope, pension, me-too, health insurance, 757 outsourcing). Among the specific factors applicable to payment distribution for one or more of these components are straight time “all-in” rates of pay, years of service, employee status during the period, and coverage by one of the International 29d grievances

With everything you mentioned all that's missing is the pay rates. I think it was the Pension part that included the rate of pay (including license premiums) and years of service to figure out the pay out for that portion of the distribution. Supposedly, even people that saw the formula had a hard time understanding it.

 

[CIO]

I believe it should be distributed fairly to everyone on payroll who had an opportunity to vote for or against the contract.
InSolidarity,
CIO

 

[iluvaa]

Sorry kevin your TWU said no no to you. You and your wife don't get squat, you still love um

 

[Vortilon]

That's not how it was explained. They're holding a 5% portion in order to handle issues after the Equity is given out. What happens if they make a mistake and someone or a group didn't get enough. If they fix it, where would their shares come from if it's all given out? They need to make sure to have some shares to fix those issues. They also said the remainder would be reissued to the members once those issues are cleared up.

Was told the lawyer also mentioned that past unions have done the same and it's usually between 3% & 5%.

At least they're thinking ahead to make sure someone is not left without their shares in there are mistakes made in distribution.

Sorry, I don't share your confidence with the TWU's intentions. Once again the employees are getting screwed. First the money is getting nicked by the TWU, then because we will be issued shares instead of cash - the shares will need to be converted (for another small fee) to cash. One damn scam after another. About as comical as the company pushing this JP Morgan 401K management plan on the employees for the incredibly low price of $4.50 per month per $10K in the account. They will find some suckers to sign up.

 

[Birdman]

I believe it should be distributed fairly to everyone on payroll who had an opportunity to vote for or against the contract.
InSolidarity,
CIO

If you mean "on payroll" in 2012 when the contract was ratified, I will publicly say with great consternation, I agree with you. If not..........you know.

 

[NYer]

Sorry, I don't share your confidence with the TWU's intentions. Once again the employees are getting screwed. First the money is getting nicked by the TWU, then because we will be issued shares instead of cash - the shares will need to be converted (for another small fee) to cash. One damn scam after another. About as comical as the company pushing this JP Morgan 401K management plan on the employees for the incredibly low price of $4.50 per month per $10K in the account. They will find some suckers to sign up.

I tried looking for another bankruptcy where the equity was paid in cash and didn't find one. The APFA and the APA are also receiving stock. The Delta and United bankruptcies paid their equity is stock. I know people are sour on the TWU on these blogs, but this isn't something in their control. If it is show me...and I don't mean just to tell me something like "you'll see." Show me another instance where it has been given in cash.

There was another posting around here that mentioned someone from TUL that posed the question about who's holding the stock and they were told it could be transferred to any other brokerage they'd like.

 

[Kev3188]

I tried looking for another bankruptcy where the equity was paid in cash and didn't find one. The APFA and the APA are also receiving stock. The Delta and United bankruptcies paid their equity is stock. I know people are sour on the TWU on these blogs, but this isn't something in their control. If it is show me...and I don't mean just to tell me something like "you'll see." Show me another instance where it has been given in cash.

There was another posting around here that mentioned someone from TUL that posed the question about who's holding the stock and they were told it could be transferred to any other brokerage they'd like.

IAM rep'ed employees at NW got theirs paid out as cash...

 

[scorpion 2]

I believe it should be distributed fairly to everyone on payroll who had an opportunity to vote for or against the contract.
InSolidarity,
CIO

What do you mean by fairly? Equally divided to everyone according to classification even if they took an early out? If you were 60 when you left do you think you deserve a part of the pay out that is for a guy that had his froze at age 50? Do you want some of the 757 money too even though you didnt work on it? What about the me-too money, I guess you feel entitled to that also, even though you are gone? The early out folks voted yes to get 39,000 g's and left the rest of us with a wasteland and now you greedy vultures want to get your slimey hands on the crumbs that are being given to the guys who are left. The meetings in Tulsa thursday were the most disgusting show of greed and low class that I have ever witnessed in my 25 years with the twu. Threatning a class action lawsuit and tieing the equity stake up in court!! What a bunch of turds!

 

[Barfbag]

Bunch of Turds? Them is fighting words...
http://www.youtube.com/watch?v=cjHnzWE4E-E&feature=youtube_gdata_player

 

[Buster CRC]

Turd.....the offspring of an a $$ hole.