TWU Equity Distribution Informational Meeting – Hand Out

[Buster CRC]

Didn't the early outers sign a seperation agreement when the got their money?

 

[Barfbag]

Didn't the early outers sign a seperation agreement when the got their money?

There is no separation agreement between the retirees and the TWU. The TWU is holding and responsible for dividing the equity not The company.

 

[comatose]

There is no separation agreement between the retirees and the TWU. The TWU is holding and responsible for dividing the equity not The company.

Bohica

 

[bob@las-AA]

The bottom line is some of us that took the early out were many years from retirement and therefore lost thousands when the pension was frozen. So, in reality if part of the equity was for pensions then all who were affected should be compensated based on age and years of service. Were the arguments made by the TWU last year not made on behalf of all members affected by the pension freeze or just the ones who didn't take the early out, retire, or just quit? Was the early out designed by the compAAny to cut high wage earners who are typically older, less healthy, less dependable, and less productive or by the TWU to save jobs? Whatever the reason equity and early out are two seperate issues just as 29D and scope. BTW, those of us that took early out were not left as well off as many of you might think. Taxes, lost wages, and benefits have erroded much of the gains.

But you still took it!

 

[Birdman]

But you still took it!

Were you or anyone else denied the early out? Is anyone being denied equity that was present during, and affected by the bankruptcy? Don't get me wrong, I'm not angry nor will I sue for an equity stake. I just feel like the APA and APFA handled the equity distribution more fairly.

 

[scorpion 2]

Were you or anyone else denied the early out? Is anyone being denied equity that was present during, and affected by the bankruptcy? Don't get me wrong, I'm not angry nor will I sue for an equity stake. I just feel like the APA and APFA handled the equity distribution more fairly.

You guys were paid to quit and vote yes. Hit the road jack and dont look back!

 

[Thomas Paine]

The bottom line is some of us that took the early out were many years from retirement and therefore lost thousands when the pension was frozen. So, in reality if part of the equity was for pensions then all who were affected should be compensated based on age and years of service. Were the arguments made by the TWU last year not made on behalf of all members affected by the pension freeze or just the ones who didn't take the early out, retire, or just quit? Was the early out designed by the compAAny to cut high wage earners who are typically older, less healthy, less dependable, and less productive or by the TWU to save jobs? Whatever the reason equity and early out are two seperate issues just as 29D and scope. BTW, those of us that took early out were not left as well off as many of you might think. Taxes, lost wages, and benefits have erroded much of the gains.

The fact is you accepted a $40k buyout in exchange for severing ties. Doesn't really matter whether you voted YES or NO. The only pension accrual you lost was from when they terminated the pension and when you left, offset by the 401K contributions. Sorry but I don't see what argument the early outs can give. Do they want to return the $40k and come back because they were not informed about the equity? I doubt the equity will come close to the buyout.

 

[DallasConehead]

Maybe he wants the 40k and the equity?

 

[OldGuy@AA]

Maybe he wants the 40k and the equity?

Obviously he wants both, but you can't blame him. Although I disagree also, I can understand his beef. But these guys must remember they got 40K and we got the contract that was voted in.

 

[NYer]

Were you or anyone else denied the early out? Is anyone being denied equity that was present during, and affected by the bankruptcy? Don't get me wrong, I'm not angry nor will I sue for an equity stake. I just feel like the APA and APFA handled the equity distribution more fairly.

The APA cutoff is August 8, 2012 and the APFA cutoff is August 31, 2012. In either those scenario's or dates the Early Out folks wouldn't qualify either.

 

[Barfbag]

I'm not angry nor will I sue for an equity stake.

All it takes is one person to file on your behave, and when it's over ( many years from now ) you'll stand in line with the rest and get your cut. Again; the seperation agreement was with the company, not the union and the union holds the cards now. We just want our cut, and say good-bye.

 

[scorpion 2]

All it takes is one person to file on your behave, and when it's over ( many years from now ) you'll stand in line with the rest and get your cut. Again; the seperation agreement was with the company, not the union and the union holds the cards now. We just want our cut, and say good-bye.

What did it cost those that are staying in benefits and pay so you could get your early out? That money didnt come out of thin air, it came from the same shell game we were all a participants in. The only differance is that we will live with it and the early outs are free to pursue new opportunities. I know several early out guys and they dont remember ever being told they would get any equity. I know another guy that was thinking about taking it and when he spoke with Loeber he was told he wouldnt be eligible for the equity. That wasnt why he didnt take the early out but it could have changed other members decisions. If it doesnt cost me any more that it allready has to fund the early out than I really dont care but if it cost me one nickle than kiss my a$$.

 

[chilokie1]

I could not have said it any better

 

[Barfbag]

kiss my a$$.

http://www.youtube.com/watch?v=1hqRV5hr8w4&feature=youtube_gdata_player
I'll pucker up...but it's going to cost you...and plenty.

 

[Bob Owens]

I'll pucker up...but it's going to cost you...and plenty.

It would probably cost you more if you really were to pursue it. I'm sure you can find a lawyer who will take your money.

I agree with those who say that since you left you arent legally entitled to anything unless you can find a document from the International that says otherwise. You can try and sue Sam or Local 514 if they told you otherwise but doubtful that that you will get anywhere with that either.

Scorpion is spot on when he said that the money for the prefunding came out of everyone who remained in the form of industry leading concessions. To turn around and say that those who left, who wont be living under the concessions are also entitled to some of the equity thats being given for the concessions would be getting two bites of the apple, those who remain being the unfortunate apple.

I think you realize that yourself and just enjoy getting a rise out of people like Scorpion, your time may be better spent figuring out what the value of your retiree medical is, what the cost of replacement coverage would be, and argueing for an equity stake commensurate with that value. If you took the early out at 55 you would be entitled to I believe, IIRC, $300,000 lifetime till you reach Medicare, then it drops to $50,00 lifetime. So your stake is $300,000 if too young for medicare less what you used or $50,000 if under medicare , less what you used. Get that and you would be far better off than what you may see from the Equity stake. maybe thats why US agreed to lower their stake to 28% from 30%. The extra 2% will be used to pay off the retirees. Thats a number that gets smaller every day, if they agree to issue the shares over time "so the retirees can use the extra income from those shares to pay for replacement coverage" (since of course they are worried and dont want to see you guys lose the money and have nothing) a number would likely die off without getting their shares at all.