you are wrong because it is 5 years later with a very different set of economic conditions and you know it. What drove the economic conditons after 9/11, are different than today's debacle. The Vermont plan is over and done with, never implemented. You have railed here for the past 5 years on the same issues. At some point one needs to let go and move on and either get a different line of work, or accept the situation we are all facing has changed the playing field and not to our advantage. Or is your issue more personnal because of Pan Am going under?
TWU negotiations.........what?
- Thread starter Chuck Schalk
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AA had to much money in 2003 to file BK. Funny, after the concessionary contract was signed they found millions due to a "accounting error". AA does not want the US Government looking at their books.
As Goose correctly pointed out, there are no maximum cash limits to filing Ch 11 - in April, 2003, AA had only $1.2 billion of unrestricted cash, $200 million more than the $1.0 billion that would have triggered defaults on its debts. Even today, with nearly $5 billion of cash, AA could file a petition in Ch 11 if it wanted to.
The remainder of your post is nonsense.
In any event, a Ch 11 filing is very unlikely now.
Hopeful
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But don't worry, FWAAA management boot licker, if AA were ever to file bankruptcy, they would make sure all the executives get their fair share and just rewards before filing.
"Management Boot Licker?" That's the best you have? You're slipping.
No need to make sure the execs get everything in advance before filing since they can simply take a lion's share of the new stock upon bankruptcy exit like the thieves at UAL or DAL* or NWA, etc. Nothing about the 2005 changes to Ch 11 prevent a repeat of that thievery.
*Yes, I realize that Grinstein (CEO) declined his share of the spoils at DAL. He was the only one; the other execs pigged out at the trough.
Hopeful
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I was going to refer to your being under your boss's desk.....well you know the rest....
OP
Chuck Schalk
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Observer, I continue to sound off because we as members are subject to the same flawed representation. Tell me what on the vermont plan was not touched and remember we gave up all those concessions to avoid this plan! One is the 3 million dollars in TWU union pay what's up with that? If the TWU does something good for its members I will promote the TWU for that. Unfortunately, I don't have much to cheer about.
Of the 30 or so points in the Vermont Plan, which parts of the Vermont Plan were not implimented ?
MCI transplant
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<_< ------ AFW has not been closed!-----(Yet!)
It may not seem like much to cheer about right now, but we avoided bk (and I avoided having lots of AMR equity wiped out in 2003. I've since diversified). Not to bang a broken drum, but pensions, wages, other benes... all could have been reduced in a way that made the '03 concessions look like a picnic.
So yes, I'm thankful and yes, I want it back. How and when we get it back, that's up to profitability as far as I am concerned.
Wretched Wrench
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The biweekly paycheck is just one of a multitude of reminders that rekindle the anger and sense of betrayal.
Perhaps you lack the sense of outrage because you are not one of the injured parties.
.
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Chuck Schalk
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I don't mean to say they will close mci and afw. only if they close them then the BK plan is complete. I am referring to going forward with the respect to a flawed process. The TWU hides behind the negotiating committee to get their work done.
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Chuck Schalk
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To all,
Please refer me as my new title: Chuck the "TWU Reformist" running on a progressive platform.
Please refer me as my new title: Chuck the "TWU Reformist" running on a progressive platform.
a legend in your own mind
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Chuck Schalk
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Chuck Schalk
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I am curious to know what is the plan for our future negotiations for title 1 now that title 3 and 5 will be in super negotuations in December? What will the flow through items be? any me too clauses?
