TWU.....Transparency Now on Equity Distribution!

[Overspeed]

Bob, the guy asked a simple question. I simply pointed out that Peterson was on the committee, he should know the answer.

Your response is as per your MO, ridicule, deflect call names instead of providing the answer. So much for being a Union Official that serves it membership. So, dont try to fill me up with your BS about all of that, we know who you serve Bob and its YOU. And we know that when your complicit, whether you were hoodwinked or just plain stupid, you always blame someone else.

 
Peterson is also on the Equity Appeals Committee along with a few others. They should all know the answers if they are making decisions on who got what in the equity stake.
 



[SIZE=12pt]TWU Equity Distribution Appeals Panel: Gary Peterson, John Plowman, Sam Cirri and Jim Fudge [/SIZE]
 



http://twu514.org/files/2013/11/Status-Report-DATE-November-7-2013.pdf

 

[1AA]

Peterson is also on the Equity Appeals Committee along with a few others. They should all know the answers if they are making decisions on who got what in the equity stake.
 



TWU Equity Distribution Appeals Panel: Gary Peterson, John Plowman, Sam Cirri and Jim Fudge [/size]




http://twu514.org/files/2013/11/Status-Report-DATE-November-7-2013.pdf

 

[1AA]

 Well if they deny all the appeals then they must know the formula and they must disclose what the formula is if we got it wrong with the appeals. Curious to see how this pans out considering Peterson pushed the issue to the international.

 

[The Truth Will Set U Free]

I guess I hurt some one feelings by saying if you can't tell people who you are, then you don't have balls. Well AATONOK I am sorry if the TRUTH HURTS. But yes my BALLS are bigger than yours because I am not afraid of saying who I am. If you don't have nothing to hide you would let everyone know who you are. For what ever reason you chose to keep your real name off of this blog or another blog.You are right that is your option. Just like it is my option to say GROW SOME BALLS.

 

[AANOTOK]

Ok dude, if it makes you feel better, you have bigger balls... B)

 

[1AA]

OK now that we have that out of the way, back to our regularly scheduled programming.
 
SHOW US THE FORMULA!! Enough is enough.

 

[1AA]

Well today the company sent out more shares. Since I am no accountant by any means I wonder if the second distribution will have any affect on the formula or the appeals process? Will this just complicate things a bit? I hope not. With Peterson and Cirri on the appeals committee I wonder what reason they will come up with if they deny all appeals. 
If they deny they must give a reason to refute the formula we sent in on the spreadsheet.

 

[The Truth Will Set U Free]

Thanks AANOTOK. The 1st step in recovery is admitting you have a problem. Next we will have to get you to take off the panties and put on some boxers. 

 

[AANOTOK]

Well today the company sent out more shares. Since I am no accountant by any means I wonder if the second distribution will have any affect on the formula or the appeals process? Will this just complicate things a bit? I hope not. With Peterson and Cirri on the appeals committee I wonder what reason they will come up with if they deny all appeals. 
If they deny they must give a reason to refute the formula we sent in on the spreadsheet.

So many more questions than answers!! Day 120 should be an interesting day.

 

[HMK]

[SIZE=22pt]TWU…Transparency Now On Equity Distribution![/SIZE]​

 
January 8, 2014
 
Dear Garry Drummond,
 
We the members of the TWU demand the International release the financial information used to derive the data used to calculate each member’s equity share distribution.
On December 9, 2013, we received our first distribution of AAL Equity Shares, negotiated by the TWU. Today, January 8, 2014, we received another distribution. We have no knowledge of the data used in the formula, and don’t even know if the amounts that we received are correct.
 
There have been many requests made to the Local 591 President for this information, and for the TWU to be transparent and to fully disclose it. To date, we have still not received any figures that would enable us to calculate how to verify the amount of each individual’s distributions.
However all requests have fallen on deaf ears! The only information that we were given by the TWU was that the amount of our initial equity share distribution was 52%.  We want to understand how they arrived at the number of shares distributed. The TWU continues to refute our request for the parameters to the Equity Distribution plan that was implemented in July 2013, particularly the straight time all in payroll rate and aggregate M&R service rate. All they provided us with was a PowerPoint formula using projected (not actual) numbers.
 
 We know the following, the Pilots and F/A received notification of their formulas and parameters prior to the Equity Distribution of Dec. 9 as stated on their website. Even the management knew of its own distribution parameters prior to the actual distribution.
We must ask ourselves, why hasn’t the TWU provided us with the same information? Why are they delaying this simple request? Shouldn’t the TWU be held accountable to its members and show clarity?
 
As members we should know now and not have to wait 120 days. Let us not forget the Enron’s, WorldCom’s and Bernie Madoff’s of the world. They make us want full disclosure of this financial information, that every member has a right to know. With the upcoming election for the IAM/TWU representation vote, one would think the TWU would be up front with its members.
 
Fraternally,
 
Howard Klein
TWU Member in Good Standing

 

[Rogallo]

You're Out Of Order!   lol

 

[1AA]

Maybe if we forward the appeals paperwork worksheet to Peterson he might realize how much he is short. Then maybe he will listen up and start paying attention to the membership instead of himself.

 

[BigMac]

TWUTransparency Now On Equity Distribution!​

 
January 8, 2014
 
Dear Garry Drummond,
 
We the members of the TWU demand the International release the financial information used to derive the data used to calculate each members equity share distribution.
On December 9, 2013, we received our first distribution of AAL Equity Shares, negotiated by the TWU. Today, January 8, 2014, we received another distribution. We have no knowledge of the data used in the formula, and dont even know if the amounts that we received are correct.
 
There have been many requests made to the Local 591 President for this information, and for the TWU to be transparent and to fully disclose it. To date, we have still not received any figures that would enable us to calculate how to verify the amount of each individuals distributions.
However all requests have fallen on deaf ears! The only information that we were given by the TWU was that the amount of our initial equity share distribution was 52%.  We want to understand how they arrived at the number of shares distributed. The TWU continues to refute our request for the parameters to the Equity Distribution plan that was implemented in July 2013, particularly the straight time all in payroll rate and aggregate M&R service rate. All they provided us with was a PowerPoint formula using projected (not actual) numbers.
 
 We know the following, the Pilots and F/A received notification of their formulas and parameters prior to the Equity Distribution of Dec. 9 as stated on their website. Even the management knew of its own distribution parameters prior to the actual distribution.
We must ask ourselves, why hasnt the TWU provided us with the same information? Why are they delaying this simple request? Shouldnt the TWU be held accountable to its members and show clarity?
 
As members we should know now and not have to wait 120 days. Let us not forget the Enrons, WorldComs and Bernie Madoffs of the world. They make us want full disclosure of this financial information, that every member has a right to know. With the upcoming election for the IAM/TWU representation vote, one would think the TWU would be up front with its members.
 
Fraternally,
 
Howard Klein
TWU Member in Good Standing

Here you go..a reply

http://twu514.org/blog/2014/01/10/aa-equity-distribution-letter-from-garry-drummond-january-10-2014/


Dear Brothers:

Some communications have been circulating among TWU members that have led some members to question whether they have received a correct allocation of shares as part of the post-bankruptcy equity distribution to date. However, the model that the communications questioning the distribution is based on incorrect information. The error in that model is that it assumes that the 4.8% of the shares to which TWU is entitled is 4.8% of all AAL shares. Actually, TWU is entitled to 4.8% of the AAL shares allocated for unsecured creditors only.

As was explained in the presentations made in June and July of 2013, there other creditors who have a right to participate in the distribution of AAL shares. The so-called old equity creditors also participate in the distribution and, as was also explained in the presentations, as the share price reaches certain price points, the old equity creditors have the right to access more of the shares included in the pool for unsecured creditors. As the share price reached those price points the number of shares allocated to unsecured creditors decreases, so the number of shares allocated to TWU (and all other unsecured creditors) decreased. But, of course, in that situation the value of the shares has increased.

Because the incorrect model that has circulated assumes that TWU is entitled to 4.8% of more shares that TWU is actually entitled to, that model predicts that members would receive more shares than they are actually entitled to. The incorrect model assumes a share price of $22.55 per share that will hold until Day 120 (it will not); the incorrect model then calculates TWUs total shares as 26.1 million and the total for M&R as 13.8 million. In reality the total TWU shares at a constant price of $22.55 would be 16.0 million which would result in 8.9 million shares for the M&R group.

We recognize that it is frustrating to be unable to know the exact number of shares that TWU will receive which makes it difficult at this time for members to confirm that the number of shares they have received to date is correct. But that is a result of the plan approved by the bankruptcy court. We will not know for sure

exactly how many shares TWU will receive until day 120, and as was explained in June and July, it is difficult to even project how many shares that will be since fluctuations in the share price will affect the total number of shares allocated to unsecured creditors.

Fraternally,

Garry Drummond Director Air Transport Division

 

[Chuck Schalk]

Here you go..a reply

http://twu514.org/blog/2014/01/10/aa-equity-distribution-letter-from-garry-drummond-january-10-2014/


Dear Brothers:

Some communications have been circulating among TWU members that have led some members to question whether they have received a correct allocation of shares as part of the post-bankruptcy equity distribution to date. However, the model that the communications questioning the distribution is based on incorrect information. The error in that model is that it assumes that the 4.8% of the shares to which TWU is entitled is 4.8% of all AAL shares. Actually, TWU is entitled to 4.8% of the AAL shares allocated for unsecured creditors only.

As was explained in the presentations made in June and July of 2013, there other creditors who have a right to participate in the distribution of AAL shares. The so-called old equity creditors also participate in the distribution and, as was also explained in the presentations, as the share price reaches certain price points, the old equity creditors have the right to access more of the shares included in the pool for unsecured creditors. As the share price reached those price points the number of shares allocated to unsecured creditors decreases, so the number of shares allocated to TWU (and all other unsecured creditors) decreased. But, of course, in that situation the value of the shares has increased.

Because the incorrect model that has circulated assumes that TWU is entitled to 4.8% of more shares that TWU is actually entitled to, that model predicts that members would receive more shares than they are actually entitled to. The incorrect model assumes a share price of $22.55 per share that will hold until Day 120 (it will not); the incorrect model then calculates TWUs total shares as 26.1 million and the total for M&R as 13.8 million. In reality the total TWU shares at a constant price of $22.55 would be 16.0 million which would result in 8.9 million shares for the M&R group.

We recognize that it is frustrating to be unable to know the exact number of shares that TWU will receive which makes it difficult at this time for members to confirm that the number of shares they have received to date is correct. But that is a result of the plan approved by the bankruptcy court. We will not know for sure

exactly how many shares TWU will receive until day 120, and as was explained in June and July, it is difficult to even project how many shares that will be since fluctuations in the share price will affect the total number of shares allocated to unsecured creditors.

Fraternally,

Garry Drummond Director Air Transport Division

 
Mr Drummond did not address the bottom line, What is the amount of money that we are getting which determines the amount of shares at any price?

 

[AANOTOK]

"My back of the envelope math puts the TWU's 4.8% at a current value of about $550 million.   If I remember correctly, the TWU had such a complex formula that I gave up last time I tried to ballpark what the mechanics might expect.   A simple average amount (assuming 24,000 TWU-represented employees, which may be high, given that the TWU was going to give early outs nothing) would be about $23,000 per person."
 
The above numbers are from one of our more intelligent posters who has no dog in the fight. I think this is the number that's in question. Gary will not give this exact number and NYer says it's $330 million.