Super FLUF
Senior
- Jun 10, 2011
- 313
- 206
Well.....since the other thread was closed....
There are no less than a dozen bankruptcy related threads on page one of the pilot's message board. Opinions vary over the entire spectrum. Word leaking out that Ourpay & co. told the APA BOD they wanted a (concessionary) agreement in place that they (management) approve of by 10/1 or they would file BK and get what they want there.
Here is the latest blast.
Fellow pilots,
As your elected leaders, we are mindful that we face continued uncertainty in our economy in general and at American Airlines in particular. We’re seeing stock market volatility, high unemployment and sluggish economic growth. Meanwhile, AMR’s market capitalization—the value of outstanding shares of the company’s stock—has declined significantly, with some Wall Street analysts advocating court supervised restructuring as the best path for our airline. There is understandable concern about what our future may hold.
Your National Officers and Board of Directors have been focused on the steps necessary to keep the union and its membership well-prepared. Since taking office in July 2010, we have established the Industry Analysis Ad Hoc Committee and Contingency Committee charged with thoroughly researching the facts on airline economics, mergers, acquisitions and reorganization. We frequently consult with the union’s legal team and other outside advisers to arm ourselves—and our membership—with as much reliable information as possible.
Additionally, your National Officers are meeting regularly with senior management to ask the questions that need to be asked. We’ve had our own internal analysts as well as ALPA’s E&FA group providing real-time updates regarding the airline’s financial and operational performance. Based on our analysis, we do not see any current liquidity problem at AMR. In 2003, AMR had less than $1 billion in cash, versus more than $5 billion today. Of course, further economic downturn, fuel price spikes or other exogenous shocks could change the outlook fairly quickly, so we will continue watching the situation closely.
Uncertain times provide fertile breeding ground for rumors and speculation—much of it inaccurate. We believe you are much better served by factual information. As always, our primary goal is to protect our members and to that end, we ask that you stay informed and use the well-researched information APA provides—not emotion-driven rumors—as you weigh important career-related decisions in the coming days and months.
We encourage you to read everything issued by APA headquarters including the weekly News Digest. Also be sure to attend any domicile union meetings and Family Awareness gatherings.
Use the APA Pension Committee as a resource. We recently posted the pension update for September on alliedpilots.org. It contains valuable information—read it! Also, the current issue of Flightline features an article by Pension Committee Chairman First Officer Michael MacMurdy entitled, “What would a PBGC distress termination mean to me?” It is another must-read for all pilots, and addresses common questions and misconceptions heard on the line. E-mail [email protected] with any questions you have about your retirement benefits.
We will continue communicating with you frequently in the coming days and weeks as developments warrant. Our focus, once again, will be on information you can use.
There are no less than a dozen bankruptcy related threads on page one of the pilot's message board. Opinions vary over the entire spectrum. Word leaking out that Ourpay & co. told the APA BOD they wanted a (concessionary) agreement in place that they (management) approve of by 10/1 or they would file BK and get what they want there.
Here is the latest blast.
Fellow pilots,
As your elected leaders, we are mindful that we face continued uncertainty in our economy in general and at American Airlines in particular. We’re seeing stock market volatility, high unemployment and sluggish economic growth. Meanwhile, AMR’s market capitalization—the value of outstanding shares of the company’s stock—has declined significantly, with some Wall Street analysts advocating court supervised restructuring as the best path for our airline. There is understandable concern about what our future may hold.
Your National Officers and Board of Directors have been focused on the steps necessary to keep the union and its membership well-prepared. Since taking office in July 2010, we have established the Industry Analysis Ad Hoc Committee and Contingency Committee charged with thoroughly researching the facts on airline economics, mergers, acquisitions and reorganization. We frequently consult with the union’s legal team and other outside advisers to arm ourselves—and our membership—with as much reliable information as possible.
Additionally, your National Officers are meeting regularly with senior management to ask the questions that need to be asked. We’ve had our own internal analysts as well as ALPA’s E&FA group providing real-time updates regarding the airline’s financial and operational performance. Based on our analysis, we do not see any current liquidity problem at AMR. In 2003, AMR had less than $1 billion in cash, versus more than $5 billion today. Of course, further economic downturn, fuel price spikes or other exogenous shocks could change the outlook fairly quickly, so we will continue watching the situation closely.
Uncertain times provide fertile breeding ground for rumors and speculation—much of it inaccurate. We believe you are much better served by factual information. As always, our primary goal is to protect our members and to that end, we ask that you stay informed and use the well-researched information APA provides—not emotion-driven rumors—as you weigh important career-related decisions in the coming days and months.
We encourage you to read everything issued by APA headquarters including the weekly News Digest. Also be sure to attend any domicile union meetings and Family Awareness gatherings.
Use the APA Pension Committee as a resource. We recently posted the pension update for September on alliedpilots.org. It contains valuable information—read it! Also, the current issue of Flightline features an article by Pension Committee Chairman First Officer Michael MacMurdy entitled, “What would a PBGC distress termination mean to me?” It is another must-read for all pilots, and addresses common questions and misconceptions heard on the line. E-mail [email protected] with any questions you have about your retirement benefits.
We will continue communicating with you frequently in the coming days and weeks as developments warrant. Our focus, once again, will be on information you can use.
