Equity Update

[Koolcat]

Does anyone know if the equity trust fund is still being held by the third party financial manager???

 

[Buck]

Have you not been paying attention all this time! Around 32 million was placed in a trust because of the lawsuit and during the whole process of the lawsuit it has balloon to around 90 million! So what little bank interest are you talking about???

Could you explain to me after the 14% is returned to me, how are they going to distribute any capital gains? Will it be the same calculation method?

Perhaps the 14% and in gains is the money that has been in Carmines pocket and Burchette is going to stick his hand in there and get it out.

When are we going to get our Gain Sharing that is in the 2012 ( attachment 4.4 in the contract book ) I must have not been paying attention either because I cannot find that money.

 

[NYer]

Does anyone know if the equity trust fund is still being held by the third party financial manager???

It is. Highland Capital.

 

[Steve Walegir]

Seeing as how there have been zero official updates from the international for about 2 months now does anyone know if the TWU got the answer from the irs they've been waiting on? And does Gary Peterson have Highland Capitals phone number, really kinda curious as to the difference between now and June to call and say SELL.

 

[Buck]

I am curious how they are going to pay everyone the interest on the account or that above the original 14%?

 

[gulfcoast1]

January 20, 2018

Brothers and Sisters:

As a follow up to yesterday’s conference call with TWU Presidents, below is a summary of the plan that has now been agreed upon between TWU and American Airlines, with respect to the TWU Reserve/Equity fund distribution.

- The earliest the distribution will be is late May/early June, assuming all goes well with Project Spring. In the event of any impact to the distribution as a result of Project Spring, the Company will advise TWU of a future date

- Computershare will distribute funds in the form of a check and mail to each eligible employee

- TWU to provide the company with the employee list and the amount or percentage of distribution for each eligible employee

- TWU will be responsible for Computershare fees and costs associated with the distribution(s)

- Computershare will withhold applicable taxes and send file to American for tax remittance to the IRS and W2 preparation

- TWU will be responsible for capital gain taxes, if any, for/from the TWU Reserve Equity Fund

“Project Spring” is a merger of the legacy AA and US human resources computer systems.

Having now brought closure to the process of distribution, TWU can now work to finalize the plan of transferring the trust assets into the funds necessary to determine each member’s share of the equity.

As a word of caution with regard to capital gains, TWU still does not have the answer on if we will or will not have to pay capital gains and that answer may not be known in advance of the distribution. If TWU does not have the answer on capital gains in advance of the first opportunity for distribution, TWU will be forced to hold the

estimated capital gains tax portion of the funds, until such times the IRS rules on the union’s application for capital gains tax relief.

I will continue to provide updates to the American Airlines TWU Presidents, and the membership, as more details become available.

Fraternally,

Gary Peterson

TWU International Vice President

We are three weeks away from Mid-May. I really expected another update by now. This is important and the lack of updates is disappointing. I appreciate the TWU winning this battle, now can they please keep us in the loop. I think Weez knows the elected official in charge and can ask him to give us an update. Please ask for one if you can. I think this is important enough for at least a monthly update.

 

[Steel Curtain]

I agree with gulfcoast1, the handling of this equity money is laughable. When members of my shop ask me about it, I simply have nothing new to tell them. It's like trying to convince them that the tooth fairy is real. We need some solid answers soon, or someone needs to be subpoenaed.

 

[Rogallo]

You're out of order, Brother"

 

[gulfcoast1]

It is. Highland Capital.

Dear TWU International Officer Mike Mayes. If you are too busy to give your members an update on the Millions Of Dollars that we are told will soon be disbursed to your members, can you please ask someone else to do it? I heard you were out apologizing for the lack of communication so what gives now? Memo's or bulletins can't be that hard to write can they?

@NYer have you heard anything?

 

[gulfcoast1]

Someone said this question was asked at the Local 513 meeting today. Yes members really do want an update. They were told the latest timeline was between Mid-May and Early June which was shortened from Mid-June IIRC. It could be coming to a close soon. I still don't know what Mike Mayes' problem is that he cannot do monthly updates. It is disappointing and troubling and I think he is on the negotiating team.

 

[Deleted member 14439]

Check is in the mail.......

 

[AANOTOK]

Someone said this question was asked at the Local 513 meeting today. Yes members really do want an update. They were told the latest timeline was between Mid-May and Early June which was shortened from Mid-June IIRC. It could be coming to a close soon. I still don't know what Mike Mayes' problem is that he cannot do monthly updates. It is disappointing and troubling and I think he is on the negotiating team.

I wonder who answered the question, FA?...We know how that turned out last time.

 

[gulfcoast1]

I wonder who answered the question, FA?...We know how that turned out last time.

No, that did not turn out well but I do not blame Fa. With the poor communication coming from Mike Mayes, I don't blame Fa for trying to give out information. This is a LOT of money and members want to know. At the least there should be monthly updates. If the international can put out weekly updates on negotiations, it cannot be difficult. Again, I appreciate the international fighting for us, but am scratching my head at the pathetic communications. If you recall, we usually found out about the lawsuit updates from people here, and the official updates, if there were any, came days later. There is no excuse for the poor communication.

 

[AANOTOK]

Agree gulfcoast. I have nothing but respect for Fa. At least he is trying to keep his members informed. His hands are tied by the International. Where is that leadership?

 

[Buck]

We are three weeks away from Mid-May. I really expected another update by now. This is important and the lack of updates is disappointing. I appreciate the TWU winning this battle, now can they please keep us in the loop. I think Weez knows the elected official in charge and can ask him to give us an update. Please ask for one if you can. I think this is important enough for at least a monthly update.

I have 34 years with American and I can give you an update.