Extension of CARES act less likely

Discussion in 'American Airlines' started by V.O. Reason, Sep 9, 2020.

  1. 1986Mekanic

    1986Mekanic Veteran

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    The politic-ism and the religious aspect of an airline BB has been reported to the moderator. He doesn't want to do anything about it so there you have it. Sure , its your God given right to discuss religion when and where you want but... there was a time and place for it, at when people "thought" about the context of the conversation.. Ones religious and political views were something of a private nature, that folks kept those views to themselves for the most part..

    With regards to this board,what was once a decent source of information and now a partisan bickering hole with our Lord Jesus Christ mixed in... Kind of the way of the whole country just now isn't it?

    Amen and may God be with you!!!
     
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  2. robbedagain

    robbedagain Veteran

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    Same to you bro. I will say this... I've seen that apparently CLT RIF has already been screwed up by mgmt. It's quite despicable to say the least. But its literally unfathomable that not only does the company not admit to their mistakes but how flippin bad is it for rest of the system. Potentially 1000s of human beings livelihoods uprooting or worse. It's just completely insane the bs the mgmt team is doing. N not to admit their faults. Next thing I believe to hit us is CH11 bankruptcy.
     
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  3. dfw gen

    dfw gen Veteran

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    its coming they are already hinting they need more help from uncle sam.
     
  4. robbedagain

    robbedagain Veteran

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    One article I read yesterday was the loan AA took from the govt leaves em with 21.5 or 23.5 billion in debt. add in other debt due next yr or soon it balloons. I personally been telling people to prepare n save bec its gonna be a turbulent ride.
     
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  5. dfw gen

    dfw gen Veteran

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    Yup. It doesnt look like things are going to get better anytime soon. In the worst case scenario if they do declare bankruptcy and the veo get to keep their 150k in RHRA (which i hope they do) ill be kicking myself in the ass for not taking it. At 56 i was just two ir three years from jumpi g on it
     
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  6. robbedagain

    robbedagain Veteran

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    In dca we have a few who opted to take the 12 month biweekly pay or the lump that be paid in a yr time n are like...what's gonna happen to lump sum if they go ch11. I think it wont be available.
     
  7. Kev3188

    Kev3188 Veteran

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    Yesterday, Delta stated that they will not take any gov't. backed loans, but continue to support additional PSP grants/funding.
     
  8. Talos

    Talos Senior

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    If they end up going the bankruptcy route I have very little faith in the offers that were made for early outs. I have a relative married to a finance guy Harvard grad and I asked his opinion. He asked if the retiree health deal was funded and I told him no. He told me it was very risky. Really bad situation and mgmt gives you very little faith going forward.
     
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  9. AMFAinMIAMI

    AMFAinMIAMI Veteran

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    #39 AMFAinMIAMI, Sep 15, 2020
    Last edited: Sep 15, 2020
    Robbedagain;

    I am one of those who took the Lump sum and to tell you the truth I for one am NOT worried about AA filing for BK at all. This package I believe is safe, either way.
    "YES" I may be foolish for thinking this way but I feel confident we the guys who have decided to leave AA will be Ok. I am also in the belief that by doing this I helped keep a Jr/younger guy working.
    Now what happens with the Fleet/ramp guys don't know, but it looks as though M&R will come out of this reduction OK, with very few if any actually hitting the street. Don't worry about the guy's that are leaving think about what you will do if AA does whatever to effect your JOB.

    What I do wish is that ALL of you guys who are here writing all the doom and gloom stop it. Speculation on your part is NOT a good thing. Let it play out and then say what you have too. I have been with 5 Airlines in my 41 yr career, & never been laid off. All of the others gone but that was the times.

    I told many over 3.5 years ago that AA and the ASSociation would transfer everyone and come up with a package. That is just what happened.

    DP and his boys may be corrupt along with the ASSociation but what the M&R guys need to concentrate on at this time is getting a few more AMFA Cards signed to solidify the card count and when AMFA files with the NMB this Fall. Vote the two FOOLISH Industrial Unions out of AA.

    I put in the AMFA Organizing thread a link to the letter that AMFA'S NEC sent to the M&R workgroup about filing. www.amfa-aa.com.
     
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  10. robbedagain

    robbedagain Veteran

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    AMFA I wish well in your retirement. I know number of folks who did what they u did n did the other option. I hope u enjoy retirement. I look fwd to the the day i can say bye bye n enjoy it. I'm gonna be 43 in 2 weeks. so if another God forbid a pandemic hits I'd consider a package like this
     
  11. dfw gen

    dfw gen Veteran

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    Congratulations!
     
  12. dfw gen

    dfw gen Veteran

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    just my opinion i repeat just MY opinion in bankruptcy i think the lump sum and the 30 months of medical are safe the 150K in RHRA im not real sure about. the courts generally dont take benefits or like to take benefits from retirees that are already collecting them. but if the companies survival is on the line..
     
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  13. dfw gen

    dfw gen Veteran

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    #43 dfw gen, Sep 15, 2020
    Last edited: Sep 15, 2020
    i happen to agree. we are getting our bills down and preparing to retire if necessary. will i personally survive? absolutely. if i have to go to walmart and ask where the cat food is because i hungry, this country is fu*ked.we would be in a depression or in hyper-inflatio
     
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  14. eolesen

    eolesen Veteran

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    I'm told that United has signalled the same -- no more gov't backed financing with strings attached.

    That backs AA into a bit of a corner, because I don't think they have the same access to private capital that UA and DL have had during the last six months.
     
  15. CremaDiLimone

    CremaDiLimone Veteran

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    as i far as i know, aa has applied for and received $1.7 billion + $4.75 billion in loans from the treasury dept. the loans are low interest - i believe the rate is 1% above the LIBOR rate...cheaper than getting private financing. you can look up the LIBOR rate, it's the rate that banks charge each other for loaning money.

    aa had also contemplated using it's frequent flier program as collateral for private financing - something the delta has said it will do.

    i believe there is more govt. loan money available, if needed. the govt. made $25 billion available in loans to all the airlines.

    i believe more payroll grants are coming, but, conveniently after sept. 30. you better believe the airlines want to layoff and the airlines have lobbied congress their perfect scenario.

    to be honest, you seem almost hysterical about the possibilities and probabilities of BK. what is going on right now, is hurting all the airlines, and believe it or not, - even airlines with less debt than aa. my thinking is that if one airline files, all the airlines file within weeks..no airline has a monopoly on the tiny revenues coming in from fliers at the moment and airlines in BK have a distinct business advantage over competitors who are not in BK.

    this is why the govt. acted in april and in my opinion, act again - after sept. 30. they can't have the entire industry filing for BK.
     

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