New 18% Paycut For Pilots

[UAL_TECH]

o New stock allocation formula includes previous allocated amount plus an
additional $300 million based on 20 months of cost savings from new agreements.

o Clause to capture any proportional concession based upon the other employee groups final agreements.

Anyone have a speculation as to what this means?
Looks to me like this is $550 Mil + $300 Mil (after 20 months).
Then it looks like they want to get cash/credit for additional concessions from the rest of us monkeys.

B) UT

P.S.
Jetz, since the majority of the 'remaining' AMFA M&R have a seniority date of not less than 1990 (15 Years) your having 5 and 12 year pilots on the property is not going to gain you any sympathy from us.
As far as the ALPA sacrifices being greater is open to discussion if you consider that more than 'half' of the AMFA M&R are on the street and this new concessionary attempt will dump another 1.5k to 2K members to the street. As I have had the opportunity to listen to the 'Talking Heads' on their smack trying to convence the AMFA membership that the landing gear, high tech avionics, and turbine shop will remain, I am reminded of this 'road show' regarding Indy and Oakland.
So if anyone buys into this crap at this point, you should have your head examined.

JMPO,
B) UT

 

[mrfish3726]

Half a billion in convertable notes sounds awfully 'defined' to me (not that I believe UAL would ever be good for it - their promises are worth dirt right now)

Yeah I'd make them put up some collateral to cover that LOL! Oh, SORRY they don't have any collateral to put up for the half a billion do they ??? Wonder what happened to the 500MIL they had put up against the RETRO PAYMENTS that are now paid in FULL?? Maybe you could ask the judge to secure that for your 500MIL in case UniTED revisits BK within a year or so of their exit!