Retiree Equity Lawsuit Info

[Birdman]

So they sold their yes votes for $39,000 and helped the TWU and AA get these concessions that they don't have to live under.  They sold us out and now want to get in our pockets for equity that does not belong to them and they don't deserve.  I owe these people nothing.

 

Did you not have a chance to take the EO?

Not all the EO's voted yes, including myself. And yes, everyone was given the opportunity to take the early out. The TWU was the only union on the property that did not include its members in the equity share who lived under their concessionary contract. I'm over it but want the TWU to fight for my retiree medical match. Is that too much to ask?

 

[bob@las-AA]

 
What about all those people that got RIF'd and had to move without the $12,500 we no longer get...should they be entitled to more equity to compensate for their loss?

Nope!

 

[mike33]

Umm, nope, at least not according to my mortgage company, student loan provider etc etc...
Not sure what the EO's financial situation was/is, but apparently either money wasn't a concern (if $39,000 will get you out of there) or they disliked AA so much that they wanted to leave. I don't know. But EO was not an option for me Mike, and neither should my equity be for them!

OK so your circumstances prevented it. I would have understood better if you said you were in line but you didn't have enough seniority

 

[AANOTOK]

Just like your DOH and non-rev, seniority would not be an issue in either case!  B)

 

[mike33]

Just like your DOH and non-rev, seniority would not be an issue in either case!  B)

you lost me, but thats ok. Im just trying to understand as a neutral party.

 

[1AA]

I say return the $39,000 and then lets talk lawsuit.

 

[Jager]

Old Guy you sound old and bitter.. I voted absolutely no on the concessionary contract that threw out 50 years of negotiated benefits..  The EO incentive was to save effin jobs for the newer, lower paid individuals.. Too bad you weren't as keen with your finances and you are with your mouth, you'd be livin the life .. dic.. 

 

[eolesen]

Those who left probably signed a release of future claims, no?

 

[1AA]

Those who left probably signed a release of future claims, no?

Probably did against the company. The lawsuit is against the union. My guess is why not try and see what you get out of it.

 

[Senor Pelon]

I retired in April 2013, no EO nor standstead, no equity. Oh well, I'm glad to be retired.

 

[Jager]

In lieu of a accumulating  pension, A matching 401K system was implemented.. I believe this is a much better option than a stagnant pension plan.. If the equity shares were distributed because of a "frozen" not "lost" pension, then why is the company administering the "matching" 401K system?.. Apples to Oranges.. I much prefer the matching 401k.. Pensions are a thing of the past.. For those of you not investor savvy, I suggest you get JP Morgan to manage the transactions for you at a small cost..

 

[AMFAinMIAMI]

In lieu of a accumulating  pension, A matching 401K system was implemented.. I believe this is a much better option than a stagnant pension plan.. If the equity shares were distributed because of a "frozen" not "lost" pension, then why is the company administering the "matching" 401K system?.. Apples to Oranges.. I much prefer the matching 401k.. Pensions are a thing of the past.. For those of you not investor savvy, I suggest you get JP Morgan to manage the transactions for you at a small cost..

 
Jager
 
That statement is true and most companies are now putting the welfare and retirement on its employees as well as the medical.
 
If you work for the airlines and at aa just ask your fellow employees how many times they have been divorced, lost it all and have to pay alimony, child support?
When that happens just how much money is left to put away for later in life?
For the older guys they loose the house or part of it then some even stay so they don't have to split the retirement with the ex.
The young guys the 401k may be better since this is the IGM generation.
 
When your salary and wage earning potential keeps going backward so does the amount of money you can stick into the 401k. Think about that?
 
Unions of the past fought for pensions/wages/health&welfare/vacation/sicktime

 

[Jager]

I agree Mia..
 
But as noted, the TWU gave 50 years of hard fought benefits away.. gone.... All the dues for representation for what?.. High school educated representatives sparing with MBA savvy management... Little league playing the pros.. And Art Luby is a little league player..
 
I told all the guys at work... When I got divorced, buy here out of your pension "At All Cost".. It cost me dearly at the time but when I retired, that was that last name I ever wanted to hear in my life.. To some guys, it all comes back when you file for pension.. and at a surprise.. The first question asked by the rep was, have you been divorced while you worked at AA... Get it written in the decree..
 
and Always, at the least, contribute up the company match.. 

 

[1AA]

Yea 401K is good if the company contributes and no match from the employee. The pilots and flight attendants negotiated this type of deal. The TWU failed and we have to match at least 6 percent to get 5.5 from the company. Care to guess what the company contributes to the pilots? Hint: somewhere in the neighborhood of 16%
TWU failed its members AGAIN!

 

[NYer]

I don't understand why the EO's shouldn't be part of the distribution?. Did they not work for the company just like anyone else that didn't take the EO?.... I always believed the EO was for the benefit of the company to replace a senior person with 1 or 2 new hires that would create a savings for the company. Why should they be penalized for leaving early?. Isn't the equity stake based on previous work hours and givebacks? Isn't one different from the other?
 
Just asking

 
According to the Judge, the Equity is to allow recovery of losses taken in the BK in a "moving forward" fashion. It isn't to compensate for anything in the past, but rather to afford a recovery for losses taken in the BK as we work with those changes.