Your Delta/NW paycuts at work

[North by Northwest]

$27 MILLION for Richard Anderson, $22 MILLION for Steenland...and the list goes on.

Who needs a silly ol'Pension anyway. Only Slaves worry about that nonsense. Bankruptcy is so profitable these days.

http://atlanta.bizjournals.com/atlanta/sto....html?ana=yfcpc

 

[Kev3188]

NxNW--

Your link is broken...

Nevertheless, you needn't worry yourself with these things...

Just remember:

*You don't see the big picture.

*You're just lucky to have a job.

and best of all,

*You get to share in that equity, too.


(sarcasm mode off)

I wonder how long it'll be before the usual apologists start posting about why this is actually o.k.?

 

[dapoes]

27 Mill? 22 Mill? Where did you get these numbers from. I see no such article on the ABJ. :blink:

 

[dapoes]

NxNW--

Your link is broken...

Nevertheless, you needn't worry yourself with these things...

Just remember:

*You don't see the big picture.

*You're just lucky to have a job.

and best of all,

*You get to share in that equity, too.


(sarcasm mode off)

I wonder how long it'll be before the usual apologists start posting about why this is actually o.k.?

I dont think anyone is apologizing Kev.

 

[North by Northwest]

They removed the link. ABJ , guess they got a call from "the largest airline in the world"

Now surprise there.

 

[Kev3188]

I wonder how long it'll be before the usual apologists start posting about why this is actually o.k.?

Hmmm... Just under 5 hours.... Not bad; especially when you consider that I was posting in the middle of the night (or over breakfast, in my case).

You don't really think this payout is justified, do you?

If so, why?

 

[dapoes]

Hmmm... Just under 5 hours.... Not bad; especially when you consider that I was posting in the middle of the night (or over breakfast, in my case).

You don't really think this payout is justified, do you?

If so, why?

No matter what, you will always argue against anyone getting more then you. For anything.

 

[Kev3188]

No matter what, you will always argue against anyone getting more then you. For anything.

That's awful assumptive of you.

You didn't answer my question, so I'll ask again; do you think Anderson's pay out is justified, and if so, why?

 

[dapoes]

That's awful assumptive of you.

You didn't answer my question, so I'll ask again; do you think Anderson's pay out is justified, and if so, why?

Doesnt matter what I think as Im not the one who takes issue with it.

What do you think that number should have been?

 

[dapoes]

They removed the link. ABJ , guess they got a call from "the largest airline in the world"

Now surprise there.

Is everything a conspiracy to you? Maybe they pulled it as those numbers where overstated perhaps?

And make no mistake, the local newspapers and biz journals has alot in common with those in NW hometown. Just like the local minn newspapers, they spare no love for the local airline that they love to hate.

 

[Kev3188]

Doesnt matter what I think as Im not the one who takes issue with it.

So it's safe to assume you're OK with it, then?

What do you think that number should have been?

I would say 5-7 million max. would be more in line.

Steenland should be getting whatever severance package he had in place before the merger was announced. No more, no less.


Edit: This link has more info (scroll down just a bit)

From the article:


"Delta Air Lines chief executive Richard Anderson could get stock awards worth almost $13.6 million beginning next year for closing the carrier's buyout of Northwest Airlines, according to new filings from the Securities and Exchange Commission.... If he stays with Delta, Anderson would get 760,000 restricted shares, worth almost $8.6 million. He also would get options on 1.52 million shares at an exercise price of $7.99 per share, Delta's closing share price on Wednesday, just before the deal closed. The first 20 percent of Anderson's shares and options become available May 1, 2009, and the last 40 percent available Nov. 1, 2011. "

 

[2BlacknBlue]

$27 MILLION for Richard Anderson, $22 MILLION for Steenland...and the list goes on.

Who needs a silly ol'Pension anyway. Only Slaves worry about that nonsense. Bankruptcy is so profitable these days.

http://atlanta.bizjournals.com/atlanta/sto....html?ana=yfcpc

Hey North/Kev,

Wasn't Richard going to "forego" merger compensation?

"If Steenland gets booted in a merger, it seems he'll be free to exercise restricted stock awards and stock options that could bring more than ten million dollars. His restricted stock awards are currently worth about $13 million. Steenland also holds options to buy nearly a half million shares of Northwest. Their value depends on their strike price and the change in the value of NWA's shares. At Delta, CEO Richard Anderson has said he'll forego up to $15 million he could receive if his airline is involved in a merger deal."

The Northwest and Delta merger

 

[RobertD]

I would say 5-7 million max. would be more in line.

Steenland should be getting whatever severance package he had in place before the merger was announced. No more, no less.

I usually agree with you Kev, but these million dollar packages have got to stop. It's insanity.
What's wrong with a certain percentage of their pay? It's robbery I say to it's highest level.
These guys don't do the work anyway. They hire people to do it and if they hire the right people it may work if not who cares they got their millions. :down:

Speaking of hiring people, is it true that Chris Baur and J. Showers are finished? Just curious.

 

[Kev3188]

I usually agree with you Kev, but these million dollar packages have got to stop. It's insanity.
What's wrong with a certain percentage of their pay? It's robbery I say to it's highest level.
These guys don't do the work anyway. They hire people to do it and if they hire the right people it may work if not who cares they got their millions. :down:

I should have said "stock awards that are potentially worth 5-7 million." I don't much mind stock options, as it may force these guys to perform out of greed, if nothing else. it's unpalatable, but I still prefer it over a regular pay package...

And, yes, you're right; these guys don't do much (if any) of the dirty work themselves...

Speaking of hiring people, is it true that Chris Baur and J. Showers are finished? Just curious.

Good question. On the internal version of the merger website, there was a org. chart showing who all was going where. Now you can't get to it....

 

[dapoes]

So it's safe to assume you're OK with it, then?



I would say 5-7 million max. would be more in line.

Steenland should be getting whatever severance package he had in place before the merger was announced. No more, no less.


Edit: This link has more info (scroll down just a bit)

From the article:


"Delta Air Lines chief executive Richard Anderson could get stock awards worth almost $13.6 million beginning next year for closing the carrier's buyout of Northwest Airlines, according to new filings from the Securities and Exchange Commission.... If he stays with Delta, Anderson would get 760,000 restricted shares, worth almost $8.6 million. He also would get options on 1.52 million shares at an exercise price of $7.99 per share, Delta's closing share price on Wednesday, just before the deal closed. The first 20 percent of Anderson's shares and options become available May 1, 2009, and the last 40 percent available Nov. 1, 2011. "

So you say 5-7 mill. How do you arrive at such a number? Whats the reasoning behind it?