12 former executives had pension plan terminated WHA!

zonecontroller

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Sep 3, 2002
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On Thursday, U.S. Bankruptcy Judge Stephen Mitchell heard objections to the restructuring plan, a group of 12 former executives, including former CEO Seth Schofield, who had their supplemental pension plan terminated.
http://www.newsday.com/business/nationworl...iness-headlines
Its nice to see the big boys take a hit once in awhile!
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oldiebutgoody

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Aug 23, 2002
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Now they'll have to sell one of their porsches and maybe rent out the chalet in Europe when they're not using it. Maybe even have to cut back to only a couple of beach houses.
 

mlt

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Dec 2, 2002
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PineyBob,[BR]Please do not count me as one who finds joy in Mr. Schofield's pension being terminated. Our former CEO started on the ramp and worked his way up. In retrospect maybe some of his decisions were not the best, but you can never doubt his honor. Remember he came into the position when 3 airlines had been merged into one. You think the sniping is bad now, this is child's play compared to then. What appalls me is that Stephen Wolf remains on the active payroll and maintains an office to this day. If anyone should have their money taken it should be him.
 

autofixer

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Aug 20, 2002
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It may be true that these guys had their pensions terminated, but don't cry for them yet. Remember, they had thousands of stock options (back when U was worth something) that they were able to cashed in at over $60 per share. The retirement itself is "spending" money. The termination of these pensions are only part of the "smoke and mirrors" that this management is persuing in order to extract enormous amounts of blood from its employees.

I am not saying that I am pro or con concerning the stock options, it is just that the stock options are where their "real" payoff was...not a measly little pension.
 

real world

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Dec 14, 2002
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[blockquote]
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On 1/19/2003 7:38:40 AM PineyBob wrote:

I still am of the opinion that CCY is in for more pain in terms of cutbacks.

I posted on here awhile back that I think CCY and ALL of the HQ operations and support be moved to AL or someplace rural where everything is cheaper. Heck ole Dr. Bronner could find them space in a heartbeat for less than half of what they pay now. They can use the money they saved on executive pensions to pay for the move. Now is the time to make a move because under BK I am near certain they can walk away from CCY. Think of what that move would do to all the mid level types who still bicker over the PSA, ALG or Piedmont way? you'd lose most and you could start over with fresh faces and fresh ideas.


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[/blockquote]
1 . CCY managements has already taken more than any other group by foregoing (rightfully so) their bonus and paycuts.

2. Why move to Alabama, when they could just renegotiate the current lease and pay market real estte rates and save the move.

3. You are grossly uninformed about the rival between PSA, ALG and PI. More than half of CCY management have only been with US and the ones with a legacy have gotten well past that.
 

mlt

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Dec 2, 2002
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Just a thought....mangement is going after ALPA's pension. It is only a matter of days before they do the same to the remaining groups who have maintained this benefit. While ALPA's MEC votes for their members, the IAM & AFA send it out for voter ratification. Knowing the AFA vote passed by a mere 6%, do you think management is concerned they have reached the line in the sand? I believe this attack on former management's pensions is an attempt to show the employees everyone is being treated fairly. That is everyone except Mr. Wolfe and the current team. Please do not underestimate the descent into the sewer they will travel to achieve their goals. They are not through with us.
 

OldGuyinPA

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Aug 20, 2002
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World class management...Hah !!!

Daddy War-Bucks is still around. 8% of the new stock for busting us down. I'm sure, I won't last the year. Don't really want to. Time to move on.
 

real world

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Dec 14, 2002
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[blockquote]
----------------
On 1/19/2003 1:50:28 PM mlt wrote:

Just a thought....mangement is going after ALPA's pension. It is only a matter of days before they do the same to the remaining groups who have maintained this benefit. While ALPA's MEC votes for their members, the IAM & AFA send it out for voter ratification. Knowing the AFA vote passed by a mere 6%, do you think management is concerned they have reached the line in the sand? I believe this attack on former management's pensions is an attempt to show the employees everyone is being treated fairly. That is everyone except Mr. Wolfe and the current team. Please do not underestimate the descent into the sewer they will travel to achieve their goals. They are not through with us.
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[/blockquote]
On what authority do you say they are not through with us. Your speculation into the unknown is unfounded and baseless. These comments do nothing to help rebuild the moral of employees and help us move forward. Until you have something to base your comments on keep you "end of the world" thoughts to yourself.
 

autofixer

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Not to mention management's track record. Concessions, round two, round three... We know Saddam is a bad guy based on his record. We know Dave is a back stabbing liar based on his record.
 

PITbull

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Dec 29, 2002
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[blockquote]
----------------
On 1/19/2003 1:50:28 PM mlt wrote:

Just a thought....mangement is going after ALPA's pension. It is only a matter of days before they do the same to the remaining groups who have maintained this benefit. While ALPA's MEC votes for their members, the IAM & AFA send it out for voter ratification. Knowing the AFA vote passed by a mere 6%, do you think management is concerned they have reached the line in the sand? I believe this attack on former management's pensions is an attempt to show the employees everyone is being treated fairly. That is everyone except Mr. Wolfe and the current team. Please do not underestimate the descent into the sewer they will travel to achieve their goals. They are not through with us.
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[/blockquote]
No one could have said that better mlt...stay tuned...
 

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