35 MILLIOM $$$$

fatherabraham

Veteran
Sep 27, 2002
814
354
On Feb 24, 03
On cross examination from ALPA, Cohen testified that Stephen Wolf and Rakesh Gangwal received 15 million dollars each in non-qualified payments and Larry Nagin received 5 million dollars in non qualified payment just before the Company went into Chapter 11 bankruptcy. Cohen further testified that the Company was not seeking recovery of this 35 million dollar payout even though the bankruptcy code contains provisions to get the money back to US Airways. US Airways cash position is currently at 450-470 million dollars and is expected to worsen over the next few weeks.
Well now, I guess them rumors were true.
Can all see now where their loyalty lied.
Think it is any different for remaining bandits? Don''t forget they divy up 8% of new U as well.
 

sdavis29

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Nov 13, 2002
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[blockquote]
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On 2/25/2003 12:09:33 AM PITbull wrote:

I am so disqusted with this management.

Here, you have the labor groups, our hearts ripped from us this summer...retro active pay no less, taking our "no furlough" language away and throwing out thousands of employees on the street, AND THEY GIVE OUT $35 MILLION DOLLARS TO THREE PEOPLE IN THE COMPANY WHO TOTALLY MISMANGED THIS COMPANY and helped put us in such a predicament. They get ADVANTAGED while we all get disadvantaged. And add insult to injury, they motioned that $6 million more dollars needed to be set aside for execs for personal perfomance reviews for 2001. And the judge approved this?!

God, who could ever excuse such a thing? Who could even attempt to defend this!!

Our employees are liquidating their assets and another 5% paycut is imminent for all of us. This all has to be a dream and I need to "wake up" now.
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[/blockquote]
talk about B.S......
could this be a wake up call to the rank and file that everyone seems to have gotten screwed and maybe the focus should be turned to where it belongs...not each other

pitbull.. i could not agree with you more as far as ccy goes....

[img src='http://www.usaviation.com/idealbb/images/smilies/10.gif']
 

PITbull

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Dec 29, 2002
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I am so disqusted with this management.

Here, you have the labor groups, our hearts ripped from us this summer...retro active pay no less, taking our "no furlough" language away and throwing out thousands of employees on the street, AND THEY GIVE OUT $35 MILLION DOLLARS TO THREE PEOPLE IN THE COMPANY WHO TOTALLY MISMANGED THIS COMPANY and helped put us in such a predicament. They get ADVANTAGED while we all get disadvantaged. And add insult to injury, they motioned that $6 million more dollars needed to be set aside for execs for personal perfomance reviews for 2001. And the judge approved this?!

God, who could ever excuse such a thing? Who could even attempt to defend this!!

Our employees are liquidating their assets and another 5% paycut is imminent for all of us. This all has to be a dream and I need to "wake up" now.
 

PITbull

Veteran
Dec 29, 2002
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Piney,

You do know that they terminated the pensions of many ex CEOs in a motion made in Janauary. And you know what I learned that Wolf will leave the Board AFTER we emerge from bankruptcy, whereby, preserving his Pension package.

These folks need to leave our company. With all the money we gave, Labor could have bought this company!
 

Slam&Click

Member
Aug 24, 2002
90
0
There are few words to describe the outrage and disgust over the decisions not to rightfully and legally reclaim that money!

Instead, the choice was to rob from the very people that worked tirelessly to earn it. Why are these people allowed to continue doing this on the backs of the American worker?

Robber Barons are the filth of the earth.
 

Zephyr

Advanced
Feb 11, 2003
108
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[blockquote]
----------------
On 2/25/2003 12:34:45 AM PITbull wrote:

Piney,

You do know that they terminated the pensions of many ex CEOs in a motion made in Janauary. And you know what I learned that Wolf will leave the Board AFTER we emerge from bankruptcy, whereby, preserving his Pension package.

These folks need to leave our company. With all the money we gave, Labor could have bought this company!
----------------
[/blockquote]


So then I guess that would mean that Wolf will also be getting part of the 8%!
 

michael707767

Senior
Aug 21, 2002
332
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I've made up my mind. This management group is not interested in anything other than themselves. They cannot be trusted. If they want to save this airline they need to leave. I will do my job everyday, but I will fight these guys till the end. No more concessions, no more cooperation, nothing.
 

ilg30/7

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Sep 12, 2002
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Unbelievable. $35 million.

16000 people laid off (including myself) TPA mtc gone. MCO res gone. IND res gone. BWI crew base gone. DC-9 gone. MD-80 gone. 737-200 gone. Metrojet gone. F-100 gone. Every Field Crew Services office closed. Mainline cities replaced with Express. Thousands upon thousands of workers displaced or furloughed. Those who are left behind taking massive pay and benefit cuts.

$35 million. To three people. Unbelievable. How many jobs were sacrificed to make this payment? Thousands? Did closing TPA mtc save the company $35 million? How about MCO res? Parking the MD-80 fleet? How many in the soup lines so that these morons could have their coffers fattened a little more?

It is a stacked deck. This company, and the country as a whole, are a joke. America for the few. America for the privileged. So many of the pilots I worked with served proudly in this country's military.

Is this what you were fighting for?
 

atc

Member
Aug 28, 2002
23
0
It sure doesn't take much to whip up the indignation here.

This may be a case of outrageous US Airways' largesse, or there actually may be a good reason why US Airways declines to go after this money. However, the simple fact of the matter is that given the meager amount of information provided, nobody here can really make a qualified judgement either way.
 

mlt

Senior
Dec 2, 2002
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More than likely the 35 million was to offset the loss in stock our previous leadership would realize. Isn't it a shame the same was not offered to those who saw their 401k's wiped out?

Even with this situation so sad, it is almost humorous to read the reactions to this recent development. Certain leaders within AFA called this management team for what they are from the start. Many on this board wrote AFA's leadership were troubled, they should be sued, they need to learn to laugh as it is only a job! I guess AFA is not so bad after all.
 

Slam&Click

Member
Aug 24, 2002
90
0
[blockquote]
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On 2/25/2003 9:55:20 AM atc wrote:

Correction: except for Chip

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[/blockquote]

Why, of course! Eagerly awaiting the next "inside" the inside track tidbit with baited breath.
[img src='http://www.usaviation.com/idealbb/images/smilies/9.gif'] [img src='http://www.usaviation.com/idealbb/images/smilies/2.gif']
 

Mike

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Aug 20, 2002
171
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I wrote Mr. Siegel (I refuse to call him Dave anymore)(He is not our friend) Even after Enron,Tyco,etc..we now know that three men walked away with 35 million while thousands have lost their jobs. How ironic that they say it was in their contract yet the employee's contracts are moot. Another note..what type of man accepts millions for failure? This is corporate America at its finest!
 

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