bad

oldiebutgoody

oldiebutgoody

Veteran
Aug 23, 2002
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[blockquote]
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On 12/17/2002 8:37:36 PM Biffeman wrote:


It is out and it is bad!

[A href="http://www.iam141m.org/usairway.htm"]http://www.iam141m.org/usairway.htm[/A]

[A href="http://www.iam141m.org/Headcount%20Impact%20by%20Rule%20sent%20to%20IAM%20on%2012-17-021.pdf"]http://www.iam141m.org/Headcount%20Impact%20by%20Rule%20sent%20to%20IAM%20on%2012-17-021.pdf[/A][/P]


They are out of their cotton picking minds!
[/P]
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[/blockquote]
Well, at least it's about 300-400 better than the rumor, which said 500 mechs and 600 utility. Looks like the Utility field is about done. I wonder what happens next?
 
[P]It is out and it is bad![BR][BR][A href=http://www.iam141m.org/usairway.htm]http://www.iam141m.org/usairway.htm[/A][BR][BR][A href=http://www.iam141m.org/Headcount%20Impact%20by%20Rule%20sent%20to%20IAM%20on%2012-17-021.pdf]http://www.iam141m.org/Headcount%20Impact%20by%20Rule%20sent%20to%20IAM%20on%2012-17-021.pdf[/A][/P]
[P]They are out of their cotton picking minds![BR][/P]
 
Wow. I'd say things are toast, or they use the rejection to ditch the IAM defined pension, which should cover the remaining reduction needed, and then some.
 
The place shuts down, smart business move get rid of the employees that make the least, no wonder why they are in such bad shape!
 
If this does come to a vote, I think it might be difficult to get through. By my math that is a 24% reduction of voting members. It is hard to picture the bottom quarter of the union voting for the elimination of their jobs. So the acceptance rate for the rest of the group must run appox 66%.
 
I must say that I am ashamed to work for a company that would drop this low before the Holidays with threats of closing up. If it is their intent, they could wait a couple of weeks to admit it. This should give the future bookings a shot in the arm.
 
Sure, it's all for shock value. Really. A bluff. Just like the threats of filing for bankruptcy were a negotiating tactic to strong-arm the unions...

Did you ever think that had your unions come up with a deal during the summer, that the ATSB financing might have already been approved, and none of this, including the Ch.11 filing, would be happening?...
 
Just remember that this is being done at this time--right before the holidays--for maximum shock value. The bummer is, you cannot be sure it is a bluff. However, if I was betting, I would bet bluff.
 
I'm afraid for the utility people this is going to be a vote for severance pay and vacation pay.Vote yes,get your money but lose your job.Vote no,lose your job and the money.Damned if you do damned if you don't.
 
[P]
[BLOCKQUOTE][BR]----------------[BR]On 12/17/2002 11:56:15 PM eolesen wrote:
[P]Sure, it's all for shock value. Really. A bluff. Just like the threats of filing for bankruptcy were a negotiating tactic to strong-arm the unions...[BR][BR]Did you ever think that had your unions come up with a deal during the summer, that the ATSB financing might have already been approved, and none of this, including the Ch.11 filing, would be happening?...[/P]----------------[/BLOCKQUOTE]
[P][/P]Like fingernails on a chalkboard, E.
 
For those of you who are "embarassed to work for a company that would consider shuting down the airline around Christmas", are you also embarassed to be a member of a union that would allow this information (if it's true at all) to be leaked to the public and potential passengers?
 
[blockquote]
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On 12/18/2002 10:03:15 AM geo1004 wrote:

For those of you who are "embarassed to work for a company that would consider shuting down the airline around Christmas", are you also embarassed to be a member of a union that would allow this information (if it's true at all) to be leaked to the public and potential passengers?
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[/blockquote]

Someone should tell the public is a possibility. After our company pulled that stunt in Tampa last month, we know that our management will lie through the teeth to keep the peace. Isn't it obscene that with potential of a corporate shutdown looming, our company is still trying to get people to fly? Only so that the unexpecting could be screwed right in the middle of their holiday vacation!
 
[P]
[BLOCKQUOTE][BR]----------------[BR]On 12/17/2002 11:56:15 PM eolesen wrote:
[P]Sure, it's all for shock value. Really. A bluff. Just like the threats of filing for bankruptcy were a negotiating tactic to strong-arm the unions...[BR][BR]Did you ever think that had your unions come up with a deal during the summer, that the ATSB financing might have already been approved, and none of this, including the Ch.11 filing, would be happening?...[/P]----------------[/BLOCKQUOTE]
[P][/P]Once again you post inaccurate facts.[BR][BR]The Friday before they filed Siegel and Neil Cohen had a meeting with the lease holders and debt holders to try and work out a settlement in NYC. There was no agreement reached and since US was in default on numerous leases and debt payments several creditors told them that on Monday they were going to file a involuntary bankruptcy procedure, US's BOD met Saturday hence forth the Sunday filing to pre-empt that move.[BR][BR]From CNN:[BR][BR][A href="http://money.cnn.com/2002/08/11/news/companies/usair/"]http://money.cnn.com/2002/08/11/news/companies/usair/[/A][BR][BR]and he reiterates this here:[BR][A href="http://www.iacwashington.org/siegel091702.pdf"]http://www.iacwashington.org/siegel091702.pdf[/A][BR][BR]
[P]"We recognize the impact the sacrifices they are making will have on them and their families," CEO David Siegel said. "In exchange for their participation, we have committed that this will be a labor-friendly Chapter 11 reorganization, in which we will honor new agreements that have been ratified, and provide labor a voice in the company's governance." [/P]
[P]US Airways says it expects the court-supervised restructuring will be accomplished on a "fast track" basis, and that it will emerge from Chapter 11 protection in the first quarter of 2003. In its petition, US Airways says it listed assets of $7.81 billion and liabilities of about $7.83 billion. [/P]
[P][FONT style="BACKGROUND-COLOR: #ffff00"]US Airways has tried to cut lease rates on some of its 311 planes, but was having trouble, Senior Vice President Chris Chiames said. [/FONT][/P]
[P][FONT style="BACKGROUND-COLOR: #ffff00"]"We've been putting off payments on aircraft for going on two months now," he told reporters. "The financial condition of the airline was such that it was unsustainable to continue to operate with such a high cost involving older aircraft that have high lease rates and those kinds of things." [BR][BR][BR][/FONT][/P]
 
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