Continued Losses

[Dave]

If I'm the PBGC, I'd make sure UA gets shut down????? How do you propose they do this? Wave a magic wand? The PBGC is a quazi-government agency. It has no ability whatsoever to shut down a business. Please, please, think before you post.

 

[mrfish3726]

Dave,

They don't have a magic wand to wave and say "POOF, UniTED your out of business." But, they do have the court system where they can sue UniTED to fund the pensions and would probably win as they did in the LTV case (even if it takes 7 years). Hence, STRUGGLING UniTED would have no choice but to liquidate to cover the judgement. That will be the POWER of the PBGC!

 

[767jetz]

If I'm the PBGC, I'd make sure UA gets shut down????? How do you propose they do this? Wave a magic wand? The PBGC is a quazi-government agency. It has no ability whatsoever to shut down a business. Please, please, think before you post.

[post="231134"][/post]​

Exacly! The PBGC can fight all they want. In the end they have no ability to shut anything down. They will not get out of their responsibility to cover pensions that are terminated by the judge. Period.

 

[WorldTraveler]

Exacly! The PBGC can fight all they want. In the end they have no ability to shut anything down. They will not get out of their responsibility to cover pensions that are terminated by the judge. Period.

[post="231146"][/post]​

How dare you think that the PBGC should accept billions of dollars of liability without a fight so UAL can continue to operate while UAL has spent 2 years arguing every possible point of law while attempting to avoid paying obligations that in some cases amount to fractions of a percent of the estate? What a selfish hypocrite you are! :wacko: :wacko:

The PBGC has no interest or responsibility in the airline industry aside from pensions. They could care less what airlines live or die so long as their pension obligations are covered.

There's still time to change Santa's opinion of you. Come on and pull off one last act of being nice. The clock is ticking. 🙂

Merry Christmas to all.

 

[mrfish3726]

If Weidoff ok's the pension termination, what makes you think that the PBGC can't get an appealed ruling to make UniTED responsible for pension shortfalls?

 

[WorldTraveler]

Is Santa's sleigh coming into sight yet, Ukridge? Since you're on the front lines, we're counting on you to give us advance notice.

 

[mrfish3726]

Worldtravler,

Who be nice??? That disfunctional UniTED Management team? The disillusioned employees that beleive in that disfunctional team? UniTED will clearly #### anyone they can, including their own employees to try and come out of this smelling like a rose. The first part of the NEW YEAR should be a very interesting time for both UniTED and USAIR. Bets will be going on the table as to who will be liquidated first!!!

 

[Ukridge]

"Is Santa's sleigh coming into sight yet, Ukridge? Since you're on the front lines, we're counting on you to give us advance notice. "


Well, I believe he very well may be! Latest report is that he has already been spotted in Newcastle getting ready for his night's work and should be in the Metropolis before long. After that he sets sail for the New World and then back here for Boxing Day!

A Merry Christmas to all and a very Happy New Year!

 

[Fly]

Ut oh, look what happened! :huh:

Speaking of being nice.....what type of LOSERS go around wishing people to lose their jobs on Christmas Eve???? What if we were to hope that you and your loser familys (or inflatable girlfriend in the case of Fish) all die horrible deaths in 2005? Now that wouldn't be nice either, would it? Leave us alone for at least a day

 

[Borescope]

Exacly! The PBGC can fight all they want. In the end they have no ability to shut anything down. They will not get out of their responsibility to cover pensions that are terminated by the judge. Period.

[post="231146"][/post]​

But as Dave said above you "The PBGC is a Quasi Government agency". What prevents them from filing bankrupcy and reniging on their obligations much like UA has done? The UA pensions will essentially require a bailout from the tax payers if they are thrown on the PBGC. Maybe the PBGC should just file bankrupcy and let the "creditors" get their pennies on the dollar. Sure the pilots are protecting them selves through the collective bargaining process, but in the long run may be screwing many people not even associated with the airline industry.

 

[firstamendment]

Worldtravler,

The first part of the NEW YEAR should be a very interesting time for both UniTED and USAIR. Bets will be going on the table as to who will be liquidated first!!!

[post="231157"][/post]​

Your insensitve statement speaks volumes of the "man" (and I use that term loosely) that you are. I can only hope your arrogance and snobbery isn't brought to the airplane. Many airplane disasters have occurred with that kind of behavior. Not to mention that your timing around the holidays is rude. You have a f##king lot of nerve. :angry: :angry:

 

[Retired1]

The PBGC will take over the pensions and thats that.

 

[casual rat]

The PBGC doesn't have any liens against UA, so they have nothing to fight with legally. So, liquidation is a reach. The only thing that can force that is a strike, which may not happen. Chum will have plenty to worry about (other than what color of patch kit to use on his inflatable girlfriend) when UA emerges from this. Let him spread his bad kharma. Even the ghost of Christmas Future doesn't want to be near that guy. Merry Christmas to all, except Chum. Chum is no man, he's a cross-dressing cheerleader from hell (not to mention a quitter when the going gets a little rough--and that's giving him/her/it the benefit of the doubt since there are UA termination rumors floating about--which would help explain his obsessive bitterness towards UA).

 

[Borescope]

Hey, he made a choice which turned out to be good for him. Can't fault him for that. It's more than I can say for a lot of others who are going about business like nothing has happened. These are the people I have no sympathy for. Good luck, the new year is fast approaching.

 

[cybercat]

As for the idea that the PBGC is on the hook for everyone's pension, I don't believe that is entirely accurate. In the example of TWA many years ago, I think the PBGC initially paid benefits for 6 months or so out of their pocket, until the particulars were worked out. Then they buy an annuity that pays the individual their guaranteed amount based on the "bucket" they fall into, and the PBGC walks away from that obligation. Once the annuity is purchased, the person gets their $ regardless of what happens to the PBGC.

That is correct. My retirement check comes from a bank.It is supposed to be deposited in
my account on the first of the month, but the bank must send it by pony express. Unlike SS, which uses electronic transfer, it reaches the bank on the 3rd or 4th and then I have to wait for the check to clear.