Dave''s resume

smallstFSA

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Dec 22, 2002
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I remember reading that Dave had been at NW and CO while they both were in bankrupcy. Can anybody provide some dates as to when these carriers were in backrupcy and if Dave was there at the time. Thanks
 

Lucifer

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Feb 8, 2003
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You can research any companies bankruptcy by going to www.sec.gov and click on I think it is Filings & Forms (EDGAR).
I think that CO brought on "Dave" sometime in the early 90's for scheduling and planning so I believe he came into the picture after the fact. Continental filed bankruptcy in 1983 and 1990.
 

whaledriver

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Jan 20, 2003
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Smallfa,

Northwest has NEVER filed BK...CO has filed BK twice.

 

deelmakur

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Aug 26, 2002
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He is obviously a bright guy, and presumably capable. In terms of his resume, this is a bigger job than he has ever had. He was pretty far down the food chain at NW. Running CO Express is not a "ham sandwich", but that operation is hardly independent, since its revenues for the most part are allocated by Mainline. President of Avis is also not lunch meat, but it should be noted that the company is a division of Cendant, a company controlled by Henry Silverman, a legendary deal guy, with strong opinions about the companies in his portfolio.It's a position where one probably never feels lonely.
 

airlineorphan

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Aug 20, 2002
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I believe Mr. Siegel wrote his 1987 Harvard MBA thesis on labor relations at Continental and Eastern. If anyone has gotten a chance to read it, I'm sure it would be quite illuminating.

-Airlineorphan
 
OP
S

smallstFSA

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Dec 22, 2002
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Thanks guys I appreciate your replies. I was trying to determine if Dave was very involved in CO's bankrupcy proceedings but it sounds as if he got hired towards the tail end of their chapter 11.
 

DCAflyer

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Aug 27, 2002
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Luke Skywalker asked:

Do you think he will get UA out of bankrupcy by March 31? Will it be sooner now that the loan is guaranteed?


DCAflyer responds:

Luke, we sould be out of C-11 right around the 31st of March. Everything except the pilot pension issue seems to be in line and that issue is set for hearing later this month. The submission to the creditors will be sent out shortly and their voting will occur next month. Once all this happens, we'll be ready to emerge.
 

atc

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Aug 28, 2002
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There have been many emotionally charged messages about David Siegel during the last several months. The latest refrain seems to be "liar." Many employees are going through gut wrenching changes at US Airways, and the emotion is certainly understandable.

I read the following blurb a few months ago, thought about posting it, but the atmosphere here was too toxic at the time. However, it looks as if US Airways' emergence from Chapter 11 is now quite likely. The quote was buried in an article criticizing CEO's who were paid millions in salaries and benefits while their firms tanked.

"What's extraordinary about Kmart is not merely that its top brass rewarded themselves so lavishly while their company foundered. As anyone with even fleeting familiarity with WorldCom, Enron, and Tyco can tell you, executives at other companies have been known to do that too. Instead, the story here is that Kmart execs are still living large and getting paid handsomely, even though Kmart is deep in bankruptcy and could face liquidation. By contrast, the CEO of bankrupt US Air, David Siegel, recently took a 20% pay cut, reducing his salary to $600,000, and refused a $750,000 bonus guaranteed under his contract..."

--Fortune 9/30/2002

http://www.fortune.com/fortune/ceo/article...,367913,00.html
 

PITbull

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Dec 29, 2002
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ATC Wrote:
What's extraordinary about Kmart is not merely that its top brass rewarded themselves so lavishly while their company foundered. As anyone with even fleeting familiarity with WorldCom, Enron, and Tyco can tell you, executives at other companies have been known to do that too. Instead, the story here is that Kmart execs are still living large and getting paid handsomely, even though Kmart is deep in bankruptcy and could face liquidation. By contrast, the CEO of bankrupt US Air, David Siegel, recently took a 20% pay cut, reducing his salary to $600,000, and refused a $750,000 bonus guaranteed under his contract..."

--Fortune 9/30/2002

PITbull writes:

Before it gets out-of-hand with misconceptions that Dave Siegel is a humble, modest, egoless, CEO....Dave did NOT REFUSE his bonus of $750,000. It was given up as part of Senior Exec. concessions, and those concessions were finally given because of of MUCH PRESSURE from the Labor groups with the "threat" of not ratifying agreements. FACT: Bonuses will be reinstated for "targets" achieved starting in 2004. Meanwhile, back at the labor ranch...we will continue to suffer financial crisis in maintaining a roof over our heads and food on the table, and paying our bills on time.
 

atc

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Aug 28, 2002
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I don't deny that David Siegel will ultimately be rewarded greatly (either here, or at his next gig) if US Airways survives. However, he currently is not paid lavishly by CEO standards.

Your claim that he, and management, only accepted concessions as a result of labor pressure doesn't pass my squint test.
 

N628AU

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Aug 22, 2002
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Doesn't pass my test either atc. He said all groups would take concessions, those making the most would take the biggest hit. I would say $150,000 annually plus a $750,000 bonus is significant, close to a million dollars this year alone. And for any of you who complain about what he makes, go get your MBA at Harvard, and cut your teeth in corporate America. Then you too can dictate action. This comes from someone on furlough, BTW.
 

PITbull

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[blockquote]
----------------
On 2/14/2003 5:55:20 PM N628AU wrote:

Doesn't pass my test either atc. He said all groups would take concessions, those making the most would take the biggest hit. I would say $150,000 annually plus a $750,000 bonus is significant, close to a million dollars this year alone. And for any of you who complain about what he makes, go get your MBA at Harvard, and cut your teeth in corporate America. Then you too can dictate action. This comes from someone on furlough, BTW.
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[/blockquotte

And for you N6....WE WENT INTO BANKRUPTCY. Now, how would it look publically if our CEO got a $750,000 bonus, or even try to argue that with a judge. Do you think maybe that had something to do with NOT accepting IT for this year??? src='http://www.usaviation.com/idealbb/images/smilies/7.gif']
 

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