To all the union members do not take concessions your union will tell you it's best if we give up cencession ourselves. Go to court and fight for everything piece by piece drag it out and fight you'll do better...
My personal opinion is that AA stands a damn good chance of making it out of Chapter 11 alone without USAir and without DIP Loans. AA has to keep the creditors on their side, at least the big players in this fight.
If we make this a battle and they reach for DIP Financing, we will likely end up stapled to the bottom of USAir seniority list and much worse off.
I am not saying we should give up the farm again without fair negotations, but there has to be a limit to our ingorance and self destruction. Entering into a fight that will surely lead to a merger is not the best plan at the current time. That might be the only way in the end, but we should wait and see what the cuurent AA plan is before we just blanket say fight to the end.
How can anyone say don't accpet an offer that has not even been made yet?
Stupid is as Stupid does once again.
I'd love to live in your world for just one day!
I don't believe this guy meant any harm and he probably knows how hard the TWU will fight for US. Look, we've had disagreements on many issues, but WE can probably agree on one thing, the TWU leadership will agree to bring any offer placed before them outside BK court for membership vote, and as long as they don't give away the farm....for whatever that means....I believe the membership will accept it. Now, your version of giving away the farm may differ considerably from my version. I can't predict what you would agree to, but I'm not willing to give away the farm and take it in the shorts. M&R should not underestimate the willingness of the TWU to give away the farm and I'm talking Scope, Pay, Vacations, Job Security Provisions, Group Health, Pension, Retiree Medical, and so on....in exchange for dues. We've been down this road before and it didn't help anyone, and as a matter of fact put lots of people in financial ruin. I would agree to a watered down version of losing some benefits and some layoffs, and if my number is called to go out the door, so be it. I've prepared myself for the worst. I believe 10,999 others should have prepared themselves for the worst too. This BK just didn't come out of nowhere. People should have been planning in 2003 for this day.My personal opinion is that AA stands a damn good chance of making it out of Chapter 11 alone without USAir and without DIP Loans. AA has to keep the creditors on their side, at least the big players in this fight.
If we make this a battle and they reach for DIP Financing, we will likely end up stapled to the bottom of USAir seniority list and much worse off.
I am not saying we should give up the farm again without fair negotations, but there has to be a limit to our ingorance and self destruction. Entering into a fight that will surely lead to a merger is not the best plan at the current time. That might be the only way in the end, but we should wait and see what the cuurent AA plan is before we just blanket say fight to the end.
How can anyone say don't accpet an offer that has not even been made yet?
Stupid is as Stupid does once again.
My personal opinion is that AA stands a damn good chance of making it out of Chapter 11 alone without USAir and without DIP Loans. AA has to keep the creditors on their side, at least the big players in this fight.
If we make this a battle and they reach for DIP Financing, we will likely end up stapled to the bottom of USAir seniority list and much worse off.
Problem is nobody in their right mind with the AMR debt load would give you DIP financing.................
"As everybody knows by now, American Airlines and its parent company, AMR, filed for bankruptcy on Tuesday morning. AMR shareholders will certainly be wiped out in the bankruptcy process, but many of American's competitors (and their shareholders) stand to gain. While it was clear that AMR was destined for bankruptcy sooner rather than later (as I wrote here), I was surprised to see it file this early. Management and the board, as well as the unions, had seemed to be in denial about the scope of their problems (see the statement made in early October that bankruptcy was "not a goal or preference"). AMR seemed to be trying to hold out as long as it could. That strategy would have made liquidation much more likely than reorganization. Given the depth of American's competitive disadvantages, no reasonable lender would have offered debtor-in-possession financing. American avoided that problem by self-financing its restructuring with the $4 billion in cash that it still holds. Liquidation would have provided a big shot in the arm to the airline industry by drastically reducing capacity, whereas a reorganization means any benefits will accrue slowly over time." Seeking Alpha 12/2/12
Liquidation would have provided a big shot in the arm to the airline industry by drastically reducing capacity, whereas a reorganization means any benefits will accrue slowly over time." Seeking Alpha 12/2/12
To all the union members do not take concessions your union will tell you it's best if we give up cencession ourselves. Go to court and fight for everything piece by piece drag it out and fight you'll do better...