Financial Analysis

[P]
[BLOCKQUOTE][BR]----------------[BR]On 12/5/2002 7:35:40 AM PineyBob wrote:
[P]Tug Slug,[BR]I happen to believe your time is up no matter what. To me the decision you make should be based on extending your employment for as long a period as possible by any means! Negotiate severance and get the company to agree to pay something towards retraining. I read every single post on the threads that I respond to and my conclussion is that Dave & Jerry Glass have completely out foxed your union negotiators at every turn. If it were football you'd be behind 54-0 at halftime. they have you all painted into corner you can't get out of. Your decision IMHO is how to minimize casualties, not how to preserve the status quo![BR][BR]I think the only reason Chip seemd so pro management is that he feels like I do. That either way I'm getting screwed, so what steps do I take to minimize the screwing I know I am about to get. I don't profess to know what Chips' real thoughts are, Heck if i could read minds you think I'd be here posting.[/P]----------------[/BLOCKQUOTE]
[P][/P]Bob, I think you should educate yourself on the issues before you post, the unionized employees at US Airways all ready have severence in our labor agreements. ANd this company will not pay diddily squat for someone to be retrained, they are in bankruptcy remember? Sometimes you need to learn when to stand up instead of taking it in the shorts. What this company wants is to be a virtual airline with mimimum employees. 500 RJs flown by non-us airways employees, worked by non-us airways employees and maintained by non-us airways employees.[BR][BR]I can give you tons of information about the shody work done by vendors who work on airplane, valujet had a virtual maitenance program and you saw what happened to them. I would rather fly on an airplane that a mechanic who works for the company that flies them then a vendor who employees independant contractors so they do not have to provide insurance or medical benefits to them so keep their costs down and get cheap labor.[BR][BR]Bob you are not an airline employee and you do not have any idea of what sacrifces have been made by all the airline workers, we are being assaulted at every front. And if we dont stand up and fight for our rights and dignity we might as well commit suicide. Those before us faught the battles to achieve what we have now, and I for one will not turn my back and vote away my wages, benefits and employment. If you look back in history, people who have fought for their rights usually end up winnning.[BR][BR]And like I said no airline has ever been saved by employee give backs be it voluntary or mandatory:[BR]Pan Am, National, Eastern, Braniff (Three times), Midway (twice), Vangaurd, National, TWA, Air South, Air 21, Air Atlanta, Peoples Express, Pro Air, Air Florida, Eastwind, Tower Air and numerous others. More airlines have been created and failed since deregulation in 1978 then in the previous 50 years. The problem is the industry is broken and paycuts and layoffs will not fix the core problem.
 
With all due respect to the posters and the research that they did as individuals regarding pension termination, each of your individual unions should post a definitive answer to this issue. You pay enough in union dues that it should not be left to the respective union members (ALPA, IAM, CWA, AFA) to decide which poster on the board is correct. I find it appalling that they have not responded to the queries of the members on this most important issue.
 
With all due respect to the posters and the research that they did as individuals regarding pension termination, each of your individual unions should post a definitive answer to this issue. You pay enough in union dues that it should not be left to the respective union members (ALPA, IAM, CWA, AFA) to decide which poster on the board is correct. I find it appalling that they have not responded to the queries of the members on this most important issue.
 
[blockquote]
----------------
On 12/5/2002 7:16:30 AM Biffeman wrote:

Chip you fail to realize that if your pension is part of your collective bargaining agreement the company must replace it..
----------------
[/blockquote]

This was my point on another thread. If USAirways fails to contribute enough money to its pension funds to avoid a distress termination, they are in violation of the labor agreements, as I see it. They would have to negotiate changes with the unions before asking the bankruptcy judge for relief from funding the pensions, since that would be a change to the labor agreements.
 
[blockquote]
----------------
On 12/5/2002 7:16:30 AM Biffeman wrote:

Chip you fail to realize that if your pension is part of your collective bargaining agreement the company must replace it..
----------------
[/blockquote]

This was my point on another thread. If USAirways fails to contribute enough money to its pension funds to avoid a distress termination, they are in violation of the labor agreements, as I see it. They would have to negotiate changes with the unions before asking the bankruptcy judge for relief from funding the pensions, since that would be a change to the labor agreements.
 
[blockquote]
----------------
On 12/5/2002 7:35:40 AM PineyBob wrote:

Tug Slug,
I happen to believe your time is up no matter what. To me the decision you make should be based on extending your employment for as long a period as possible by any means! Negotiate severance and get the company to agree to pay something towards retraining.
----------------
[/blockquote]

Bob thank you for your input... I sincerely mean that.

Beings we both agree on my time being up I personally feel should I decide to vote yes (which I wont) on work rule concessions the day after I cast my vote the company would then hand me my walking papers and that would be the end of it.

Should I vote no like I intend to(if it ever gets that far) the company now has to take the matter before the BK judge and he would be the one that decides if the cuts are necessary, which Im sure he'll side with the company and grant them their wishes. By using the system I feel that it buys me more time.

Finally, you suggested retraining. The company cant pay for their current debt the thought of me or anyone else suggesting to the Union that they should try to negotiate a deal with the company so that they would have to retrain me is something that isnt going to happen I think were both well aware of that.
 
[blockquote]
----------------
On 12/5/2002 7:35:40 AM PineyBob wrote:

Tug Slug,
I happen to believe your time is up no matter what. To me the decision you make should be based on extending your employment for as long a period as possible by any means! Negotiate severance and get the company to agree to pay something towards retraining.
----------------
[/blockquote]

Bob thank you for your input... I sincerely mean that.

Beings we both agree on my time being up I personally feel should I decide to vote yes (which I wont) on work rule concessions the day after I cast my vote the company would then hand me my walking papers and that would be the end of it.

Should I vote no like I intend to(if it ever gets that far) the company now has to take the matter before the BK judge and he would be the one that decides if the cuts are necessary, which Im sure he'll side with the company and grant them their wishes. By using the system I feel that it buys me more time.

Finally, you suggested retraining. The company cant pay for their current debt the thought of me or anyone else suggesting to the Union that they should try to negotiate a deal with the company so that they would have to retrain me is something that isnt going to happen I think were both well aware of that.
 
Let's see how Chip feels when he is headed for the right seat of an RJ..or maybe when they want to outsource his flying to some charter outfit...I have said it over and over again, ALPA is the only group that stands to lose on the pension deal....IAM & CWA lost out on this years ago, and we could care less about ALPA's issues, yet Chip always knows what is best for all the work groups. The closer you get to the door, the less you will care.
 
[FONT size=3][FONT face="Times New Roman"]OldPropGuy:[BR][BR]OldPropGuy said: [/FONT][FONT face="Times New Roman"]The company appears to meet the criteria for termination of pension plans for all employee groups, not just those who do not agree to additional concessions![/FONT][BR][BR][/FONT][FONT face="Times New Roman" size=3]Chip comments: With all due respect, this is not accurate. Today I contacted ALPA R&I and two different MEC members. The pilot pension fund is separate from the other employee groups and ALPA and the company are working to protect the plan.[BR][BR]I cannot speak for the other employee groups; however, I suspect (I'm not totally sure) all of the other plans are lumped together so if one group does not reach a restructuring accord this could lead to the cancellation of all non-pilot retirement plans.[BR][BR]Regardless, I do know from ALPA Retirement and Insurance the pilot plan is separate and independent from the other employee plans.[BR][BR]I hope this clears up some of the misconceptions. [BR][BR]Chip[/FONT]
 
[FONT size=3][FONT face="Times New Roman"]OldPropGuy:[BR][BR]OldPropGuy said: [/FONT][FONT face="Times New Roman"]The company appears to meet the criteria for termination of pension plans for all employee groups, not just those who do not agree to additional concessions![/FONT][BR][BR][/FONT][FONT face="Times New Roman" size=3]Chip comments: With all due respect, this is not accurate. Today I contacted ALPA R&I and two different MEC members. The pilot pension fund is separate from the other employee groups and ALPA and the company are working to protect the plan.[BR][BR]I cannot speak for the other employee groups; however, I suspect (I'm not totally sure) all of the other plans are lumped together so if one group does not reach a restructuring accord this could lead to the cancellation of all non-pilot retirement plans.[BR][BR]Regardless, I do know from ALPA Retirement and Insurance the pilot plan is separate and independent from the other employee plans.[BR][BR]I hope this clears up some of the misconceptions. [BR][BR]Chip[/FONT]
 
To move to work with a vender company with no moving package and to make mediocre wages and also move from someplace like Pittsburgh (home, family & friends) to a place like Arkansas is not very appealing. So I just as soon head this thing straight on. I would move for a decent job though. I am starting to look now.
 
[DIV style="BORDER-RIGHT: lightgrey 0.75pt solid; PADDING-RIGHT: 0in; BORDER-TOP: lightgrey 0.75pt solid; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: lightgrey 0.75pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: lightgrey 0.75pt solid"]
[P class=MsoNormal style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN-LEFT: 0.5in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.5in; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-border-alt: solid lightgrey .75pt; mso-padding-alt: 0in 0in 0in 0in"][SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"]----------------[BR]On 12/5/2002 11:59:50 AM chipmunn wrote: [?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /][o:p][/o:p][/SPAN][/P]
[P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN-LEFT: 0.5in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.5in; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-border-alt: solid lightgrey .75pt; mso-padding-alt: 0in 0in 0in 0in"][SPAN style="FONT-FAMILY: '022Times'; mso-bidi-font-family: Tahoma"]OldPropGuy:[BR][BR]OldPropGuy said: The company appears to meet the criteria for termination of pension plans for all employee groups, not just those who do not agree to additional concessions![/SPAN][SPAN style="FONT-FAMILY: Tahoma"][BR][BR][/SPAN][SPAN style="FONT-FAMILY: '022Times'; mso-bidi-font-family: Tahoma"]Chip comments: With all due respect, this is not accurate. Today I contacted ALPA R&I and two different MEC members. The pilot pension fund is separate from the other employee groups and ALPA and the company are working to protect the plan.[BR][/SPAN][SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"]----------------[o:p][/o:p][/SPAN][/P][/DIV]
[DIV style="BORDER-RIGHT: lightgrey 0.75pt solid; PADDING-RIGHT: 0in; BORDER-TOP: lightgrey 0.75pt solid; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: lightgrey 0.75pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: lightgrey 0.75pt solid"]
[P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-border-alt: solid lightgrey .75pt; mso-padding-alt: 0in 0in 0in 0in"][SPAN style="FONT-FAMILY: Tahoma; mso-bidi-font-size: 10.0pt"]Chip,[o:p][/o:p][/SPAN][/P]
[P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-border-alt: solid lightgrey .75pt; mso-padding-alt: 0in 0in 0in 0in"]Please explain the inaccuracies in my previous post. I realize that the pilot pension plan is separate from the other employee groups. But, as far as I know, the pilot group is still a part of US Airways and not a separate company. Using the requirements for eligibility to terminate pension plans shown in your earlier post, my original statement seems to be correct.[BR][SPAN class=bodyfont1][B style="mso-bidi-font-weight: normal"][SPAN style="FONT-FAMILY: Arial; mso-bidi-font-size: 9.0pt; mso-ansi-font-size: 12.0pt"][BR]The company appears to meet the criteria for termination of pension plans for all employee groups, not just those who do not agree to additional concessions![o:p][/o:p][/SPAN][/B][/SPAN][/P][SPAN style="FONT-FAMILY: Tahoma; mso-bidi-font-size: 10.0pt"]I am also still interested in possible answers to my earlier question:[o:p][/o:p][/SPAN][/DIV]
[P class=MsoBodyText][SPAN class=bodyfont1][SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-size: 9.0pt; mso-ansi-font-size: 12.0pt"][STRONG]What would keep this from happening, should the company decide to follow through? That would be additional “easy moneyâ€￾ for Dave’s cause.[BR] [BR][/STRONG][/SPAN][/SPAN][SPAN style="FONT-FAMILY: Tahoma; mso-bidi-font-size: 10.0pt"]I’m not saying the company will terminate all pension plans. But, using your reasoning, there doesn’t seem to be a reason why it couldn’t happen should the company decide it was necessary.[BR][SPAN style="FONT-FAMILY: Tahoma; mso-bidi-font-size: 10.0pt"][BR]OldpropGuy[/SPAN][/SPAN][/P]
 

Latest posts