Let me ask you this,
What happens if US files Chapter 11 again and then the ND team is forced to negotiate concessions with US or face an abrogation once again?
The airlines have attacked the masses to oppress the living wage in this industry and I see no reason why the airlines will back off. This is everything about permanently changing this industry and converting it to a low wage/migrant worker industry.
With load factors around 85%, ticket prices should be 'jacked up immensely' and the cost passed along to the pax. The high load factor tells everyone that the prices are too low. Try non-reving.
It's called supply and demand. However, instead of jacking up prices, all the VP execs are huddled and more concerned with charging $3 for 'pillows and blankees'. Geez Louise!
Soon enough they will be huddling and coming back to the masses saying that if concessions aren't given then bankruptcy may follow.
Bottom line, concessions outside of bankruptcy don't prevent your company from going into bankruptcy and then asking for more anyways.
The only other scam I see developing is a new ESOP. I mean with the credit markets so pathetic, together with the small chance of this company finding an investor, the only alternative for investment and money is from within...its employees.
IMO, I want nothing to do with esops or 'new stock'. At best it scams the masses and just gives management more time to manage badly.
Bottom line, any future negotiations in any context, IMO, must limit these out of control corporate parachutes, bonus', etc., or include some form of 'me too'. It's just not good enough to say 'other airlines give their CEO's these things'. There 'gotz' to be some accountability as opposed to oppressing the masses with more concessions.
regards,
Tim Nelson
IAM Local Chairman, 1487, Chicago