Make new AMR shares part of the package

[proAMT]

We’ve done our part.

We sacrificed in a vein attempt to keep the airline out of bankruptcy. We decided to make our sacrifices in the period of about two weeks.
We have gone years without pay increases that allow us to keep up with the cost of living and we have gone years without any pay increase at all.
We gave huge benefit concessions in 2003 and we have not received any new benefits or the return of any of our old benefits since.

At Tulsa alone we saved the company an additional half billion with productivity increases.

Times are tough and our airline needs to take steps to remain competitive no doubt, however, the workers deserve to be recognized for the gut wrenching choices they have made in the past. Their loyalty to the future of the company is unquestionable. The workers deserve pay and benefit increases of course, but they also deserve a stake in our airline's future success in the form of a company stock package when the company emerges from bankruptcy.

When the company emerges from bankruptcy all workers attention and efforts should be on wheels up and flying higher and further than before.

 

[tech2101]

We’ve done our part. ...
The workers deserve pay and benefit increases of course, but they also deserve a stake in our airline's future success in the form of a company stock package when the company emerges from bankruptcy.

Wow. I like your optimism. However, you really need to be prepared for real reality that is 180 degrees from your wishes.

I wish you luck.

 

[FWAAA]

Past contributions, accomplishments, achievements and concessions by employees are irrelevant in bankruptcy court. Only thing that's gonna matter is section 1113 of the bankruptcy code.

Employees may receive a few new shares upon bankruptcy exit, but most of the new stock will end up with the PBGC (assuming the pensions are terminated), executives and other unsecured creditors.

 

[eolesen]

The only reason I can see for any stock to be given out on directly or in trust on behalf of employee obligations would be for pensions. That's it.

You've been paid in full for services rendered, and like it or not, any expected earnings lost under a voluntarily restructured contract from eight years ago means nothing to the court.

Try to remember that the current list of unsecured creditors didn't have a union voluntarily sign away their rights.

Suppliers who aren't getting paid for services already rendered already paid *their* employees and suppliers.

Lessors who engaged in sale-leasebacks already gave AMR the cash for assets that may or may not ever be able to be placed with another airline to help recoup their investment.

You can say "I have no sympathy for banks" but those same "greedy banks" are in turn owned, either directly or thru retirement plans & mutual funds, by ordinary people... And they deserve to be made whole, too.

As far as the court is concerned, employees are near the end of the line. The only one with lower priority right now are the shareholders who invested in AMR stock. They will get nothing whatsoever.

 

[787nightmare]

The only reason I can see for any stock to be given out on directly or in trust on behalf of employee obligations would be for pensions. That's it.

You've been paid in full for services rendered, and like it or not, any expected earnings lost under a voluntarily restructured contract from eight years ago means nothing to the court.

Try to remember that the current list of unsecured creditors didn't have a union voluntarily sign away their rights.

Suppliers who aren't getting paid for services already rendered already paid *their* employees and suppliers.

Lessors who engaged in sale-leasebacks already gave AMR the cash for assets that may or may not ever be able to be placed with another airline to help recoup their investment.

You can say "I have no sympathy for banks" but those same "greedy banks" are in turn owned, either directly or thru retirement plans & mutual funds, by ordinary people... And they deserve to be made whole, too.

As far as the court is concerned, employees are near the end of the line. The only one with lower priority right now are the shareholders who invested in AMR stock. They will get nothing whatsoever.

Blunt but brutally true...:-/

 

[Mach85ER]

Blunt but brutally true...:-/

I know.

Had my Che T-Shirt freshly wrinkled for my quest to join an OWS protest until I read that.

 

[Buck]

The Future