C
chipmunn
Guest
It has come to my attention that Thursday night before the bankruptcy hearing US Airways suddenly changed their pilot pension plan termination petition.
This move may dramatically open up possibilities of a new deal between the company and the pilot group, which is much more to the liking of ALPA. Reports indicate ALPA's attorneys implied that this was movement in the right direction; however, it remains to be seen if this last minute offer will be acceptable.
Meanwhile, after receiving the company's new proposal the hearing began on Friday. During opening remarks, ALPA attorney Richard Seltzer started out very impassioned, stating that while the attorneys for both sides of the issue will move on and fight other cases at the conclusion of this one, the pilots, their wives, widows and children will have to live with and be impacted by these proceedings for the rest of their lives.
Also noteworthy, both sides made statements to the effect that the pilots had made the most substantial sacrifices of any participants. In fact, all courtroom participants were very deferential to the pilots and treated our group with much appreciated respect and condolences on our plight.
Then US Airways attorney John Butler told the court that nobody feels comfortable terminating the pension of the group that, of all employees, has almost single handedly through their sacrifices, saved this company, thus far.
Therefore, the court and the company fully recognize the enormous pilot sacrifices made so this airline can survive.
Separately, it was considered significant that the RSA representative admitted that there are potentially other ways to satisfy the final DIP investment conditions, other than to terminate the pilot pension plan.
Chip
This move may dramatically open up possibilities of a new deal between the company and the pilot group, which is much more to the liking of ALPA. Reports indicate ALPA's attorneys implied that this was movement in the right direction; however, it remains to be seen if this last minute offer will be acceptable.
Meanwhile, after receiving the company's new proposal the hearing began on Friday. During opening remarks, ALPA attorney Richard Seltzer started out very impassioned, stating that while the attorneys for both sides of the issue will move on and fight other cases at the conclusion of this one, the pilots, their wives, widows and children will have to live with and be impacted by these proceedings for the rest of their lives.
Also noteworthy, both sides made statements to the effect that the pilots had made the most substantial sacrifices of any participants. In fact, all courtroom participants were very deferential to the pilots and treated our group with much appreciated respect and condolences on our plight.
Then US Airways attorney John Butler told the court that nobody feels comfortable terminating the pension of the group that, of all employees, has almost single handedly through their sacrifices, saved this company, thus far.
Therefore, the court and the company fully recognize the enormous pilot sacrifices made so this airline can survive.
Separately, it was considered significant that the RSA representative admitted that there are potentially other ways to satisfy the final DIP investment conditions, other than to terminate the pilot pension plan.
Chip