That's what I wanted to hear ..... there are a lot of 55 plus year old-s at US Airways that would like to start their PBGC payments and keep working a few more years and try to build up their 401k's.
Proposed Merger News
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That's what I wanted to hear ..... there are a lot of 55 plus year old-s at US Airways that would like to start their PBGC payments and keep working a few more years and try to build up their 401k's.
Don't read too much into my answer. I realize you've been asking a question to which nobody yet has the answer - and that is which company will be the surviving entity (nobody knows) and whether there will be deemed to be a "change in control" (nobody really knows yet). I don't know whether you'll be able to get your PBGC payments while still working for the merged US-AA.
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LD3
Veteran
remember the best place to merge is in BK - for example - in all the cities where AA and US operate which there are alot - you would want AA to shed it's lease obligations. For example, US has plenty of gate space in PIT - by merging in BK as it is exiting BK AA can shed the leases it has at PIT. If you go around all the non hub airports there is money to be saved on ground equipment, leases, etc that can be shed in BK upon exit. That saves alot of money that does not have to come at the employees expense.
My guess is that the NEW-AMR will be the surviving entity. That's why a labor deal with the AMR pilots was so critical. I'm not sure how "change of control" effects LCC pilots. Is the NEW-AMR contract better than the LCC snap back deal? Probably about the same.
Next big question for us-cwa members is how will the AA cwa-union vote turnout. If it fails I'm not sure what their roll would be going forward?
US Airways: Dahlman Rose upgraded its rating on this company today from Hold to Buy and changed its price target to $21.
If the COC agreement came into play, the east pilots would be skyrocketed to the top of the heap. I believe the 1998 "Parity +1% Contract" goes immediately into effect. LOA 93, and the "Restructuring" LOA (don't remember the number; no one used the number anyway...just called it "restructuring") go out the window with COC.
Well....maybe not top of the heap. FedEx, UPS and probably SWA would still be ahead.
Walmartgreeter
Veteran
nycbusdriver said: " I believe the 1998 "Parity +1% Contract" goes immediately into effect."
I know you were not trying to funny, but the word "immediately" caused me to almost bust a gut! Someone else can take this one, been over it way too many times. Have a good one!
Greeter
I know you were not trying to funny, but the word "immediately" caused me to almost bust a gut! Someone else can take this one, been over it way too many times. Have a good one!
Greeter
PullUp
Veteran
- May 22, 2010
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- 736
July 2002 Restructuring Agreement
Revisions to Hourly Pay Rates:
The hourly pay rates in effect on June 30, 2002 will be known as
the Book Rates.
Upon a change in control as defined in Section 1(D)2. of the
Agreement, hourly rates of pay will be the greater of the existing
rates of pay or the Book Rates.
Contingent Acquisition rights
Contingent Acquisition Rights under Letter of Agreement 63 as
modified by the terms of this Attachment L.
Term: Extend to June 30, 2012
(note: expired)
The CARs expired, but the Pay Rates revert if conditions are met that trigger a change of control.
Cheers.
Phoenix
Veteran
That would appear to be a windfall as big as the Nic, and it just might be subject to at least the same number of judicial hoops and obstacles.
PullUp
Veteran
- May 22, 2010
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Actually it is well defined, although I believe Parker when he states that there are ways around it. But, it is leverage, and USAPA should use it as such.
Cheers.
Mitchell Schnurman: The case for an American-US Air merger
http://www.dallasnews.com/business/columnists/mitchell-schnurman/20121217-mitchell-schnurman-the-case-for-an-american-us-air-merger.ece
http://www.dallasnews.com/business/columnists/mitchell-schnurman/20121217-mitchell-schnurman-the-case-for-an-american-us-air-merger.ece
If history repeats, might find out .... last time Parker did his trick his smaller America West was merged into the larger US Airways while she was in BK. Will Doug's smaller LCC be merged into the larger AMR while in BK? Should know in a few weeks?
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