After reading the article in the Charlotte Observer it appears David Bronner, CEO of Retirement Systems of Alabama is adamant about work rule concessions. http://www.charlotte.com/mld/charlotte/bus...ess/4653166.htm
What bothers me about all this is if he doesnt get what he wants he''ll more than likely decide against giving U the necessary money it needs to emerge from bankruptcy thus forcing the airline into Chapter 7.
If he does get what he wants the few remaining employees with U will be furloughed due to outsourcing. After speaking with my fellow coworkers it appears Mr Bronner is going to have to liquidate.
Once again, as a FSA I could care less about the pension and more about the outsourcing issue..if this happens any type of a pension will be worthless to any who no longer have a job or any hope of recall in the future.
I have to agree with Chip here.....i have a feeling that tonight after the BOD meeting youll see that pensions will be terminated. Hate to sound all doom and gloom, but i think thats whats gonna go down. Good luck to everyone out there.
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On 12/3/2002 3:25:04 PM wings396 wrote:
Once again, as a FSA I could care less about the pension and more about the outsourcing issue..if this happens any type of a pension will be worthless to any who no longer have a job or any hope of recall in the future.
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Wings outsourcing isnt going to happen, in my opinion it never was. Everything Management has done so far theyve had an ulterior motive.
The way the company went about closing MCO and TPA for instance, management knew by doing it the way they did it when they did it would create a hostile workforce, by placing unrealistic demands concerning more concessions they knew it would only aggravate the rank and file even more.
When the travel industry didnt turn around like the "experts" predicted Dave saw it and knew that US Air didnt have a chance in coming out of bankruptcy, knowing this he now has to focus his attention on getting as much money back to Retirement Systems of Alabama and he could only do that is thru liquidation.
What Mr Bronner and Dave have on their hands is a hostile workforce in an industry thats service orientated. Do you honestly believe Mr Bronner whats to invest another $200 mil under those conditions?
Lets not forget the possibilities of war. Thats a whole other issue.
If U goes into Chapter 7 and liquidates, how is this "investment" in U a positive thing for all the members of RSA?? Wouldn't RSA members be loosing money?? I thought the "investment" in U was with the hopes of a turn around in the future. Seems to me that if U goes 7 then Bronner made a big mistake investing in U.
Can someone explain what would happen if U goes into 7??
Come on people, you are all forgetting some very important, and basic facts.
First and foremost, Dave is in the process of making a name for himself, one that will bring him hundreds of millions, if he makes a player out of this dog we call US. (Tens of millions, should he fail at this point) The fact is, it's not about money with his kind, it's about ego, and face, he is not going to give up at this point. Good old Dave is just looking to get all that he can, while the getting is good.
As for Bronner... He is even sharper than Dave, which explains why he manages money, rather than trying to make it as a CEO, or in any other working position. Of course he wants it all, so would you if you were in the drivers seat!
The pension plan? Who cares, let the government take it over. We have all been told over, and over how the pilots have all the brains, so I'm sure they have planned for such an event. As for the rest of us, it won't make a bit of a difference.
To end, chapter 7 is close the doors, sell the farm, and move on. This will happen, or not happen, regardless of what we the employees decide, it is way beyond our control. To fret over 7, is to worry as to whether the sun will rise, if you have to ask, it's too late!
If U goes into Chapter 7 and liquidates, how is this "investment" in U a positive thing for all the members of RSA?? Wouldn't RSA members be loosing money?? I thought the "investment" in U was with the hopes of a turn around in the future. Seems to me that if U goes 7 then Bronner made a big mistake investing in U.
Can someone explain what would happen if U goes into 7??
RSA does not get their money back, but does get the next best thing. RSA gets first(or second I am not sure) pick of the assets to cover the money they put up for the DIP financing. The PBGC might be the first to get assets to cover the liability of the PBGC minimum pension plans.
If that guy Bronner is worth the suit he wears he knows exactly how much the assets are worth. I doubt he will release more than that amount to US.
[BLOCKQUOTE][STRONG][FONT face="Times New Roman" size=3]RSA would go to the top of the secured creditors list, and any subsequent asset sales would be used to satisfy their claim.[/FONT][/STRONG][BR][STRONG][FONT face="Times New Roman" size=3]So if you had AA or anyone else hock some more planes and call up and say we want boston and the shuttle and well give ya 700 million for 'em,the sale would be completed and RSA would get their money back.[BR][/FONT][/STRONG][BR][BR][STRONG][FONT face="Times New Roman" size=3]Mr.Friendly wants more and has a club ready to bash our heads in and now Bubba has a shot gun pointed at us.Sorry gang,its been fun but no way we see spring.[/FONT][/STRONG][BR][/BLOCKQUOTE]
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On 12/3/2002 4:24:58 PM trvlr64 wrote:
Whoa?! I'm confused.
If U goes into Chapter 7 and liquidates, how is this "investment" in U a positive thing for all the members of RSA?? Wouldn't RSA members be loosing money?? I thought the "investment" in U was with the hopes of a turn around in the future. Seems to me that if U goes 7 then Bronner made a big mistake investing in U.
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.....Just maybe it's time for David Bronner, CEO of Retirement Systems of Alabama, to RETIRE!
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On 12/3/2002 4:24:58 PM trvlr64 wrote:
Whoa?! I'm confused.
If U goes into Chapter 7 and liquidates, how is this "investment" in U a positive thing for all the members of RSA?? Wouldn't RSA members be loosing money?? I thought the "investment" in U was with the hopes of a turn around in the future. Seems to me that if U goes 7 then Bronner made a big mistake investing in U.
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.....Just maybe it's time for David Bronner, CEO of Retirement Systems of Alabama, to RETIRE!
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On 12/4/2002 6:16:52 AM oldiebutgoody wrote:
They would go to the top ONLY for the amount they loaned U after U filed for chapter 11. Not for the aircraft leases, etc which were pre-petition.
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Would it matter who gets the aircraft AFTER were gone?