The following showed up on my computer today.
Dear Colleague:
According to US Airways’ SEC filing, Doug Parker’s stock options that were sold last week had the following expiration schedule:
Shares Acquired Expiration Date Option Price Value
24,750 10/28/2006 $29.09 $719,977.50
41,250 01/24/2012 $9.21 $379,912.50
103,125 04/09/2013 $6.42 $662,062.50
33,025 03/10/2015 $12.44 $410,831.00
70,100 03/10/2015 $12.44 $872,044.00
Total Shares Acquired: 272,250
Total Cost: $3,044,827.50
Shares Sold Date Sold Exercised Price Value
202,150 8/1/2006 $44.458 $8,987,184.70
70,100 8/2/2006 $43.5875 $3,055,483.75
Total Shares Sold: 272,250
Total Value: $12,042,668.45
Total Pre-Tax Profit: $8,997,840.95
In a letter to employees Doug Parker said, "The fact is that I’ve authorized the exercise of options to acquire 272,250 shares of US Airways stock and the sale of those shares. All of these options were granted to me during my time at America West. A small portion (24,750) of these options were granted almost ten years ago and are about to expire, which means that if they aren’t exercised, they simply go away. That, along with feeling I should diversify my stock holdings, is the primary reason that I have chosen to exercise some options now."
Chip comments: Parker is right. A small portion of these options (24,750) were set to expire, but 247,500 options did not expire until January 24, 2012 to March 10, 2015. Parker along with every other US Airways senior executive has received huge incentive-based compensation. Meanwhile, US Airways used the bankruptcy process to gut our contracts, where pre-merger US Airways pilots are now the lowest paid in the industry.
Moreover, without the sacrifices of the US Airways employees the merger would not have proceeded, according to Parker America West would have entered bankruptcy, and the senior executives would not have become multi-millionaires due to the recent run-up in the stock price.
US Airways employees continue to suffer, they live pay check to pay check, and they must now fund most of their retirement. Meanwhile, US Airways is posting record profits and management refuses to negotiate a new combined contract that would partially reward the employees after their enormous sacrifices.
I do not know about you, but "enough is enough." It's time for more ALPA press releases to notify the public of the truth, pilot informational picketing at every management event, more ALPA Communications Committee discussions with the news media, and for US Airways pilots to strictly fly by the FOM/Pilot's Handbook.
Regards,
CXXX MXXX
I wonder how we found ourselves in the position of being taken for granted and continually abused by management?
Does anyone think that comments such as the following are indicative of the fearful mindset of 57% of our pilot group?
Dear Fellow Pilot:
…As for ALPA being able to stop any of this, the only way is to capitulate and give the company far in excess of $295 million a year as stipulated in the latest company "proposal".
Respectfully,
CXXX MXXX
Dear Colleague:
According to US Airways’ SEC filing, Doug Parker’s stock options that were sold last week had the following expiration schedule:
Shares Acquired Expiration Date Option Price Value
24,750 10/28/2006 $29.09 $719,977.50
41,250 01/24/2012 $9.21 $379,912.50
103,125 04/09/2013 $6.42 $662,062.50
33,025 03/10/2015 $12.44 $410,831.00
70,100 03/10/2015 $12.44 $872,044.00
Total Shares Acquired: 272,250
Total Cost: $3,044,827.50
Shares Sold Date Sold Exercised Price Value
202,150 8/1/2006 $44.458 $8,987,184.70
70,100 8/2/2006 $43.5875 $3,055,483.75
Total Shares Sold: 272,250
Total Value: $12,042,668.45
Total Pre-Tax Profit: $8,997,840.95
In a letter to employees Doug Parker said, "The fact is that I’ve authorized the exercise of options to acquire 272,250 shares of US Airways stock and the sale of those shares. All of these options were granted to me during my time at America West. A small portion (24,750) of these options were granted almost ten years ago and are about to expire, which means that if they aren’t exercised, they simply go away. That, along with feeling I should diversify my stock holdings, is the primary reason that I have chosen to exercise some options now."
Chip comments: Parker is right. A small portion of these options (24,750) were set to expire, but 247,500 options did not expire until January 24, 2012 to March 10, 2015. Parker along with every other US Airways senior executive has received huge incentive-based compensation. Meanwhile, US Airways used the bankruptcy process to gut our contracts, where pre-merger US Airways pilots are now the lowest paid in the industry.
Moreover, without the sacrifices of the US Airways employees the merger would not have proceeded, according to Parker America West would have entered bankruptcy, and the senior executives would not have become multi-millionaires due to the recent run-up in the stock price.
US Airways employees continue to suffer, they live pay check to pay check, and they must now fund most of their retirement. Meanwhile, US Airways is posting record profits and management refuses to negotiate a new combined contract that would partially reward the employees after their enormous sacrifices.
I do not know about you, but "enough is enough." It's time for more ALPA press releases to notify the public of the truth, pilot informational picketing at every management event, more ALPA Communications Committee discussions with the news media, and for US Airways pilots to strictly fly by the FOM/Pilot's Handbook.
Regards,
CXXX MXXX
I wonder how we found ourselves in the position of being taken for granted and continually abused by management?
Does anyone think that comments such as the following are indicative of the fearful mindset of 57% of our pilot group?
Dear Fellow Pilot:
…As for ALPA being able to stop any of this, the only way is to capitulate and give the company far in excess of $295 million a year as stipulated in the latest company "proposal".
Respectfully,
CXXX MXXX