Sunset Provision

[ual-crewdesk-man]

UAL says employee ownership falls below key level
Friday March 7, 7:37 pm ET
CHICAGO, March 7 (Reuters) - UAL Corp. (NYSE:UAL -
News), parent of United Airlines, said on Friday
its Employee Stock Ownership Plan (ESOP (News -
Websites)) had cut its holdings of company stock
to below 20 percent, ending employees'' effective
control over the No. 2 U.S. carrier.
Under a sunset clause triggered when
the ESOP reduced its stake in the company
to below 20 percent, airline employees lose
special voting rights, including power to
choose board members and the chief
executive, among other things.

Employees had bought 55 percent of the
company in 1994, but that failed to bring
about labor harmony.
Elk Grove Village, Illinois-based UAL said on
Tuesday the Internal Revenue Service ruled that
the trustee for the ESOP may sell an additional
3.9 million shares without jeopardizing special
tax benefits tied to net operating losses. UAL
said on Friday the tax break would not be
jeopardized by triggering of the sunset
provisions.
UAL and United sought Chapter 11 bankruptcy
protection from creditors last December.
So now what''s Paul going to do? Go back to the line?
LOL

 

[ual-crewdesk-man]

[blockquote]
----------------
On 3/7/2003 7:54:41 PM UnitedChicago wrote:

Well...I'm just waiting for the Tribune and other media to put out the big commentary on the ESOP officially ending as a failed venture.


Lets guess on some headlines:


Sun sets on Labor's Test

Sun sets on employee ownership

United's ESOP: Did the sun ever really rise?

United employees hand back the keys


But seriously...I'm really sorry that you all took a big hit on what you invested.
----------------
[/blockquote]




How about:

"Not a Pretty Sunset at UAL"

"Sunset Could Mean Ugly Sunrise for Employees at UAL"

"Sunrises on Sunset Provision"

I'm sure the UAL-friendly Tribune will choose the most negative one and put it on
the front page.

--------------
Republicans in '04, '08, '12.....

 

[UnitedChicago]

Well...I'm just waiting for the Tribune and other media to put out the big commentary on the ESOP officially ending as a failed venture.

Lets guess on some headlines:

Sun sets on Labor's Test
Sun sets on employee ownership
United's ESOP: Did the sun ever really rise?
United employees hand back the keys

But seriously...I'm really sorry that you all took a big hit on what you invested.

 

[UnitedChicago]

crewdesk! DEMS in 04! BUT, this isn't a political board...so have a nice night.

 

[N230UA]

LOL love the headlines guys.

The message board should take over UA's PR department, or become full fledged journalists.