----------------
On 4/10/2003 7:51:43 AM RV4 wrote:
Where are all of those NAY-SAYERS today?
KCFlyer, AAviator, eoleson, what do you think now?
----------------
My opinion: you''re a bunch of fools if you think that bankruptcy will be a better option for the long term health of your contracts.
(notice I said your contracts, and not the company)
Personally, whether we go bankrupt or not doesn''t affect me nearly as much, since I''m already employed at will. The same goes for most management employees and the non-union employees.
I''m also still a shareholder, so I''ll lose a couple bucks if the stock becomes worthless, but that was money I''d written off months ago. Again, the same goes for anyone who currently has options or holds stock, whether they be management or non-management.
My guess is that the company will survive regardless, but we''ll lose a lot more people as well as opportunities, than if we stay out of bankruptcy.
- Everything we do, from meeting payroll to paying an invoice for toothpicks, will need to be approved by a court. Some of that will be done by blanket order, some of that won''t.
- Millions of AMR''s cash will go towards paying lawyers. That benefits nobody at AMR -- management or labor. I don''t like giving lawyers money ever...
- Should UAL liquidate, we''d no longer be in a position to try and pick up assets like their ORD terminal or their Pacific routes. We could try, but that too would require court and creditor approval.
- Our business plan and operational statistics will no longer be a confidential document, but will be public record for our competitors to view openly.
But, we''ll go on as a company in spite of all that. I believe that many jobs will be lost permanently if we go down that path, but that seems to be a risk that many of you are willing to take.
And that''s your choice.