the sky is falling everywhere!

[Just the Facts II]

More than just legal fees, all costs associated with negotiations, lost time, Hotels and other travel expenses etc. All the Locals were told to submit reports, not clear how they will divy up the money though. The Unions, not the members, will get millions from the company if they bring back ratified deals.

Oh yea, and they dont have to live under the deals either.

Would you kindly point me to the document that states the company is paying the unions legal expenses if this passes. Thanks.

 

[Gman10]

Q(7): Please explain the compensation claim for our advisers and what happens if it is reached.
A: As part of the settlement, AMR has agreed to provide APA with an administrative expense claim of up to $5,000,000 to cover the fees and expenses of APA’s lawyers and experts. [The cap on fees and expenses was negotiated and APA’s negotiating team believes the cap is likely sufficient to cover all anticipated fees and expenses of APA’s lawyers and experts. To the extent the fees and expenses exceed the cap, APA will need to pay those fees and expenses.]
It is important to note that absent this settlement, APA would be responsible for payment of all of the fees and expenses of its lawyers and experts. Thus, the settlement reduces the costs of this bankruptcy to APA.
APA’s financial adviser, Lazard, is not included in the aforementioned cap and will be separately reimbursed by AMR for its work on behalf of APA. In addition, Lazard’s engagement letter with APA provides that Lazard will advise APA on the monetization of any securities it receives as part of AMR’s bankruptcy. APA will therefore be liable for any brokerage commissions to Lazard that arise from this monetization, just as it would were Fidelity or Schwab to arrange the resale of these securities.

This is from APA Q&A site. If they have it I am sure APFA and TWU do also. I will try and find it on a TWU site.

 

[Barfbag]

Horton may have not invented the Internet, but the Internet has reinvented the airline industry by allowing prospective passengers to bid down the price of a seat to the point where the seat has a negative value.

 

[BigMac]

Caterpillar taking lessons from AA?
Corporate greed should be punishable by law.
BTW, Caterpillar workers are represented by the IAM.
http://www.youtube.com/watch?v=9MKfqEzALZg&feature=youtube_gdata_player

 

[Ed Norton]

All that money they spent on lawyers could have been given to the employees as a good will gesture. It breaks down to over 300 per employee. Too much to expect I suppose.

 

[FWAAA]

All that money they spent on lawyers could have been given to the employees as a good will gesture. It breaks down to over 300 per employee. Too much to expect I suppose.

By time this bankruptcy is over, the total lawyer/accountant/consultant/banker/assorted parasites bill will likely exceed $5,000 per employee. Coming to agreement prior to Ch 11 cuts all those people out of the equation.

 

[Mr Red]

By time this bankruptcy is over, the total lawyer/accountant/consultant/banker/assorted parasites bill will likely exceed $5,000 per employee. Coming to agreement prior to Ch 11 cuts all those people out of the equation.

WE did that Once already !!BIG MISTAKE VOTE NO !!!

 

[enough already]

By time this bankruptcy is over, the total lawyer/accountant/consultant/banker/assorted parasites bill will likely exceed $5,000 per employee. Coming to agreement prior to Ch 11 cuts all those people out of the equation.

Maybe they cut a deal like the pilots did and will get reimbursed for all their legal fees if it passes:

https://public.alliedpilots.org/apa/AboutAPA/APAPublicNews/tabid/843/ctl/ArticleView/mid/1983/articleId/1483/Q-A-regarding-the-135-equity-stake.aspx

 

[FWAAA]

Maybe they cut a deal like the pilots did and will get reimbursed for all their legal fees if it passes:

https://public.allie...uity-stake.aspx

AA has already offered that deal to all three unions, but that wasn't the point of my post. Ed Norton was lamenting the lawyer bills, saying that AA could have given that money to the employees instead. Money spent by AA on lawyers is money that isn't available for employees, no matter who represents them.

 

[AA89]

Why would AA give money to a bunch of bricks?
By paying the lawyers and consultants instead of bricks, the Whoreton Gang stands to make millions more for themselves. Any souless executive would make the same decision.
It's a much better ROI for them and they risk none of their own capitol.
Brilliant I say !! Brilliant !!

 

[Overspeed]

More than just legal fees, all costs associated with negotiations, lost time, Hotels and other travel expenses etc. All the Locals were told to submit reports, not clear how they will divy up the money though. The Unions, not the members, will get millions from the company if they bring back ratified deals.

Oh yea, and they dont have to live under the deals either.

Up to $5M for professional fees. The Unions get what money Bob? The APA and the APFA have the same provisions.

 

[Overspeed]

AA has already offered that deal to all three unions, but that wasn't the point of my post. Ed Norton was lamenting the lawyer bills, saying that AA could have given that money to the employees instead. Money spent by AA on lawyers is money that isn't available for employees, no matter who represents them.

I believe the AA BK lawyers and "experts" get the highest priority when getting paid. Even before secured creditors.

Jus like a divorce, the lawyers get rich off other people's misery.

 

[FWAAA]

I believe the AA BK lawyers and "experts" get the highest priority when getting paid. Even before secured creditors.

Jus like a divorce, the lawyers get rich off other people's misery.

Agreed, they get paid first - near the top of the priority ladder. But if you settle your disputes outside bankruptcy (and don't file for Ch 11 protection), and don't pay the parasites several hundred million dollars, that's several hundred million dollars that's available for employees if they have competent union negotiators (certainly not the TWU). Ed Norton mentioned a measly $300 per employee; the total is more likely to be five grand or more per employee.

 

[Strake]

All that money they spent on lawyers could have been given to the employees as a good will gesture. It breaks down to over 300 per employee. Too much to expect I suppose.

Now that is funny! Good will gesture? hahahaha Well, coming from a guy with an I.Q. of a piss ant that's to be expected. You might want to stick with the crayons Edwardo. I'll give you an A+ on spelling though! 🙂