TIME TO BUY OUR COMPANY

UalEmp7220

Newbie
Sep 1, 2002
2
0
TIME TO BUY OUR COMPANY
FOR THE CONCESSIONS THAT ARE BEING ASKED FOR,
WE COULD BUY UNITED TOTALLY 3-4 TIMES OVER.
WELL LETS GET THE UNIONS TOGETHER AND GET THIS THING DONE, ONCE AND FOR ALL.
It''s 3 am and I had an idea.UAL ended trading Friday at under $3.I''m pretty sure that in the next 2 business days it will be under $1.Amazing.The pay cuts put forth by UAL make it absolutely impossible for employees to accept.Every economist across this nation expects the airlines to slump until the 2nd quarter (some say 3rd quarter) of 2003.Next year......But UAL is asking for 1.5 billion per year for the next SIX. BK is what they want.So what happens to AA,Delta,Northwest etc etc? Carty is already hinting at it.Now these carriers not only have to compete with SW but a giant in UAL.It''s the domino theory and wall street is ecstatic. WHEN UAL files,it''s going to negatively affect every airline worker in this country .......It boggles the mind,but at $1 a share UAL (a company that has 6 Billion in cash and unencumbered equity) will be available for purchase for $160 Million.Nobody will buy it because of "employee costs".Employee costs are driving UAL to BK (BS ,I know) but they have very effectively put this crap out there.On the other hand employee concessions can save this airline.You may have 55 percent ownership in the ESOP but you have no control .Everyone in the business world agrees YOU are the solution. Now........Idea (Idealist?) time. UAL has 80000 employees being asked for givebacks totalling $1.5 billion a year.IF ALL EMPLOYEE GROUPS GET TOGETHER,you can buy majority ownership for about 80 million ($1 a share) and block the BK. Take your contracts and make them assets,EVERY employee contributes $1000 (over however long).All that needs to be done at the lender is to guarantee that UAL will never operate in the red.You are going to have givebacks in a BK,it''s nieve to think otherwise.So give the cuts to YOURSELF for only as long as is needed.The economists all agree.Next year will be better.When there is a profit,give all employees a bonus.After blocking the BK,assemble your own team and run the company as it should be run.Goodwin loses $1 billion on USAIR and AVOLAR and gets a $30 million BONUS????????After being forced out???If there''s a failure at least it will be yours.There is very little time to do this.Hard to do? Yes.Impossible?NO. Or,buy up all the stock (2000 per) and privatize. BUT AS LONG AS YOU BICKER AMONGST YOURSELVES EVERYONE LOSES and the airlines execs all around this country are going to screw the workers while lining their pockets." It''s a 2.87,so the cost is 240 mill for controlling interest(give or take 10 million)
What do you think?
Anybody else interested?
ORIG. POST FROM AOL-UAL MESSAGE BOARDS
AND WANTED SOME SUGGESTIONS FROM INTERESTED
MEMBERS READING THIS BOARD
 

AirplaneFan

Advanced
Aug 20, 2002
174
0
As you buy the company you will be also assuming all obligations and making up the $3B shortfall in the pension funds? Will you match SW fares when they add flights? How will you stem the $300M - $400M quarterly losses? Inquiring minds want to know.
 
OP
U

UalEmp7220

Newbie
Sep 1, 2002
2
0
THIS IS POSSIBLE
All that is really needed is cooperation and those union contracts.
Then we can replace management with people who know how to run an airline.

If UAL thought the unions were serious,their entire plan whether it is BK or concessions would be placed in jeopardy. Instead of the unions being in a defensive stance, management would have to go on the defensive to deal with an issue they never considered.Instead of just a defiant no,
how about a DEFIANT NO! WITH A PLAN.

I hope these suggestions will get passed to appropriate people so they can talk to their attorneys. All we need is a proffer to submit to shareholders. THE BOD HAS TO CONSIDER IT.

UA is not a FINE TUNED, WELL OPERATING
MACHINE.
Poor Management for several years is
to thank for our current crisis.
To stop the millions lost every quarter, there are hunderds of ways to cut costs,
and more importantly INCREASE REVENUE.
 

Bear96

Veteran
Aug 20, 2002
2,926
122
Scary-- as a UAL employee, count me out. This has been tried and failed (ESOP). You refer to replacing management with people who know how to run an airline-- OK, who? Where have they been? Why has it been so hard for us to find a CEO so far?

A United with even more employee control and ownership than it already has will make it even more difficult to find competent senior management.

And employee ideas for "improving UAL's bottom line" that I have heard are downright scary. Some F/As think we should get rid of frequent flyer programs totally.
 

Busdrvr

Veteran
Aug 20, 2002
2,217
0
Two points.
1st, you could not buy the remaining interest in UAL for anywhere near the market CAP. There are quite a few stingy SOBs (like me) who bought stock when it was much higher, have confidence in UALs future, and won't sell until it's MUCH higher. The BOD has already authorized up to 200 mill common shares (55 mill or so now), so the could start dumping new shares on the market as we bought them. Any buyout would have to be organized, and have BOD approval.

2nd, employee ownership is NOT the prob at UAL. UPS is largely employee owned, and has had a TRUCK DRIVER for a CEO. Between 1997-1999 UAL spent about 1 billion to appease the "common" shareholders, by buying up stock and paying a huge dividend, instead of reinvesting in the company (or paying down debt). If you look at the biggest mistakes over the last few years, the labor groups were typically against them.
 

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