In a bankruptcy common stockholders are the last ones on the totem pole to get paid. U is paying creditors first and then only .02 on the dollar. Unfortunately the common stock is worthless. I wish that were not the case. Savy
US Airways common stockholders, are you aware of what is going to become of your shares of stock? If management has their way as shown in their filing with the bankruptcy court, when they emerge from bankruptcy, we as shareholders will be holding worthless pieces of paper.
Is anyone aware that this was the choice of management to do so? It is not necessary to cancel common stock of a company when they emerge from Chapter 11 bankruptcy. So why was this choice made?
Well, it appears management wants to handsomely reward themselves for doing such a great job downsizing our company and eliminating jobs, so that when they quickly emerge from bankruptcy, they can take a hefty 7.8 percent of the new stock to fill their nest eggs.
What they are proposing to do is outrageous. They are taking our company for themselves.
I urge all of you to call management at 1-(703)-872-7000 ask for Michelle Bryan, senior vice president, and tell her you are outraged at these actions. Also you can call the judge''s deputy in the court at 1-(703)-258-1251. (U.S. Bankruptcy Court, Eastern District of Virginia, at 200 South Washington St., Alexandria, VA 22314. Case No. 02-83984M.)
Numerous objections to management''s motion to vacate our stock have been filed, but we need every shareholder to let them know that we will no longer tolerate the corporate greed that is being displayed at this juncture. You can make a difference by taking these steps to voice your opinion.
It''s time we let management know that we are fed up with their stealing from us to enrich themselves. By the way, the worth of the new company''s stock is said to be between $425 million and $645 million , and 7.8 percent of those figures is $33.2 million to $50.3 million dollars going to the management of US Airways. That''s obscene.
There''s still hope your stock will not be canceled, but it''s in the bankruptcy court''s Judge Stephen Mitchell''s hands now, and he''s to rule on this on Thursday Hopefully Judge Mitchell will deny their request to vacate our stock. The courts need to hear from you. It''s our company, and management works for us. Let them know what you think. Enough is enough.
First, Michelle Bryan doesn't give a flying [A href="mailto:cr@p"]cr@p[/A] about you, any employee or any current shareholder. [BR][BR]Pure and simple, this is the way things are done. I'm afraid it's out of Judge Mitchell's hands. He has laws upon which he must use as a basis for his ruling. DO NOT CALL THE COURT CLERK. THAT WILL DO YOU NO GOOD AND HE/SHE HAS A LOT OF WORK TO DO. JUDGES CANNOT BOW TO PUBLIC PRESSURE AND FOR GOOD REASON. Judge's are appointed for life. This isn't a PR blitz. The law is the law. Creditors get paid first. If there is any money left over, then it goes to the current investors. Common stock will be cancelled and essentially we start with a clean slate as a new company. With creditors only being paid two cents on the dollar, common shareholders are left in the cold. Sorry, but that's life. Holding shares in a company is a risk and you must research the companys in which you invest, even if you are an employee. [BR][BR]DCAflyer[BR]
"By the way, the worth of the new company's stock is said to be between $425 million and $645 million , and 7.8 percent of those figures is $33.2 million to $50.3 million dollars going to the management of US Airways. That's obscene".
Oh no...my shares will be worthless. BLAH. I'll just buy more on the other side - but then I'm weird..I've held onto my stock since 1993 - seen it go from $83 to $0.23. I guess you could say they are more of an emotional attachment to the company then one of making money - and to think I've never worked for U...doesn't mean I didn't try to write myself in for the BOD from time to time.
[STRONG][FONT face="Comic Sans MS"]judge mitchell threw in the towel on the stock issue for good.[BR][A href="http://www.charlotte.com/"]www.charlotte.com[/A] -business section article. [/FONT][/STRONG]