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.