[P]
[BLOCKQUOTE][BR]----------------[BR]On 1/2/2003 8:16:16 AM Hope777 wrote:
[P]Look at it this way, 6 Million is less then the * 10 * MILLION we are giving Midway to restart service. Oldie, I don't have a copy of our contract home, but isn't there a clause in the event of war they can terminate severence pay?[/P]----------------[/BLOCKQUOTE]
[P][/P]I have it here somewhere, but not right in front of me. I read it pretty extensibly and do not remember that being in it. There is a provision for reduced pay, but here's the rub. If the company considered the war enough to place it in the TA, I doubt that they can claim "force majeur" to get out of any other provisions in it. Remember, however, that any time the company does not qualify for the ATSB loan that the DIP financing is also gone. The company would almost immediately cease to exist (unless some white knight with strange investment habits like the RSA steps up, but I doubt that you'll find many more of those!). I believe that since these TAs were negotiated after the bankruptcy filing that the employees would go onto the "post petition" creditors list (I could be wrong, but I'll bet the unions would argue this as well), making some percentage of the benefits payable under most circumstances.