willnotworkforfree
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anybody know?
Wheres our worthless stock
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USA320Pilot
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MEC CODE-A-PHONE UPDATE
July 31, 2003
This is Roy Freundlich with a US Airways MEC update for Thursday, July 31, with one new item.
MEC Chairman Bill Pollock sent a letter to all pilots today regarding the distribution of the pilots restricted stock per the Restructuring Agreements.
The stock will generally be distributed to pilots who were active on July 1, 2002 (including pilots then on sick leave and pilots subsequently furloughed) as well as pilots who were on LTD or authorized leave on that date. As determined by membership ratification vote, all eligible pilots will receive the same total number of shares—3,202. This number was established by dividing the total number of shares by the total number of eligible pilots.
For most pilots, one-half of the stock will vest today, on July 31, 2003, which is the first vesting date. Another twenty-five percent will vest on January 1, 2005, the second vesting date; and the remaining 25 percent will vest on January 1, 2006, the third vesting date.
When a share vests, it is no longer restricted; however, there is no established market for US Airways Group stock at this time. Steps to remedy this gap are being taken. The Company announced on July 15 that is was exploring liquidity options--in other words alternative means to sell shares in addition to established stock markets--for employees an unsecured creditors to be able to sell their shares. We expect the Company to announce progress on this issue shortly.
The letter contains several rules for vesting of the restricted stock that deal with specific situations such as if a pilot retires or dies on or before the first vesting date.
The letter also describes the tax withholding requirements of the stock and explains some of the differences between choosing to withhold taxes by payroll or by stock. Please read this letter carefully, and be sure to consult your personal tax advisor if you have any questions on the taxation of this stock. The letter is available on the MEC website at usairwayspilots.org.
July 31, 2003
This is Roy Freundlich with a US Airways MEC update for Thursday, July 31, with one new item.
MEC Chairman Bill Pollock sent a letter to all pilots today regarding the distribution of the pilots restricted stock per the Restructuring Agreements.
The stock will generally be distributed to pilots who were active on July 1, 2002 (including pilots then on sick leave and pilots subsequently furloughed) as well as pilots who were on LTD or authorized leave on that date. As determined by membership ratification vote, all eligible pilots will receive the same total number of shares—3,202. This number was established by dividing the total number of shares by the total number of eligible pilots.
For most pilots, one-half of the stock will vest today, on July 31, 2003, which is the first vesting date. Another twenty-five percent will vest on January 1, 2005, the second vesting date; and the remaining 25 percent will vest on January 1, 2006, the third vesting date.
When a share vests, it is no longer restricted; however, there is no established market for US Airways Group stock at this time. Steps to remedy this gap are being taken. The Company announced on July 15 that is was exploring liquidity options--in other words alternative means to sell shares in addition to established stock markets--for employees an unsecured creditors to be able to sell their shares. We expect the Company to announce progress on this issue shortly.
The letter contains several rules for vesting of the restricted stock that deal with specific situations such as if a pilot retires or dies on or before the first vesting date.
The letter also describes the tax withholding requirements of the stock and explains some of the differences between choosing to withhold taxes by payroll or by stock. Please read this letter carefully, and be sure to consult your personal tax advisor if you have any questions on the taxation of this stock. The letter is available on the MEC website at usairwayspilots.org.
willnotworkforfree
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I have be told ,that We will get the stock this week, they will take the taxes out of the amount of stock we get.IOW, hold that amount of stock. My question is " whats it worth, and who has the say ". I fear that We may be getting the short end of the stick on this one.BOHICA
PITbull
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I believe the stock is to open at approx $7 a share, but that could change. I don't know what "listing" it will be on, but that will make a difference on the share volume trading going forward.
I hope that the folks who voted YES on the concessions didn't do so cause they thought they would make money or break even on the "equity return". Cause I will tell you that other than the pilots stake, the other labor groups stake is "peanuts". Our shares for f/as is equivolent to 1 month's "sick" pay penalty.
From my understanding of the "Stock", we should all be receiving two vested payouts (out of 4) next week; the June's vest; and January 2004's. For F/as that would be approx 80 shares, then minus the TAX due from those shares...35%.
I hope that the folks who voted YES on the concessions didn't do so cause they thought they would make money or break even on the "equity return". Cause I will tell you that other than the pilots stake, the other labor groups stake is "peanuts". Our shares for f/as is equivolent to 1 month's "sick" pay penalty.
From my understanding of the "Stock", we should all be receiving two vested payouts (out of 4) next week; the June's vest; and January 2004's. For F/as that would be approx 80 shares, then minus the TAX due from those shares...35%.
