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- Aug 20, 2002
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Just finished reading the Bankrupsy filing/Pension termination notice sent from the company.
It appears that the W/O''s will indeed get RJs. They will be paid for from the PILOT PENSION!
Exhibit B, Page 6 and 7, Paragraph 11. And I quote Debtor will grow its Regional fleet from 70 units to 300 or more units............To achieve this, the debtors will need to finance approximately $3 to $4 billion or more of regional jet purchases. This financing would not be available to the debtors if the current (Pilot) pension contributions were to remain in place.
As I read this it appears, and I stress appears, to me that U does indeed have the ability to continue funding the pilots pension, and that they are choosing to cancel it and use the money to buy 300 rj''s. To be deployed to the W/o''s and affiliates. Which would not be flown by the pilots who are buying them.
Guess I should have stayed at the Wholly owned, I would be getting a shiny new jet out of the deal instead of paying for one!!!!!!
Signed,
Disgusted
It appears that the W/O''s will indeed get RJs. They will be paid for from the PILOT PENSION!
Exhibit B, Page 6 and 7, Paragraph 11. And I quote Debtor will grow its Regional fleet from 70 units to 300 or more units............To achieve this, the debtors will need to finance approximately $3 to $4 billion or more of regional jet purchases. This financing would not be available to the debtors if the current (Pilot) pension contributions were to remain in place.
As I read this it appears, and I stress appears, to me that U does indeed have the ability to continue funding the pilots pension, and that they are choosing to cancel it and use the money to buy 300 rj''s. To be deployed to the W/o''s and affiliates. Which would not be flown by the pilots who are buying them.
Guess I should have stayed at the Wholly owned, I would be getting a shiny new jet out of the deal instead of paying for one!!!!!!
Signed,
Disgusted