Okay, the Delta MEC invented this whole concept in the first place. We went to our management team and the Board of Directors and convinced them of the logic of including the pilots in the deal up front. We went to the major stockholders and convinced them that it would be worth it for them to give us some stock in order to facilitate the deal. We also went to several MEC's, including the Northwest MEC, and convinced them (by the way your MEC initially resisted the concept) to sign onto the process.
We then developed the entire Transaction Framework Agreement with the M+A attorneys that we hired and paid for. We also set up the negotiations with our management and the Board of Directors to get the returns we were seeking. The Northwest MEC shows up after Delta had done about 90% of the work and joined the negotiations.
After not one, not two, but three extended negotiation sessions, we still couldn't come to a deal on the SLI, even with the inducement of large amount of money to sweeten the deal.
So after all this prep work and all this effort, we get to the last two weeks before management said they were merging with or without us. You can chose to believe that just then the Delta MEC decided to exclude the Northwest MEC or you can chose to believe that once again the Northwest guys were a day late and a dollar short.
I know the conspiracy theories are much more fun to believe, and I can understand how your MEC, after screwing the pooch so badly, would want to throw darts at the Delta MEC. However, do you really think the more logical explanation of the situation is that the Delta MEC decided to screw the Northwest pilots, or they decided that they could not let the dysfunction of your MEC cheat the Delta pilots (and in the future Northwest pilots) out of important contractual gains.
I will leave that distinction for you to make. Either this was some grand conspiracy or it was the reaction to a group that would have a hard time organizing a lemonade stand, faced with a tough short notice decision and they couldn't even return a phone call within a week. What do you think is the most logical choice?
|