Originally Posted by
globalexpress
Where did you get the specific information about the behind the scenes TWA bankruptcy negotiations? Did the facts you mention come up in court or somewhere else? It has been a while since I have read TWA's 10Q's but I was pretty sure it was a money losing operation at the time all of this was going on, but I'll dig them up to verify. Anyway, if you have a link or a reference to the stuff you mention, that would be great. I would like to read about that in detail.
Global,
The direct answer...I lived it.
I also have friends/co-workers who were in management and friends/co-workers who were on the MEC side. The bankruptcy transcripts where AA outbid Icahn and Jay Alix/Boeing should be readily available.
You can search 10K's til you turn blue but even a mediocre accountant can make profits disappear. Every airline in this country hides their money. Take a look at American right now. Labor contracts in nego and they cry crocodile tears about how they're losing money and that's what the 10k shows...so it must be true right?
But every April they have no trouble finding a couple hundred million bucks to lay on the big boys at the crystal palace in the form of bonuses.
If you want to verify the veracity of my statements you can contact the one TWA pilot who sat on the BOD of TWA. Or you can wait until he finishes writing the book and read it for yourself. Compton retired to Florida with a tidy $4M exit bonus....you can give him a call and ask him.