Originally Posted by
eaglefly
Legally, it was an "asset acquisition" with an OFFER of employment. I suppose they didn't have to offer employment, but they did. Based on TWA's situation (3 months operating cash), it was felt that the career expectations weren't there and thus as per Section 13 of the green book a straight staple was contractually required. They met and negotiated a better deal for TWA pilots and provided protections in STL and feathered in the top half of the pilots and stapled the remainder.
This is EXACTLY what happened. The top 46% got feathered in at 1:8 and the remaining 54% got stapled.
I believe a large number of the staplee's were already on furlough (some on at least their second furlough).
No, this is inaccurate, eaglefly. TWA had no pilots on furlough at the time of acquisition.
Most agree doing this deal was stupid and TWA should have been left to its own resources to flourish or flounder. Although many there claim TWA was ready to rise and conquer the industry, most on the other side don't believe that and the demand for DOH and full consideration based on their hideous state is preposterous. Of course, the sides won't agree on this and that will remain in perpituity. It's decade old news.
Without a doubt. Crandall himself has acknowledged several times that he would have dumped TWA on 9/12/01. Unfortunately, Con Carty had major size envy.