Originally Posted by
alfaromeo
[*]Agree to a crappy contract that contains a substantial claim in the reorganized American. Just to reiterate, the 13% claim that the Delta pilots got from their bankruptcy netted out to $1,300,000,000. That's a lot of zeroes there.[*]Accept and even worse contract rejection and get no claim[/LIST]Financially, there is no choice, Option 1 is the only way to go. Emotionally, if the American pilots feel the need to throw away money in order to make some statement to somebody somewhere, then you can make that choice.
- Due to differences in pension structure and the way our claim was set up by our negotiators and advisers, Delta's claim was much, much different than our claim would have been. In other words, we would have never received nearly as much money as the DAL pilots received. Our union reps and advisers stressed this.
- Our claim was never monetized, and our council and advisers refused to monetized it.
- There were FOUR (yes, count them FOUR) ways listed (in nebulous legalese) that our 13.5% claim could have been diluted, including management bonuses. We did not even know what our 13.5% would have amounted to after the dust settled.
- Our advisers would have netted 10% of the 13.5% claim as a bonus. There was an obvious conflict of interest in someone pushing a yes vote in order to enrich themselves.
- The claim was supposedly being used to push "influence" for a merger with the UCC, yet when combining all of the votes of labor on the UCC, we still fell well short of getting the votes needed to pass any motion. Furthermore, we were in effect asking the other non-union members of the UCC to take LESS MONEY to pass our scheme with Doug Parker. Yeah....I'm sure that was realistic.
This only one bullet point of why the original post was so absurd. The decision was not made on "emotion". It was made upon weeks of risk analysis and carefully analyzing what was being offered vs. alternatives available. Obviously the poster did not have a copy of the offer, or analyze the offer very well, as he would have seen that the terms were far more onerous than offers made to other bankrupt carriers. (i.e. how many other carries had a b-scale pay rate for A-319s?) The posted obviously did not see or care that important parts of the LBFO had either NO language in important areas or completely confusing language allowing the provisions to end up being in effect a "fill in the blank" contract for management.
The original poster has NO IDEA where we will end up or what we will end up having for a contract, as no other pilot group has had their contract abrogated. The original posted has an abysmal lack of knowledge of the intricacies of all the moving parts, including the company's POR plans, or current behind the scenes negotiating between the UCC and the APA.
Coming on here with almost zero facts and completely clueless on important events happening and telling the group what to do is not "advice", it is arrogance.