Originally Posted by
NoHandHold
Who am I talking about? Pinnacle!
I make this thread for educational purposes...these pilots should have seen this coming a MILE AWAY. Let's recognize the symptoms so this doesn't happen again.
Ok....from the beginning now....
1. Pinnacle chooses to self finance 900's and underbid flying to gain regional market share. #FAIL
2. Pinnacle buys Colgan and Mesaba with money loaned from Delta with an interest rate of 12-13 cents on the dollar. #FAIL
3. Pinnacle files Chapter 11 and then accepts DIP financing from Delta with another ridiculous interest rate because Pinnacle barely has cash on hand to run its day to day operations #FAIL
4. Once again it falls on PILOTS to fall on the sword for management's failures. They overwhelmingly (85%) vote in a TA that cuts pay, cuts QOL, furloughs more than half of the group, and takes responsibility for Pinnacles bad business....while their CEO took a HUGE pay raise last year. #FAIL FAIL FAIL FAIL
Management driving companies into the ground and reaping benefits while forcing layoffs and concessions onto frontline employees happens in every industry. AIG, GM, Chrysler to name a few... Write your congressman.