Originally Posted by
georgetg
Yup it's always a cumulative look-back of the previous of three years taken on March 30.
But 1.P.4, Note Two permits a one-time 12-month only cumulative loock-back if we reach 49.75%.
1.P.4 Note two then permits any previous year underages will be discarded...
Delta could technically still use this provision in 2015, looking back 12 months and meet the letter of the contract.
Cheers
George
Okay George, how 'bout this: That note 2 revolves around a 3 year measurement period. The first 3 year period is up 3/31/14. Do you think the company is going to reach 49.75% in any year of the current 3 year window ending 3/31/14? If not then it seems to me that Note is moot. There is no reset of the beginning of the 3 year measurement period. It doesn't say they can do it in the 4th year. It has to be done in one of the 3 measurement years. At least that's the way I read it.
Back at ya!
Denny