Originally Posted by
hitimefurl
It clearly says in Seham's letter to Caplinger that "If ALPA filed for bankruptcy protection, the plaintiffs in the TWA lawsuit would become unsecured creditors, whose recovery would depend on the amount of assets held by ALPA and the number of creditors. In most bankruptcies, unsecured creditors do not recover 100% of their claim."
That is also 100% correct. TWA pilots would become unsecured creditors. So would Delta pilots for that matter.
Isn't it interesting that ALPA has (correctly) criticized USAPA for the unethical practices used to ensure that the Nicolau SLI never got implemented at US Airways. Yet ALPA plans bankruptcy to ensure TWA pilots don't get the damages if a jury awards it.
Carl