sailingfun

There have been two stock programs post chapter 11.
The first was the claim awarded in chapter 11. There was no set stock price for the claim because it was just that. A claim for ownership of part of the reorganized Delta. The stock price would be set by the market when the company exited chapter 11. The claim was controlled by DALPA before we exited bankruptcy. DALPA decided to try and sell the claim pre exit for those pilots who decided to go that route. Each pilot was given the option to participate in the claim sale or take possession of his portion of the stock on exit. The vast majority went with the claim sale. I believe the selling price was around 21 dollars a share. When the company exited chapter 11 the actual price ended up being quite a bit less and then quickly droppped to 3 dollars a share. Pilots who elected the claim sale did very well. Those who opted to keep the stock not so well but they had the choice.
The second program which is what most are talking about here was the merger stock awarded post merger with NWA. This was a concept from Lee Moak that had never happened before where DALPA pushed and was awarded a portion of stock from a company merger. In the past this was a benefit for the company elite only not employees. It has been widely copied since. That stock was placed in each pilots 401K account. He could sell or keep the stock as he saw or sees fit. I sold at 13 a share. In retrospect not so bright a move but the money went over to the market which has also done well.