Originally Posted by
DoubleTrouble
From memory but: When the pilot group was allocated the stock the price was in the mid/low teens. Initially the stock was not given to the individual pilot, but was controlled by ALPA, and could not be immediately sold due to restrictions negotiated by ALPA/DAL. When the trading window did open ALPA's broker was not successful at selling a desirable price. As the price of the stock declined, and with pilots expressing displeasure with the situation, ALPA turned the stock to the individual pilot at the stock price listed above. Even so, the performance from the teens to today has been positive.
Sailingfun said that this explanation was not correct. I respectfully disagree.
From my personal experience it's pretty much correct. We should have gotten our stock at around $12, that was the trade price at the time. We actually got personal control of it at $4.26. It was due to ALPA trying to sell it as a block. They got a little too cute for their own good.