Originally Posted by
sailingfun
91 percent of the pilots elected to sell via the claim. Those pilots never received any shares. If you got shares then you were part of the 9 percent who elected to receive stock. The claim was sold for just under 1.2 billion dollars. That was if I recall 5 percent of the company. It was the equivalent to about 21 a share.
You are correct. This is the first distribution. I sold mine via the claim.
The second distribution was not released to the membership until the stock award had sunk from 12 to 4.26. The second stock award was given to
all employees. The non-contract employees had control of their awards immediately. DALPA decided that they could do better and took control of the block of stock. They didn't do better. They cost us a lot of money as the stock market cratered.
Hind sight is 20/20. But, I would have sold mine immediately at 12 and invested elsewhere. Instead, DALPA cost me $8 per share. That still ****es me off.
What is different about the two distributions. The first had everything to do with us and I guess it was appropriate for DALPA to try to get us a block sale. The second distribution was company wide and really had nothing to do with DALPA. (I will concede that no one would have gotten this if DALPA hadn't negotiated it.) It should been distributed to us to control when it was distributed to the rest of the Company. It was a bad decision on the part of DALPA.