Originally Posted by
alfaromeo
So, now we enter the silly season. It is amazing how you try to have a discussion based on facts and then it turns to insanity.
Listen, my friend, if you are looking for sympathy over recent events I can tell you that you are knocking on the wrong door. I would love to change the past but unfortunately that is not the way the world really works.
This is how it really works. In bankruptcy (which occurred in 2005-2007 if you can't remember that far back) we gave four years of non-pension concessions that averaged $150 million per year. 4 times 150 is $600 million. Are you keeping up so far? The pension is technically not a negotiated concession because there is no way to negotiate to terminate a defined benefit plan but let's just call that a concession to keep you from blowing your head apart. That was $900 million. Now in my calculator $900 million plus $600 million is $1.5 billion.
Returns. We got a $2.1 billion claim that netted pilots around $1.35 billion when it was sold. We got $650 million cash. Pull out your calculator and add those two and you should get $2.0 billion.
Now is $2.0 billion more than $1.5 billion? Yes or no?
So those are the facts. Take your self centered pity somewhere else because it won't work on me. No spin, just the real world. Now we can return to the usual silliness because I guess we have had enough of the real world for now.
Wake up, the world does not give a crap about what you think you are owed. No one cares, least of all me. If you let that form the basis of how you approach a business negotiation, you might as well surrender right now. You are really a sorry sight, quit feeling sorry for yourself, there are much worse things that can happen than losing a little money.
I think you are way off on the retirement numbers. The plan had over 5 billion in obligations and only 1 billion in assets. If it was only short 900 million in funding it would not even have been considered in distress and termination would not have been possible.
I do agree that all the different pots of money that have come are way since the bankruptcy seem to be forgotten by many.