Originally Posted by
hockeypilot44
I was reading out our contract history. If ALPA has financial experts, why didn't ALPA know that a bankruptcy was coming and there was nothing we could do about it? Painful reading about taking huge pay cuts, then going bankrupt and having to negotiate more cuts. To me our financial experts should have been able to tell is that the numbers din't work and bankruptcy was inevitable. I am guessing that we as a whole acted on emotion and fear of losing the pension. This was a major failure of ALPA. This was a time where we needed true leadership to keep us from acting on emotion, and I feel ALPA failed miserably. It resulted in deeper cuts than were necessary and a new lower standard for us IMHO. Relaxing the rj scope was another major failure during this time.
This eggzactly!
If we had such a great E & FA, they should have easily been able to tell us that with our debt load, bankruptcy avoidance/pension saving was impossible. I'm not a financial guy at all, but I voted no because even I could figure out the aforementioned avoidance/saving was impossible.
Further, our legal system is based on precedent. I doubt that there is any case law where a corporation was allowed to take 32% plus pensions from the employees thru the bankruptcy process.