Originally Posted by
justjack
Sorry if I am incorrect. I will be precise.
" As part of that deal, labor groups from the old American will receive a 13.5 percent equity stake, valued at $1.04 billion, in the new airline.
To the pilots, the stock payout, which they receive in several distributions through April, is a partial financial recovery for their retirement savings 'after nothing but pay cuts for the last 12 years,' says Tom Hoban, a spokesman for the Allied Pilots Association, which represents American’s pilots. 'The equity stake represents reimbursement on the damages to the contract, which were massive.'
It’s unclear whether the pilots will look to cash in immediately or hold the shares and realize potential gains."
Bloomberg 9 December 2013
My point- it might be easier to vote "no" with that "financial recovery." I am fine with your "no" and if the offer is turned down by the majority of the pilots, I can live with the outcome. Was it you, however, that thought we should not get to even vote on this?
The equity value for 98% of AA pilots ranged between $80-$120K. For most pilots this was NOT a "financial recovery", but a staggering loss. Most lost hundreds of thousands and for some even millions.
I DID believe this bad deal shouldn't have made it to the pilots. Why ?
Because it is born of a well-established union-busting tactic of bypassing elected union reps who are better informed overall and capitalizing on preying upon the weaknesses of the pilot group, many of whom can't decipher even basic portions of their contracts to say nothing of the sophisticated methods union-busters use to divide and then conquer unions, manipulate their expectations and essentially control them. Sadly, in this case, our own leadership failed themselves as much as us and here we are. Unless we save ourselves now, NO ONE will save us in 2020, not our incompetent leadership and certainly not ourselves.