Alpha

As you know Delta has returned billions to the shareholders.

And you also know our indusrty has changed forever.

Each year we make over $1 billion in bag fees.

Each year we make over $1 billion in ticket change fees.

And you know the Delta pilots have made well over $10 billion in life changing concessions. ($15 billion by my calculation and still waiting for DALPA numbers on this)

The Delta pilots are by far the largest financial contributors to the success and profitability Delta enjoys today.

Do you think it is right for Delta to announce yet another stock repurchase this May without snapping us up to the decade old Delta pilot May 2004 hourly pay rates?

Do you see these hourly rates plus some accounting for inflation as the absolute minimum for C2015 date of signing?

Jerry