PBGC inherits Delta pilot pensions as 6th largest claim - MarketWatch

Management will always roll you over.

I forgot this:

"This represents an important and necessary milestone in Delta's restructuring and we are pleased we were able to work constructively with all parties involved to satisfactorily resolve what is an extremely important and complex issue," said Edward Bastian, Delta's chief financial officer.


and this:

http://money.usnews.com/money/blogs/...-pension-plans

https://www.wsws.org/en/articles/2005/09/nwa-s19.html

The list goes on and on.

Retiring CEO Leo Mullin, who was paid $13 million in compensation in 2001, was given 22 years of instant seniority—although he worked for Delta for only five-and-half years—boosting his retirement package to $16 million. While incoming CEO Gerald Grinstein took a ceremonial pay reduction to bolster the company’s demands for sweeping employee wage and pension cuts, behind the scenes other executives were cashing in on the benefits of their golden parachutes.

Former CEO Ronald Allen, who was forced out in 1997, continued to draw $500,000 a year from Delta for consulting services up until 2005, although neither the company nor Allen would say whether he ever provided any such services. Allen’s exit package also included a $4.5 million cash severance payment and a $765,000-a-year pension that continues. He also got 10 years’ worth of perks, such as a 2,090-square-foot Buckhead, Georgia office, a car and club memberships provided by Delta.