Sort of.

This is only true if we get 100% retro pay, and even then you lose the time that you would have had the signing bonus. If we got (per the prevailing rumor) 9% at signing in - say - July, that is immediate monies that can go to work. If it takes until January, that is 6 months that you have lost forever. I am not advocating anything, but you need to be honest with the numbers. If 6 months to a year (or whatever time) of lost increase is acceptable, then discount it and your statement is correct. A 777B with greenies for 6 months, the loss is pretty significant however.

Fire away.