Originally Posted by
gloopy
That's based on the assumption of reducing the first tier of PS (the limited section) and then the company profit falling below that threshold within that tier. That would be a lot of lost profits (the second tier would be completely gone in order to get to that point). That is a pretty narrow range to be in that scenario, yet not running losses.
If we went from 4-6B/yr in profits to a loss, you can bet they'd come for a "haircut" and probably get it if it lasted long enough. We would never get the same PS levels back again though in any circumstance once we trade it away.
The bottom tier of profit sharing has a defined value. If we monetize that into payrates, the absolute worst case that would result in is breaking even. We couldn't lose money (which we easily could if we kept it as is and the company started doing worse). Keeping the top end ensures that we participate in any upside. It's a win/win that way.
I don't know if that's what the TA did. But I do know that's what I hope they did.