As a first year guy (but over 15 years as a member of a pilot union) I was very disheartened by this announcement.
I completely understand the companies desire to maximize profits and protect their business plan but to only offer take it or leave it proposals doesn't really meet with the spirit of the negotiating format agreed to by both parties.
It looks like we are headed for mediation which will most likely produce a more industry standard contract, but will take years.
The threat of leasing 767 and furloughs before even entering mediation is a very strong arm tactic and will, IMHO only make it more difficult for us to recruit new pilots.