Regardless, it's still not 100% of what they agreed-to in their "ironclad contract", which is the point.


So, let's do this ~ you work for me for 30-40 years under the auspices of an "ironclad contract" with a "bargain in good faith" company. You take pay and benefit concessions when times are rough to keep the company alive (and paying you something, not nothing). When times are good, you accept scraps compared to management who made no sacrifices. Because you believed in the company, you invested one-quarter to one-half of your retirement fund in company stock (an issue left out of the discussion). As the company hit bad times, you accepted more and more concessions, for the same reasons (but management made none). Then, the bankruptcy court said your employment contract was worthless, you will be forced to take a pay cut, your benefits will be slashed, and that pension is now being pawned off to the PBGC who will dribble and drabble it to you, at their convenience when the dust settles...oh, and that stock you invested in, it's worthless now.


Sounds like a great deal, doesn't it?


Or this - next week, cash your paycheck and on your way out of the bank, give 20% of the Gross Pay (not the net the teller gave you, but the higher Gross), to the nearest trash can. Live on what's left...forever.


The point is 80% isn't 100% and too many in this business accept this sort of nonsense because the AA's, DL's, and UA's have made it the "new norm". There's nothing "norm" about it ~ it's called fraud and deceit, but because the wonderful unions, and MEC's, and union committees have done such a wonderful job [for themselves], it is the new norm because you, whether you know it or not, agreed to it.


Plan B ???