Correct. We can’t furlough pilots quickly enough to save cash, so a 50% pay cut is the only way to do it and possibly stave off Chapter 11. Granted, we may give up pay and go Chapter 11 anyway, but when it gets to that point they’re no longer asking. The danger of Chapter 11 is that they will legally steal from you and pay the banks while pocketing a portion for themselves.

As someone else mentioned, when management pay/stock buybacks/bonuses return, our pay comes back, too.