Originally Posted by fosters
I believe per ALPA's contract if the certificate and planes go, the pilots have to go too. If this does go thru, which it won't IMO, look for them to do the same thing to Comair that Skywest did with ASA.
Most contracts have successorship provisions like you described, but they only work if the company or some part of it is sold intact.
If a company is liquidated, ALL associated contracts are essentially null and void and you can sell the assets (planes, gates, hardware, certificate) at auction. Due to their relatively high seniority, no regional CEO would really want to buy an intact COMAIR with all the employees.
If the company was dissolved in Ch. 7 due to obvious lack of money, that would be the end of it. If the company were dissolved prior to a sell-off more as a matter of convenience for the seller and the buyer, the employees could sue and claim that they were still entitled to go with the airplanes and be employed...slight gray area here, but the litigation could take quite a while...