Originally Posted by
KnightNight
If the IRS doesn’t approve this, what do we get in return from the company? I’m assuming we gave up negotiating capital for this and I’m also assuming we get nothing if it fails?
From the LOA:
“In the event the IRS does not approve the CBP and all parties hereto agree there is no longer a reasonable ability to receive approval of the CBP, the Company and Association shall, within a reasonable time, discuss unwinding the provisions of this LOA. In addition, any amounts in the CBP will be redirected with respect to each Pilot as determined by ALPA, subject to applicable law and the Company’s ability to reasonably administer.”
Pretty weak language if you ask me.