I think Pinch might be right. Consider this..

TA1 was really inadequate with things like..

Very little reserve relief

W2 bonus pay method

No hard payscales, just formulas for keeping the pay 'average'. Really? Not the best idea.

Meanwhile, Phil and others keep making bonuses and saving tons of interest on the pilot retro money that wasn't paid out.

The worst thing management did was the Auction Rate Securities that really supressed any growth going forward, but they have NEVER admitted that major mistake, just keep taking their bonuses and stock options.

TA1 should have never made it for a vote, plain and simple. You can't spin it any other way. It was inadequate.

CB