Originally Posted by
80ktsClamp
This was exactly what Bastian told the captain I was flying with when he challenged Ed on why the execs kept their pensions and such while the rest got nuked. "Well, we had contracts that had to be honored."
I don't know where he's getting this, but it's wrong about management contracts and pensions.
I believe there's only one manager left at Delta that had an individual contract during the bankruptcy. That's the VP of Tech Ops. He got taken to court just like we did. A couple of the Mullin managers fought in court to preserve their separation benefits (Burns in particular). They didn't keep their pre-bankruptcy package. Nobody in management currently has an individual contract. Their (top 5) compensation package is spelled out in the annual report
I can't find my list, but I think there's only 3 of 35 SERP recipients left on property. One of them left under GG and was asked to come back after a couple years separation by RA. Another was an attorney who was the bottom recipient (I think it was $50K). The SERPents are the ones I particularly loathe.
There was no separate management pension plan at Delta. Their pension was part of the non-contract plan and has been hard frozen. Their non-qualified plan was rejected (terminated) by the bankruptcy court.
There's lots of reasons to be pi$$ed at Mullin, Reid, Burns, et. al. What your fellow pilot reported to you above isn't one of them, as the facts don't support what he heard.