Originally Posted by
Regularguy
"Blue Skies was membership ratified I believe."
Nope, just road showed and local votes.
The ESOP history is a bit more extensive than your post.
That it was but I couldn't write it all on the iPhone while driving in traffic. the ESOP was a deal that anyone with a 9h grade education wouldn't have voted for.
15.7% pay cut for 5 hrs 9 months
B Fund reduced from 9% to 1%
no ability to contribute to 401k other than post tax
Shuttle/u30 crews took additional 7% pay cut(B Scale)
No Book Rate calculation for U30......
Loss of vacation days for junior pilots
Not allowed to decide for yourself if you wanted this.
Couldn't sell stock until retirement or termination
Paying almost twice the market price for the stock and it has no voting rights.
NO SNAP BACK. At the end if the ESOP you wouldn't get pay restored but you also stop receiving stock.
It is like being forced to buy a house you don't want for twice the market value and when you pay offthe house the bank won't sign it over to you and the best part is since there was no snap back you have to negotiate your way to be able to stop making payments.