Atlas Q3 - That's not good.
 

What a change. Guess the shareholders are not going to be too pleased.

https://www.freightwaves.com/news/atlas-air-loses-money-from-q3-operations

Wow just Wow😲😲

From the investor call... This guy gets it. The multi millionaire executives have failed to do what they get paid millions to do.


(((("Howard Rosencrans, founder of Value Advisory, said: “The only resonating factor to us, the shareholders, is the … compensation to management, which runs significantly north … into the hundreds of millions of dollars.”

Mr Flynn defended the pay, noting that the company had brought in executives from the retail industry, Pepsi and GE. But Mr Rosencrans queried the compensation and promotions in the management team in light of its failure to fix the labour problems.

“The labour thing has been going on for many, many, many years,” he said. “So this is not a new one. I believe it should have been dealt with. We shouldn’t have allowed it to coincide with the difficult macro environment, we should have been ahead of the curve in my opinion.

“Even a company as complex – in a much worse industry – like GM has been able to successfully resolve labour issues more expeditiously.” )))))

BRAVO!

and this too
 

Management stealing from the pilots to pay themselves.

And the shareholders are noticing. :eek:

With our CEO becoming president of the board, and the architect of all the lawsuits against the pilot group becoming CEO next Jan nothing is going to change. Yesterday, the IBT was in federal district court again over the slowdown litigation between AAWH and the union.

I expect a contempt of court fine against the pilots and IBT is coming next over the "slowdown" as management cover for their inability to staff the airline at their sub regional level contract. Perhaps they are looking also to recover some the penalties levied by their customers for service failures by a judge imposing a multi million dollar judgement and taking it out of the pilots paychecks.

There is no coordinated job action amongst the pilots, but the execs know the courts are pro management so they can go back to that well again and again and the union is guilty until proven innocent.

....“I believe the continuity of senior management is imperative for the company...” , spouting off with BS like that to justify continued excessive management salaries ( and not their immediate removal from the premises ) , it looks like the shareholders and pilots have been outsmarted , outgunned and outwitted again. You have to give it to management - when they can come up with a rebuttal to failure and incompetence with words like that , no wonder they drive nice cars and have big homes.

Just leave.

Even the most pro-management judge can’t stop that. RLA be damned, involuntary servitude is a violation of the 13th amendment.

Sad thing is, they know the people they're making this pitch to sit on the boards of other publicly held companies or investment firms, and the incompetent dip**** making eight figures + options is their chirping canary in the coal mine. "If this visibly destructive infant can command this kind of salary, imagine what *I* can get away with!"

When the story of American industrial decline is written, these guys will look about as good as 18th-century Versailles courtiers.

I see you're an "ex" cargo dog. So I presume you "just left".

How nice.

But it reminds me of an encounter I had during an informational picket. A fat middle aged guy on a scooter tooled over to chat with me, a uniformed airline pilot, holding a picket sign.

He asked, "What's this all about?"

I gave my elevator pitch, "We're the pilots who fly for Amazon, DHL and the U.S. military trying to build awareness of our situation during contract negotiations."

Fat middle aged guy on a scooter answered, "So you're a union?"

"Yup."

He shoots back, "Get another job," and scooted off while looking over his shoulder at me.

Moral of the story: I EXPECT such cr&p from stupid outsiders. I don't expect it from fellow crew members.

Does it make sense for younger, junior guys to leave Atlas/Southern? Absolutely yes, in this job market.

It's not so easy for us older, more senior types. After all, if we older, more senior types don't fight for better working conditions in this hiring environment, then we're just allowing the bean counters to expedite the race to the bottom.

You're welcome.