Originally Posted by tiredofjrm
(Post 2602803)
Its just typical ATSG (Soaper) scare tactics. Sadly they don't realize that scaring the pilots here gets them to quit, not capitulate.
I am also actively seeking new employment. They've lost 4 pilots so far this month. I just talked to someone who's got a job next month and another one who has an interview. Plus one of the guys they just hired is already regretting coming here. So it looks like more than 4 leaving next month. This place is toxic. Get out while you can. We already took a concessionary contract in 2009. No way in hell am I giving away anything else. I'd rather burn it to the ground. I'm a no vote to anything less than getting back what we lost +. |
Originally Posted by midnightshuttle
(Post 2602234)
We have just had someone on a union committee at ATI say that ABX is going to be dissolved this year.
I guess they should know since they work with management so much. I hope people keep bailing so movement keeps up. |
ATSG funds ABX retirement. Dissolving ABX would not require a total payout of retirement. That said, I think this rumor is either complete baloney or a negotiating tactic.
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Originally Posted by Checkraise
(Post 2603196)
ATSG funds ABX retirement. Dissolving ABX would not require a total payout of retirement. That said, I think this rumor is either complete baloney or a negotiating tactic.
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Originally Posted by Checkraise
(Post 2603196)
ATSG funds ABX retirement. Dissolving ABX would not require a total payout of retirement. That said, I think this rumor is either complete baloney or a negotiating tactic.
I am not a finance guy so I don’t know for sure, but if ABX management filed bankruptcy wouldn’t that null and void any contracts and relieve ATSG from paying ABX’s retirement. Isn’t this why a lot of companies create parent companies and sub companies to be able to file bankruptcy as a business tactic or not be held liable for lawsuits because they are legally separate companies. It reminds me of when Frank Larenzo filed bankruptcy with Continental Airlines and operated the company with money from the parent company Texas Air Corporation. Bankruptcy has been used by many Aviation companies to get out of contracts and/or aircraft leases. Like I said I am not a finance guy but if ATSG wanted to get rid of ABX I am sure they could find a way. I doubt that would ever happen though. Before the negative comments come in I am not management and am not an expert in finance or bankruptcy laws, just expressing an opinion. |
For the above mentioned scenario, 1224 was smart and negotiated the pension to be attached to ATSG and not ABX. Even Soapy didnt realize this little fact when he was bragging about shutting us down and screwing us in our pension. The pension was recently funded to approx 110%.
Incase the shtf and they close ABX, I would like to extend my thanks to all the ATI guys who will be working to pay my pension. Thanks guys! |
Originally Posted by Wayst
(Post 2603263)
I am not a finance guy so I don’t know for sure, but if ABX management filed bankruptcy wouldn’t that null and void any contracts and relieve ATSG from paying ABX’s retirement. Isn’t this why a lot of companies create parent companies and sub companies to be able to file bankruptcy as a business tactic or not be held liable for lawsuits because they are legally separate companies. It reminds me of when Frank Larenzo filed bankruptcy with Continental Airlines and operated the company with money from the parent company Texas Air Corporation. Bankruptcy has been used by many Aviation companies to get out of contracts and/or aircraft leases.
Like I said I am not a finance guy but if ATSG wanted to get rid of ABX I am sure they could find a way. I doubt that would ever happen though. Before the negative comments come in I am not management and am not an expert in finance or bankruptcy laws, just expressing an opinion. |
Originally Posted by nitefr8dog
(Post 2603255)
It could if the majority of the crewmembers all took retirement...also since Amazon owns a portion of ATSG they also are responsible for an amount equal to their portion. That said, I say again it could bury ATSG. The retirement is also underfunded so that has implications. Alot comes into play if ATSG lets ABX wither away. The PBGC has directly tied aircraft as available assets to ABX retirement. It is not cut and dried. I do agree with it being complete baloney though.
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Originally Posted by filejw
(Post 2603436)
I don't think owning stock in a company exposes you to a pension liability.
that filing DOES NOT mean Amazon owns shares. |
Originally Posted by nitefr8dog
(Post 2603310)
ATI pilots have been working to fund our retirement and will be for years to come. I actually looked at it as a positive those idiots did not get a retirement...it helps fund the ABX pilots retirement.
They are doing it for less money than their peers at K4 and Omni and paying for it with vacation on their off days! :p :) :cool: |
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