https://apple.news/AbLYQhxFjRIiR91yidnadlg

Wont go over well in the court of public opinion. Or DC. Ed basically has done the same thing to the public/government that he did to us in LOA 20-01. Reneged on his word. It’ll be interesting to see if this garners any negative feedback.

There are 3+ million newly minted unemployed workers whose industry didn’t get grants from Congress. They surely won’t understand Ed’s rhetoric...

What was that thing about stock buybacks again? How much were those stock grants worth extra as a result of those billions blown in stock buybacks? What’s that stock worth today? Can we park any of those buybacks or use them as equity collateral to help save the airline Ed?

The answer is NO.

Ok maybe you guys can help fix my apparent misperceptions about this situation.

If this government payroll GRANT is to cover PAYROLL based on worker compensation from 1 April through 30 September 2019, why do we need to reduce our PAYROLL expenses now. The government is paying the salaries... why does delta care how much the government is paying their employees?

Speak slowly and use small words. I’m not that smart.

They're trying to save any money they can. The grant only carries us through Q2.

We’re in Q2 atm correct? That would make sense to me if these LOA began July 1.

Have they renegotiated leases and gates? There is a zero chance at any meaningful level if repossessions right now as long as you're offering even nominal pennies on the dollar. What leasing company can and will take hold of thousands of airliners not in use and eat the costs? Same for gates and landing fees etc.

Call their bluffs and offer them dimes on the dollar. They will have to take it.

Not unless we are in bankruptcy........which is why we shouldn’t give the Company two bites at the apple ever again.

Denny

i think it carries us thru Q3 as well. That’s the quarter that ends sept 30.

If I head right in the April 1 townhall, the 5 billion will only cover expenses for the next 2-3 months.

There was no discussion about the separate loan package. But flying traffic is down to 10%, with 5% normal loads coming to you very, very soon.

Explicitly said "no furloughs", however, and I assume this is for all employee groups.

The grant money is equal to the payroll for 6 months. What mgmt is apparently trying to do is “save” payroll costs to stretch those dollars further. Or put another way, use “saved” payroll costs for things other than payroll.

I get it, there are other overhead costs, separate from operating costs (fuel, maintenance, parts, etc), but the grant money was not intended to cover anything other than payroll. The Loan money (with the string of equity stake) is for those costs, but they don’t want the strings, thus the pressure on payroll.

yes that is what was said, it last 2 months was what I recall. And that’s it from the grant so we have to cut.

he did mention we still have 50,000 a day flying Hence we are still flying