They did not sell any for $21. Where did you get that fairy tale? When I received my shares they were valued around the $4 value stated above.

Sailingfun it talking about the first block. We are talking about the second.

I'll agree with Sailing on this one. You did receive a portion of the money as taxable income, but you could have recovered that due to the ALPA supported Congressional action. You are blaming ALPA/DAL because you didn't save for your children's higher education? Also my PBGC payout is about $3900 if I retire at 60, and a little north of $6400 if I retire at 65. You and I are very close in age, but you were hired at a much younger age. I was 31 when hired, I believe you were around 26-27? Your PBGC payout should be more than mine. Also some of that payout we receiver went to fill the 415c limit, so not all the note/claim money was taxable. Timbo, I like you, but you can't BS a BSer. :)

Mine was less than yours because I was (and still am:D) younger than you.

If you recall, there were "Three Silo's" which combined to give you your total payout.

Age, years of service, and...I forget the third, Equipment/pay rate at the time perhaps?

A guy in my new hire class who was 6mo. older than me got about 60,000 more than me, so on a per year basis, I'm guessing 120,000/yr. for age?

Timbo's claim was less because he was younger. There was an age component to the silos. Timbo and I were punished because we were younger.

There were guys in my training class that received three times more than I did because they were older. We were punished because a time value of money assumption was integrated into the silos.

It was age discrimination and it did not factor exposure to market risk into the equation.

This is part of the angst of the deadzoner. Lots of time vested in the retirement plan and a smaller payout due to age.

Everything in that paragraph is pretty close to correct. The stock IPO was about $21 per share. Someone hired by DALPA had control of the shares as a block and not a single share was sold until distributed to the pilots at a much lower price. I do believe there was a restriction on selling the shares. NOT one share was sold prior to distribution.

91 percent of the pilots elected to sell via the claim. Those pilots never received any shares. If you got shares then you were part of the 9 percent who elected to receive stock. The claim was sold for just under 1.2 billion dollars. That was if I recall 5 percent of the company. It was the equivalent to about 21 a share.

Remember, we are talking about two different distributions. It's difficult not to talk past one another on the forum.

You could only "Hide" that money from the tax man if you had enough money in your personal savings/assets to open a 401K, and deposit the equivalent amount, then swap it out later, remember? You may be right on the PBGC payout, I was only looking at my age 60 payout, which is when I want(ed) to retire. My young age actually worked against me in all the DB, retirement silo/PBGC calculations, their theory being, I'll have more time to make it up....if I fly to age 65. And the reason yours is nearly the same as mine is, the PBGC calculation was based on the "Frozen DB Plan Matrix" which also penalized the young, remember?

If you recall, the MEC (made up of a lot of junior F/O's at the time) also decided to "Make them whole" when it came to the silo distributions, by saying every one here had an "FAE" of $240,000. :rolleyes:

There was no IPO. Stock was awarded to the creditors prior to exit. It traded at exit around 18 at exit and dropped like a rock to about 3 a share. The claim sale at almost 1.2 billion dollars was considered a huge success.