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Originally Posted by Timbo
(Post 1629404)
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 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.
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: |
Originally Posted by orvil
(Post 1629394)
Sailingfun it talking about the first block. We are talking about the second.
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Originally Posted by Timbo
(Post 1629382)
I have not found any good books that cover what's happened to this industry since the terrorist attacks of 2001,
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Originally Posted by sailingfun
(Post 1629401)
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.
The second distribution was not released to the membership until the stock award had sunk from 12 to 4.26. The second stock award was given to all employees. The non-contract employees had control of their awards immediately. DALPA decided that they could do better and took control of the block of stock. They didn't do better. They cost us a lot of money as the stock market cratered. Hind sight is 20/20. But, I would have sold mine immediately at 12 and invested elsewhere. Instead, DALPA cost me $8 per share. That still ****es me off. What is different about the two distributions. The first had everything to do with us and I guess it was appropriate for DALPA to try to get us a block sale. The second distribution was company wide and really had nothing to do with DALPA. (I will concede that no one would have gotten this if DALPA hadn't negotiated it.) It should been distributed to us to control when it was distributed to the rest of the Company. It was a bad decision on the part of DALPA. |
Originally Posted by sailingfun
(Post 1629409)
The second block was a small percentage of the total. It had to be held back because a few senior pilots felt they should have been granted higher percentages and filed lawsuits.
The second block was company wide, issued after IPO. The stock was trading at $12. We got control of our shares at $4.26. We are talking about two different events. |
Originally Posted by orvil
(Post 1629399)
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. |
OK, now that we've got that all sorted out...
Can we go back to talking about where the $444 Million this quarter actually came from? Pat yourselves on the back boys, most of that came from YOUR C2K pay rates and retirement money! |
Originally Posted by sailingfun
(Post 1629417)
You're correct there was a age component. I was also hired young and took a big hit however I believe the earnings number used was 8 percent per year to make the age adjustment. I have done much better then 8 percent. I have had several so called experts run my numbers. At age 60 I should have about 80 cents on the dollar compared to the original retirement plan and it's all in my name. Some pilots who invested better then me are claiming they will be better off. I just gave the money to financial engines.
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Originally Posted by orvil
(Post 1629414)
The first block includes the hold back.
The second block was company wide, issued after IPO. The stock was trading at $12. We got control of our shares at $4.26. We are talking about two different events. |
More record earnings, here's a quick quote from American's quarterly report, suddenly Richard doesn't look like such a genius any more, if these guys are spitting out the same numbers prior to their full integration.
Oh, and despite all the dire claims from AA's management, that their Pilots had to flush their retirement plan or else they'd liquidate, um...seems they survived after all, and they kept their retirements: Eps 0.65 vs est 0.48 Today we announced our first quarter 2014 financial results. Like last quarter, we’ll compare year-over-year results for American Airlines and US Airways on a combined basis, which is a non-GAAP (Generally Accepted Accounting Principle) formulation using AMR Corporation and US Airways Group. We’ll continue to report our results on a non-GAAP basis until 2015 when we have a true apples-to-apples comparison of our performance on a year-over-year basis. On to the numbers! For the first quarter, I’m pleased to report a record first quarter net profit of $402 million excluding net special credits. In the entire history of American Airlines, we have never earned $400 million in the first three months of a year, but in the first three months since the merger, we did. This is up significantly from a combined non-GAAP net profit of $62 million excluding net special charges for the same period of 2013. |
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