Carl, I'm not convinced (yet) that what you are stating is correct. The PTIX definition sounds like it would exclude a one time event like the purchase of 49% of VA. I could be wrong though as accounting is certainly not my forte. PTIX is defined as (bold is my emphasis):

“Pre-tax income” (PTIX) means, for any calendar year, the Company’s consolidated pre-tax income calculated in accordance with Generally Accepted Accounting Principles in the United States and as reported in the Company’s public securities filings but excluding: a) all asset write downs related to long term assets, b) gains or losses with respect to employee equity securities, c) gains or losses with respect to extraordinary, one-time or non-recurring events (including without limitation one-time transition or integration costs incurred in connection with the merger of the Company and Northwest Airlines Corporation during the two year period following the merger), and d) expense accrued with respect to the profit sharing plan.

There seems to be a difference of opinion regarding the correct answer to the question. I just want to know the accurate answer and right now I do not.

Just to add to your point ... the beauty of a Global Production Balance is that it codifies a minimum we must GROW with growth within the JV and in a worst case scenario it forces them to pull down the JV flying. Further, if someone really wants to do a deep dive they will learn that in a downturn the ratio ratchets up forcing them to pull down the JV faster.

I really like that we must be participants when the Company grows (even if it is some opportunity management has not dreamed up yet ... growth is ours at a roughly 3 to 1 ratio).

Delta's acquisition of 49% of VS was mostly to secure slots at Heathrow for our network while preventing a Middle East competitor from getting them. Having those slots helps our other hubs catch and flow traffic. Having access to Heathrow helps us capture a premium for our tickets.

FTB,

Maybe it's just me, but your new avatar is like fingernails on a chalk board. I throw up a little in my mouth every time I see it. How much would I have to pay you to change it? [emoji1]

In case you forget, just Google it
 

I said I'd keep it for one month. So the game was on the 29th.

Bare with me. It's painful. I would've loved to have seen Satchip sporting the Gus Bus though. Damn defense. Damn Muschamp.

ftb's avatar:

http://cdn.shopify.com/s/files/1/034...at_25.jpg?2583


I'm looking forward to going duck hunting with my crab boat. :)

That was me with the bcsncg game.

Me with Bama:

I http://media.tumblr.com/tumblr_lxphy4nOgX1qzuqe9.gif

Actually Herkflyr, the profits would vanish along with our payrates as was demonstrated by the actual 911. The profit sharing would actually stay as it wouldn't be of value, to the company, to take it since it wouldn't be paying out.

I don't know why everyone is in such a hurry to get rid of or "monetize" something that we have already paid for in a contract. Let's go into C2015 and negotiate without regard to giving up our profit sharing. If Dalpa can't get us a pretty good contract in these times then our approx 2% each month for union dues is going to waste.

Delta investor day presentation today. some of the highlights include :

2% system growth (higher for mainline lower for DCI)
Lower oil prices mean $3 billion in future savings
2014 profit in $4.5 billion range

Couple of questions based on this info? What will the PS percentage be this year? I was told 16% was based on $4.0 billion so what is the extra $500 million worth?

More importantly when they come to use to monetize PS should we? How much and what to you think we should get in return? I think they are going to want a straight 10% PS number across the board. The only way I am willing to consider it is for us to finalize our pay rates for C2015 then start to negotiate that. Thoughts?