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-   -   Any "Latest & Greatest" about Delta? (https://www.airlinepilotforums.com/delta/36912-any-latest-greatest-about-delta.html)

newKnow 12-29-2009 06:46 PM


Originally Posted by acl65pilot (Post 734670)
I would like to see it go junior to that. It is done btw. They stated today that it would be out on early on the first at the latest.

I wouldn't doubt it. I was surprised to see how few "senior to me" bidders for it there were as of last night. Yeah, maybe it will go down to 11,000.

forgot to bid 12-29-2009 06:48 PM

Dec. 30 (Bloomberg) -- Japan Airlines Corp., Asia’s biggest carrier by sales, plunged to a record in Tokyo trading after reports the carrier may enter bankruptcy proceedings led investors to sell shares on the year’s last trading day.

Japan Air fell as much as 32 percent to 60 yen and traded at 66 yen as of 11 a.m. local time. The volume of shares sold was five times the daily average for the past three months.

“Shareholders are becoming convinced that bankruptcy will be the case,” said Mitsushige Akino, who manages the equivalent of $450 million at Tokyo-based Ichiyoshi Investment Management Co. “They are dumping the stock. JAL’s value will be zero if it goes bankrupt.”

A state-affiliated agency charged with rescuing Japan Air met creditors yesterday to discuss a proposed bankruptcy, the Yomiuri newspaper said, without citing anyone. Japan Air owed its four main lenders, including Mitsubishi UFJ Financial Group Inc., at least 529 billion yen ($5.8 billion) as of July.

Bankruptcy is the preferred option being pursued by the agency, known as the Enterprise Turnaround Initiative Corporation, the Asahi newspaper reported yesterday, without saying where it got the information. The agency is scheduled to decide on a plan for the unprofitable airline next month.

acl65pilot 12-29-2009 06:52 PM

I could have held it if I would have bid it higher up. I think it was my 23rd choice out of 65 or so MD preferences.

We will see on Friday.

acl65pilot 12-29-2009 06:52 PM

Yes, FtB, it has been an interesting two days to JAL.

johnso29 12-29-2009 07:08 PM


Originally Posted by acl65pilot (Post 734740)
I could have held it if I would have bid it higher up. I think it was my 23rd choice out of 65 or so MD preferences.

We will see on Friday.

Well I guess somebody got a sneak peek! ;) :eek:

acl65pilot 12-29-2009 07:13 PM

Nope no peak for me ;) No time today. Other meetings and things to take care of.

dragon 12-29-2009 07:14 PM


Originally Posted by alfaromeo (Post 734722)
Well there are two issues here. First, is do I think we need to get contractual improvements, and the answer is yes. I think I pointed out in my posts that I consider it a given that we will increase our contractual costs in our next Section 6. The problem is that that increase will end up being some number of dollars and it will be fixed. That fixed amount will go to whatever the MEC (representing the pilots) deems are the priorities. If it is reserve then fine. As long as everyone knows the costs. There is a bucket of money to spread around and at some point the bucket runs out. If you use your bucket to increase reserve costs, there will be less left to increase pay, vacation or whatever and you can't pretend that is not true. It doesn't matter how much pay cuts you have taken, a finite amount of dollars is a finite amount, period.

The second issue is that in the short term, we have a contract with a defined cost structure going into the future. If we want to significantly increase the costs in one section of the contract, the company will demand some sort or trade to balance those costs OR they will have to eat the increased costs. Almost as soon as we exited bankruptcy, we have signed a series of agreements that have increased costs for the company, not significantly, but to a measurable amount. Most of these agreements gave the company some operational flexibility that could allow them increase revenue or decrease costs in some other way. For instance, we moved the equator 3 degrees south (that's a joke) so that 737's could go to Quito and in exchange we got 737-700 pay moved up to 737-800 pay. That was a trade. We obtained several other improvements along these lines.

If we are going to get mid-contract improvements that are significant, then we will have to trade something in return, otherwise why would the company do it. Maybe if the JAL deal goes through, we can leverage our cooperation in a Joint Venture for some contract improvements. Maybe some other issue will arise that calls for a trade. Despite all of the cuts that have occurred (and I remind you that they all happened to me the same as you, I don't know, you might not have been around for all of them) the idea that you can walk in and demand mid-contract improvements just because we took cuts in the past is probably wishful thinking. Remember, after 9-11, the company started asking for contract relief in early 2002. The deal was completed in late 2004 and only when the company was on the courthouse steps getting ready to file Chapter 11. We took three pay raises in the meantime. It does work both ways.

So the answer is yes I am quite upset that our contract has been hit hard by the collapse of the industry. Yes, I want more money. Yes, I think we deserve more money. But yes, I realize that every section of the contract is a trade in value against every other section. While I want our contract costs to go up, in the end it will be a FIXED NUMBER that can be spent on many different things, but not all things at once.

This is a business and we have to realize that in business there is no such thing as cosmic justice. We have a record second to none in navigating through these hard times. In the last five years we have retained and added more value to our contract than any other pilot group facing similar circumstances. That is the mindset that the current ALPA leadership team has shown.

You can't sit around and feel sorry for the past you keep having to work the future. I don't think we have gone more than six months at any time since bankruptcy exit where we haven't put more value into our contract. We created hundreds of millions of value out of this merger, something that has never been done before, something that was invented whole hog by the current Delta union leadership. Any normal person would recognize that accomplishment and realize that in a finite world with very real limits, we have pushed those limits harder than any other pilot group. Look at United, look at US Air and tell me what you see there.

Good Post alfa. I like the background on the negotiations with the 737s. Its nice to get a peek behind the veil from time to time.

Gunfighter 12-29-2009 07:48 PM


Originally Posted by acl65pilot (Post 734715)
I am in NYC and my God is it cold.

It's 9 degrees warmer than MSP is right now. Consider it practice for next winter.

newKnow 12-29-2009 07:48 PM


Originally Posted by acl65pilot (Post 734740)
I could have held it if I would have bid it higher up. I think it was my 23rd choice out of 65 or so MD preferences.

We will see on Friday.

So, should we be calling you "Captain ACL?" :)

johnso29 12-29-2009 07:51 PM


Originally Posted by acl65pilot (Post 734754)
Nope no peak for me ;) No time today. Other meetings and things to take care of.

Just funnin ya. ;)


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