Read this, then read it again...the company can STILL WET LEASE WITH GUYS ON FURLOUGH

11.Should the Company issue a non-voluntary furlough notice pursuant to Section 23.A., all Section 1.B.6. wet leases shall be subject to a penalty of one SPR for every wet lease block hour flown thereafter until all pilots have reported for duty from a recall notice (or declined recall) or the last furloughed pilot ceases to accrue longevity as provided in Section 23.A.4., whichever is earlier. This penalty is in addition to any penalty required by Section 1.B.6., however, in no event shall the total penalty exceed 2.5x SPR per block hour wet leased. Before the end of the first quarter of each fiscal year, penalty payments due under this provision shall be distributed on a per capita basis to pilots who were on furlough when the penalty accrued.

 

Some food for thought:

​​​​​​How is FedEx doing financially 2022?
The improved results were driven by a 28% increase in revenue per shipment from the continued focus on revenue quality and profitable growth. Capital spending for fiscal 2022 was $6.8 billion. During fiscal 2022 the company repurchased $2.2 billion of FedEx common stock.

FedEx Corp. Reports Second Quarter Results
Fiscal 2023............ Fiscal 2022
Revenue $22.8 billion............ $23.5 billion
Operating income $1.18 billion............ $1.68 billion
Operating margin 5.2% ............ 7.1%
Net income $788 million................ $1.30 billion


​​​​​​In the fiscal year of 2022, Delta Air Lines reported a net income of around 1.3 billion U.S. dollars, up from 280 million U.S. dollars net income registered the previous year. In 2020, the U.S. airline posted a net loss as a result of decreased operations due to the COVID-19 pandemic.

FX. 2.2 billion dollar stock buy back FSC 2022!

FedEx and Delta net income almost equal but DL can pay its pilots more for a crew force more than double FX?

 

The NC couldn’t even get past page 7 of the TA without screwing it up.

 

Y'all pretty much know I think PM is a Charlatan, but if you don't think the previous agreement allowed for exactly the same thing with out any penalty you need to read it again. This was a band-aid added for the removal of sections 6.a-d. ( F a penalty put it in the contract that they cannot and if they do we sue them for breech). But we don't have a scope problem we have a volume problem right?

No we have a, "Fedex has returned 18.6 billion in profit generated to shareholders since FY 2014 in the form of stock repurchases and dividends
", problem We have a "the inclusion of Return on Capital Invested (ROIC) as part of management's incentive structure further aligns them with shareholder value", problem. The dividend has been increased 5 fold over the same period and currently stands at $5.26. Management has committed to stripping 1.3 Billion in savings from the air network. Any idea how they're gonna get there? You've already seen the previews of the coming attractions.

Hope you enjoy your so far less than industry leading pay rates to be comical at 4.a.2.c BLGs. It will pair nicely with all the soft money give backs when prosperity returns. But hey you'll have all that "deferred compensation" to help pay your mortgage.

PS when PM and the rest of these clowns who think they're investment geniuses and tout that 6.5% average annual returns for their investment vehicles and 401ks paragraph 2 above is how you get there. There are no free rides. Someone is always paying, but the wall street way is as long as its someone else its fine, right? greed is good (said with no irony). And most of us have bought into this nonsense. Hence give up your DB for a DC cause you're playing the market now. Hizzah!!

 

SO now you're on the side of the whinners eh? In the immortal words of Bruce Willis aka John McClain, "Welcome to the party pal"!!

 

Yes, but the furloughees get paid some new penalty payment for it. (Note - I’m being sarcastic).
Wet leasing during furlough would be unconscionable.

 

To the 1 who voted No, I salute you sir!

 

Definite NO vote. Period. Dot.

 

And the NC will say, that’s not the companies intention….well, I’ve been the victim of “not the companies intention” too many times now to buy off on that BS. The NC has been played, admit it. Dangling the money carrot to distract us from ramrodding.

And the 13 who think this is a “good deal” need to have their heads examined.

 

I don’t care how he got here…. I’ll take his NO vote! This is an ALL HANDS ON DECK to flush this turd