More Human Suffering From The United Bankruptcy
04-23-2006, 04:00 PM
#1
Gets Weekends Off
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Joined APC: Aug 2005
Position: Retired 121 pilot
Posts: 1,032
More Human Suffering From The United Bankruptcy
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Hot Flash - April 17, 2006
Pirates Fighting Over The Plunder?
More Human Suffering From The United Bankruptcy
Amid stories of United employees having to sell their homes as a result of pay cuts they endured to save their airline, and United retirees finding their pensions dumped into the ceramic fixture of life, we have yet another tale of human tragedy from that carrier's journey into Chapter 11.
Yes, friends, real tragedy is at hand... some United executives feel cheated, regardless of fat pay and big stock deals. Now, some are actually threatening to sue the airline for more.
It seems that United's Executive Vice President has been forced to negotiate a severance agreement, which, according to media reports, will leave him with a mere $3.6 million in lovely parting gifts. But another $300K in money supposedly due the guy is tied up in the bankruptcy aftermath, and he may only get pennies on the dollar. The pain, the pain.
This Executive VP was actually suing his own company for more post-Chapter booty. There's lots of it, apparently, to go around, but now senior United executives are fighting over it like a pack of drunken pirates. There're at least two more current or past executives in the process of hitting the courts to get more long green from the company, too.
This is yet another jewel in the management history of United Airlines. A string of folks with a great track record, management that a) led United into bankruptcy after squandering millions on a merger attempt that they subsequently and unilaterally pulled out of, not to mention dimbulb hundred-million dollar stunts like the failed Avolar biz-jet fiasco, b) wallowed United through three years of chapter 11, having to pay outside advisors hundreds of millions to tell them what to do, and c) deftly engineered huge stock deals for themselves.
Now, the big rewards come for the people responsible for all this fun. And if it's not enough, they can sue the company for more, as at least three United executives are threatening to do.
That United CEO put together one heck of a "team," eh?
Stock, pay, prizes. All on the backs of employees. Nineteen-Century robber barons must be jealous.
http://aviationplanning.com/asrc1.htm
Aviation Perspectives & Insights
Available Nowhere Else
Hot Flash - April 17, 2006
Pirates Fighting Over The Plunder?
More Human Suffering From The United Bankruptcy
Amid stories of United employees having to sell their homes as a result of pay cuts they endured to save their airline, and United retirees finding their pensions dumped into the ceramic fixture of life, we have yet another tale of human tragedy from that carrier's journey into Chapter 11.
Yes, friends, real tragedy is at hand... some United executives feel cheated, regardless of fat pay and big stock deals. Now, some are actually threatening to sue the airline for more.
It seems that United's Executive Vice President has been forced to negotiate a severance agreement, which, according to media reports, will leave him with a mere $3.6 million in lovely parting gifts. But another $300K in money supposedly due the guy is tied up in the bankruptcy aftermath, and he may only get pennies on the dollar. The pain, the pain.
This Executive VP was actually suing his own company for more post-Chapter booty. There's lots of it, apparently, to go around, but now senior United executives are fighting over it like a pack of drunken pirates. There're at least two more current or past executives in the process of hitting the courts to get more long green from the company, too.
This is yet another jewel in the management history of United Airlines. A string of folks with a great track record, management that a) led United into bankruptcy after squandering millions on a merger attempt that they subsequently and unilaterally pulled out of, not to mention dimbulb hundred-million dollar stunts like the failed Avolar biz-jet fiasco, b) wallowed United through three years of chapter 11, having to pay outside advisors hundreds of millions to tell them what to do, and c) deftly engineered huge stock deals for themselves.
Now, the big rewards come for the people responsible for all this fun. And if it's not enough, they can sue the company for more, as at least three United executives are threatening to do.
That United CEO put together one heck of a "team," eh?
Stock, pay, prizes. All on the backs of employees. Nineteen-Century robber barons must be jealous.
http://aviationplanning.com/asrc1.htm
04-23-2006, 10:26 PM
#2
Gets Weekends Off
Joined APC: Apr 2006
Posts: 1,151
Unbelievable Fireman! Although, with the slime that is running corporations today, I'm not at all surprised.
This being a United hub, I've met lots of United employees and so many of them are working 2 jobs to survive. I've met quite a few pilots who have picked up a second line of work as well.
I feel for them.
This being a United hub, I've met lots of United employees and so many of them are working 2 jobs to survive. I've met quite a few pilots who have picked up a second line of work as well.
I feel for them.
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