Tilton Leading UAL to Extinction
07-18-2009 | 07:11 AM
#41
Gets Weekends Off
Joined: May 2006
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Your version of history mixes two sets of circumstances and is inaccurate.
Post 9-11 there was a reimbursement for losses experienced when the government shut down the national airspace system for 3 days. Those losses were in the hundreds of millions of dollars. The Air Transport Stabilization Board was created to provide up to $10 Billion in loan guarantees to the industry after the 9-11 collapse. The ATSB ultimately guaranteed just over $1 billion in loans for 7 airlines, and some had significant anti-labor provisions built into the guarantee. They rejected applications for 9 carriers (twice from UAL).
The program as implemented by the Bush admininstration didn't do what it was designed to do and utilized less than 12% of the allocated monies.
Post 9-11 there was a reimbursement for losses experienced when the government shut down the national airspace system for 3 days. Those losses were in the hundreds of millions of dollars. The Air Transport Stabilization Board was created to provide up to $10 Billion in loan guarantees to the industry after the 9-11 collapse. The ATSB ultimately guaranteed just over $1 billion in loans for 7 airlines, and some had significant anti-labor provisions built into the guarantee. They rejected applications for 9 carriers (twice from UAL).
The program as implemented by the Bush admininstration didn't do what it was designed to do and utilized less than 12% of the allocated monies.
Ahhh. Now THAT does jog my memory. Loans. This is exactly what I remember.
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