Done Deal?
 

"....agreed to be acquired by Delta Air Lines". ???

Sniff, sniff. "I love you guys"

You get hats and we get leather jackets. Windfall for everyone.

Time for the nwa guys to say "Delta" in their PA...

I believe it was changed to a acquistion from a merger for legal reasons dealing with the state of Minnisota. Its has no real meaning as far as pilot contracts or the SLI.

What does a "3.5% equity stake" equate to for an individual pilot?

Elements of Letter 19 include:
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A three and one-half percent equity stake in the merged Company in fully tradeable stock at the close of the merger
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Annual pay raises beginning with a five percent raise on January 1, 2009 and followed by four percent raises every January 1 through January 1, 2012. On January 1, 2011, Delta pilot pay rates will exceed the Letter 46 rates, without even considering the equity each pilot will receive.
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A one percent increase to the DC Plan contribution rate beginning in January 2010.
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Furlough protection—with certain exceptions, no pilot may be furloughed as a result of the merger for a period from merger announcement until 24 months after the close of the merger.
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An increase in the full-pay sick leave bank from 240 hours to 300 hours.
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The ability for a pilot returning from disability to refill his full pay sick leave bank once every four years instead of once in a career.
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An increase in 737-700 pay rates to match the 737-800 pay rates.
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In return for these improvements, we would provide various modifications to our scope clause to enable Delta to proceed with the merger. For example, we would allow the Company to place the Delta code and brand on Northwest flights on an unlimited basis after the close of the merger, provide greater flexibility on minimum block hour protections during the merger process, and permit the Company to retain Northwest’s large stake in Midwest Airlines (previously purchased by Northwest Airlines) while maintaining their separate operational status.

Furlough protection—with certain exceptions, no pilot may be furloughed as a result of the merger for a period from merger announcement until 24 months after the close of the merger.

Does that include guys still on probation?

yes--you are protected by the contract.

But as I understand it, I think letter 19 only covers all pre-merger Delta pilots, basically everybody that was hired before Apr 14th? Is that correct? Or perhaps the date of the actual close of acquisition? Or would they continue to cover the next 2 classes coming up before hiring stops for the summer/fall?

I think it's a very legitimate question to ask our LEC guys for our future brothers/sisters in our DAL family.