There was no IPO. Stock was awarded to the creditors prior to exit. It traded at exit around 18 at exit and dropped like a rock to about 3 a share. The claim sale at almost 1.2 billion dollars was considered a huge success.

The senior pilots also got a much bigger piece of the Note after the Captain Jake fiasco. I got about $85k out of that and pilots junior and older than me received more.

The second block was a small percentage of the total. It had to be held back because a few senior pilots felt they should have been granted higher percentages and filed lawsuits.

Hey Buzz, go ahead and get started would ya?

You are correct. This is the first distribution. I sold mine via the claim.

The second distribution was not released to the membership until the stock award had sunk from 12 to 4.26. The second stock award was given to all employees. The non-contract employees had control of their awards immediately. DALPA decided that they could do better and took control of the block of stock. They didn't do better. They cost us a lot of money as the stock market cratered.

Hind sight is 20/20. But, I would have sold mine immediately at 12 and invested elsewhere. Instead, DALPA cost me $8 per share. That still ****es me off.

What is different about the two distributions. The first had everything to do with us and I guess it was appropriate for DALPA to try to get us a block sale. The second distribution was company wide and really had nothing to do with DALPA. (I will concede that no one would have gotten this if DALPA hadn't negotiated it.) It should been distributed to us to control when it was distributed to the rest of the Company. It was a bad decision on the part of DALPA.

The first block includes the hold back.

The second block was company wide, issued after IPO. The stock was trading at $12. We got control of our shares at $4.26.

We are talking about two different events.

You're correct there was a age component. I was also hired young and took a big hit however I believe the earnings number used was 8 percent per year to make the age adjustment. I have done much better then 8 percent. I have had several so called experts run my numbers. At age 60 I should have about 80 cents on the dollar compared to the original retirement plan and it's all in my name. Some pilots who invested better then me are claiming they will be better off. I just gave the money to financial engines.

OK, now that we've got that all sorted out...

Can we go back to talking about where the $444 Million this quarter actually came from?

Pat yourselves on the back boys, most of that came from YOUR C2K pay rates and retirement money!

Also, our DB plan had already been "frozen". My final numbers on that was a lump sum of a little north of $580k, and a monthly annuity of around $5200. My PBGC at 65 will be more. My MPPP and other investments are now more than that $580k lump sum. So yes, I am actually now better off.

You are correct, I forgot about the other award. It was however a much smaller amount.