Things that happen in bankruptcy

roz · 09-14-2005, 07:35 AM

After Oct. 17th, they can't do this kind of stuff--that's why everyone is so keen on doing it now:

http://today.reuters.com/business/ne...AIRWAYS-DC.XML

Kristie · 09-14-2005, 02:24 PM

i think that would piss me off too! what would happen if the pilots walked off the job all during the day that the proposal is actually "approved" and said something like "your losing most of your pilots until you come up with a retention/bonus plan for us".. or the mechanics, customer service, f/a's, janitorial services.. any one of them could do the same thing - yet would they give the same amount of attention to it? maybe.. maybe not...

could you imagine if they lost "numerous pilots, flight attendants and others" due to reorganization efforts??

roz · 09-16-2005, 01:40 AM

Round One:

http://www.startribune.com/stories/1778/5617792.html

roz · 09-18-2005, 07:55 AM

Well the judge approved the bonuses for the US Airways executives, stating they are in line with industry standards.

http://dalrc.org/dalrcfiles/deltaltr.pdf

What they neglected to say was that they didn't petition the court for permission to make the payments. NWA did--saying it was the "right thing to do".

You can see on pages 13-14 of the following petition that they specify that they have no intention of paying the non-qualified plan or the non-qualified bridge plan.

And you can see that they specify that they intend not to continue the defined contribution plan for active pilots (page 12):

http://www.deltadocket.com/downloads...d_benefits.pdf

Kristie · 09-18-2005, 06:39 PM

i expected as such... that's one reason we have never counted on doug having a pension in the future...he's got over $160K already in IRA's and other investments - so altho we're worried about losing the pension because it would be a huge loss, we're not all htat concerned because we've known it could happen and we had originally taken the additional steps to "cover his back".

I know.. it's only begun!!

but i wonder, with giving the bonus's to the US airways execs - does that in turn that the execs might start bringing their employee pay back up at all?? after all, we know that pay is no longer within industry standard. hmmm....

roz · 09-18-2005, 08:41 PM

Yeah, right!

Yup, my son has been contributing the max to his IRA since age 18.

Having taken care of my mother, I know how much it takes to be old and live decently!

roz · 09-20-2005, 04:59 PM

Maybe he can have the cell next to Ken Delay?

http://biz.yahoo.com/bizj/050920/1166398.html?.v=1

roz · 09-20-2005, 05:30 PM

Do you mean this one? http://www.aviationplanning.com/asrc20.htm

Kristie · 09-21-2005, 12:52 PM

that's it! i saw it yesterday.. pretty interesting and a lot better than a LOT of the other analyzing articles! at least, more realistic!

honestly, i think there should be some type of repercussion to taking your stock out of the company before something bad happens - esp if you know it's going to happen!!

roz · 09-21-2005, 05:07 PM

Well insider trading was always illegal! And SOX made it more so. That's why I said he can have the cell next to Ken Delay!

09-14-2005, 07:35 AM	#1 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Things that happen in bankruptcy After Oct. 17th, they can't do this kind of stuff--that's why everyone is so keen on doing it now: http://today.reuters.com/business/ne...AIRWAYS-DC.XML

09-14-2005, 02:24 PM	#2 (permalink)
Kristie Admin/Owner Join Date: Jul 2003 Location: Scottsdale, Arizona Posts: 6,631 Recipes: Thanks: 7 Thanked 17 Times in 17 Posts	Re: Things that happen in bankruptcy i think that would piss me off too! what would happen if the pilots walked off the job all during the day that the proposal is actually "approved" and said something like "your losing most of your pilots until you come up with a retention/bonus plan for us".. or the mechanics, customer service, f/a's, janitorial services.. any one of them could do the same thing - yet would they give the same amount of attention to it? maybe.. maybe not... could you imagine if they lost "numerous pilots, flight attendants and others" due to reorganization efforts?? __________________ www.jetcareers.com

09-16-2005, 01:40 AM	#3 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Things that happen in bankruptcy Round One: http://www.startribune.com/stories/1778/5617792.html

09-18-2005, 07:55 AM	#4 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Things that happen in bankruptcy Well the judge approved the bonuses for the US Airways executives, stating they are in line with industry standards. http://dalrc.org/dalrcfiles/deltaltr.pdf What they neglected to say was that they didn't petition the court for permission to make the payments. NWA did--saying it was the "right thing to do". You can see on pages 13-14 of the following petition that they specify that they have no intention of paying the non-qualified plan or the non-qualified bridge plan. And you can see that they specify that they intend not to continue the defined contribution plan for active pilots (page 12): http://www.deltadocket.com/downloads...d_benefits.pdf Last edited by roz; 09-18-2005 at 08:01 AM.

09-18-2005, 06:39 PM	#5 (permalink)
Kristie Admin/Owner Join Date: Jul 2003 Location: Scottsdale, Arizona Posts: 6,631 Recipes: Thanks: 7 Thanked 17 Times in 17 Posts	Re: Things that happen in bankruptcy i expected as such... that's one reason we have never counted on doug having a pension in the future...he's got over $160K already in IRA's and other investments - so altho we're worried about losing the pension because it would be a huge loss, we're not all htat concerned because we've known it could happen and we had originally taken the additional steps to "cover his back". I know.. it's only begun!! but i wonder, with giving the bonus's to the US airways execs - does that in turn that the execs might start bringing their employee pay back up at all?? after all, we know that pay is no longer within industry standard. hmmm.... __________________ www.jetcareers.com

09-18-2005, 08:41 PM	#6 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Things that happen in bankruptcy Yeah, right! Yup, my son has been contributing the max to his IRA since age 18. Having taken care of my mother, I know how much it takes to be old and live decently!

09-20-2005, 04:59 PM	#7 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Things that happen in bankruptcy Maybe he can have the cell next to Ken Delay? http://biz.yahoo.com/bizj/050920/1166398.html?.v=1

09-20-2005, 05:30 PM	#8 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Things that happen in bankruptcy Do you mean this one? http://www.aviationplanning.com/asrc20.htm

09-21-2005, 12:52 PM	#9 (permalink)
Kristie Admin/Owner Join Date: Jul 2003 Location: Scottsdale, Arizona Posts: 6,631 Recipes: Thanks: 7 Thanked 17 Times in 17 Posts	Re: Things that happen in bankruptcy that's it! i saw it yesterday.. pretty interesting and a lot better than a LOT of the other analyzing articles! at least, more realistic! honestly, i think there should be some type of repercussion to taking your stock out of the company before something bad happens - esp if you know it's going to happen!! __________________ www.jetcareers.com

09-21-2005, 05:07 PM	#10 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,252 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Things that happen in bankruptcy Well insider trading was always illegal! And SOX made it more so. That's why I said he can have the cell next to Ken Delay!

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