Originally Posted by Jetmeck
Let your union hating ass go until I read this. I work there and we gave up in 2003 .... 18.5 % in wage and benefit concessions only to find they recently gave the board a round of bonuses.
You know they are more important than labor and so they got bonuses while we got concessions.
They have given rounds of bonuses to the board since then ........ the union convinced maintenance to accept another concessionary contract because they were scared of the judge and rightly so........labor always gets the shaft.
But seems odd the concessionary contract was passed by a 50.25%
margin ? Really........
Point here is lonestar hates union and labor and knows nothing about American Airlines other than what he reads in ther media and makes up in his labor hating mind.
I work there. The CEO we had for the last 10 years refused to take us to bankruptcy court because of what we gave up in 03.
We had done our part......bankruptcy was there way to get what they wanted and put all the blame on labor AGAIN...............
Board got rid of CEO who was on our side and in came the latest one who IMMEDIATELY took us into bankruptcy.
Greedy bastards have 4 billion in assets in parent company.
Labor did its part like other airlines who had a concessionary contract and are now profitable.
This rests squarely with management ................
**** you lonestar................still got my pension !
The CEO was clearly wrong as it took the board just a few minutes to declared bankruptcy after they fired his ass.. well a little longer than that but not much..
The CEO had a fiduciary responsibility to the stock holders as well as the rest of the employees of the company, to take action and he did not.. fired for cause....
I do not deny that concessions were made in the early 2000's but obliviously it was not enough.. as for the management taking bonuses I find it strange you would stick up for the CEO for not doing his job while taking bonuses..
As I have made clear on hundreds of posts over the years, Unions are blooding suckers that rarely accomplish much other than take hard earned money from the workers.. a case in point is American Airlines..
As for that supposed $4 billion being held by AMR, it is part of the bankruptcy info that has been filed with the courts.. it is included in the financial statements filed with them and even with them at the time of the filing
In its bankruptcy petition filed in Manhattan, AMR reported assets of $24.72 billion and liabilities of $29.55 billion. The company has $4.1 billion in cash.
Since the $4.1 Billion is an asset it is already figured in the asset column.
Simple math shows..
That means AA is in the hole moron, even including the $4 billion your raving about.... without it it would be -$8,730,000,000 in the hole..
not counting this which adds even more to the debt....
American plans to operate normally while in bankruptcy, but the Chapter 11 filing could punch a hole in the pensions of roughly 130,000 workers and retirees.
AMR pension plans are $10 billion short of what the carrier owes, and any default could be the largest in U.S. history, government pension insurers estimated.
Pardon me all to hell if I take the word of a federal bankruptcy Judge over the malarkey your union is feeding you..
Not to mention I have lots of friends that work for AA here in ELP, LAX as well as other airlines..SO while I may not have your union reps perspective I have theirs as well as what I do read in the papers .. I follow the aviation industry a lot and have worked at or near airports or dealt with the airlines in some manner for over 40 years..
While I feel sorry about what has happened at AA every airline has had to go through Bankruptcy at least once.. just so happens it was AA time..
I think most logical and reasonable posters get that your on the wrong end of this very crappy stick..