jtrain609
Antisocial Monster
LOA 9 was passed today, which provides for a (roughly) 6% paycut. I'm sure somebody else will pull out the exact formula that was agreed upon, and I'd put it up but I can't find it right now.
The company and the MEC informed the pilot group that if LOA 9 did not pass then the company would be in chapter 11 bankruptcy protection within 3-6 months. One of the other parts of LOA 9 said that if it was passed, the company "would not go after the contract in bankruptcy proceedings."
Too bad that if the company hits chapter 11 they won't have a choice, and the judge will force them to gut the contract anyway. The company, and the judge presiding over the case, is obligated to protect shareholder value and not the pilot group. So if chapter 11 happens anyway, the contract is gone no matter what.
The company and the MEC informed the pilot group that if LOA 9 did not pass then the company would be in chapter 11 bankruptcy protection within 3-6 months. One of the other parts of LOA 9 said that if it was passed, the company "would not go after the contract in bankruptcy proceedings."
Too bad that if the company hits chapter 11 they won't have a choice, and the judge will force them to gut the contract anyway. The company, and the judge presiding over the case, is obligated to protect shareholder value and not the pilot group. So if chapter 11 happens anyway, the contract is gone no matter what.