American asks bankruptcy court to reject labor contracts

I guess you guys have never heard of consumers filing bankruptcy and discharging debt. Newsflash, it's available and a legal channel to get rid of obligations due to changes in ones life.
 
Doug Taylor said:
Please tell me that Wheelsup stayed logged in by accident.
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No I just really enjoy playing devils advocate.

I think it's bull that they are cutting labor contracts like this but realistically I'm not sure if there are better options, collectively, for the pilot groups as a whole.

As I mentioned every major carrier has already done this, AA was the last holdout, for whatever reason.

We could go back to the days of regulation, higher ticket prices, folks make more money, but way less jobs. While some would win, most would lose in that arrangement.

This is similar to what GM did in bankruptcy, cut their "legacy" costs and are now able to compete with the newer more successful car makers. GM didn't have the revenue to continue paying their retirees medical and pension payouts let alone the revenue to continue operations.

If you don't want this to happen, the only thing to do would be to forbid any new 121 certificates being issued. Kinda anti-capitalism though.
 
wheelsup said:
They are, it's just really hard. And only a small percentage are actually discharged.
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I'd put my money on hitting all the hard ways first, and that's a sucker bet. Then again, if I pull that one off I probably wouldn't have much student loan debt to worry about.
 
jtrain609 said:
I'd put my money on hitting all the hard ways first, and that's a sucker bet. Then again, if I pull that one off I probably wouldn't have much student loan debt to worry about.
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I agree, I always said if I got to the point where I was declaring bankruptcy we've chewed through a boatload of cash and have nothing else left. In fact bankruptcy wouldn't really help us because besides our mortgage we don't really have any debt. I don't know the rules but I'm pretty sure I can't discharge my mortgage and still live in the house, if so a lot more would be doing it.

My sister-in-law just left the country, 6 figure student loan debt...no longer has to worry about it. Student loan debt might be the new mortgage crisis.

It's "not fair" that you have people loading up on CC's, discharging in bankruptcy, and keeping the stuff but that is what the legal system allows.

What is the % chance that the court will side with American? Is it inevitable?
 
Corporations aren't people, in spite of the stunningly anti-common-sense rulings of the courts. If they were people, they would be psychopaths. Like, literally. Imagine a person whose sole obligation and purpose is to further their own financial ends. As in they can be sued if they don't do whatever makes them more money. These "people" have a literal obligation to rape, murder, and steal for their shareholders, and we want to accord them the same rights we have? It's insane. Also meant literally, as in it should be in the DSM.
 
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