ExpressJet pilots pass concessions

jtrain609

Anarcho-Bidenist
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.
 

Alchemy

Well-Known Member
Sickening. I am embarassed for the expressjet pilot group. When you combine the fact that ASA failed to match xjet payrates, Skywest wanted to buy xjet, furlough half of the pilots & staple the rest, RAH was waiting in the wings to replace even more coex flying, and a seemingly incompotent management team I guess there wasn't much of a choice. Sadly there is probably no way those payrates will ever get back to where they were. Never.

I feel like I just got punched in the stomach and mugged for $4,000/year. I'm gonna go puke.
 

ftyflyboy

Well-Known Member
You hate to see something like this happen. It would be interesting to see if upper management is also taking a pay cut, as their salaries alone could cover a 1st year FO many, many times over.

Good luck guys
 

IrishSheepdog

Sitting in the median
Sickening. I am embarassed for the expressjet pilot group.
I'm not embarrassed of our pilot group. I'll tell you right now I voted yes. I didn't want to, but I felt it was necessary to keep this company viable. Apparently many more of our pilots feel the same way.

Personally, I am angry at Continental management for their incessant whipsawing of pilot groups. The way they have treated ExpressJet and our employees is sickening. It was not long ago that many of the employees at ExpressJet were under the banner of Continental Airlines. Now, they want to throw us to the street to save a few dollars.

I personally think our top management had no choice here. It was either sign this CPA or cease to exist. It's hard when you have other companies out there who will come in and offer to do it for much, much less. They'll even take a loss for market share. While I do not agree with some decisions our management team has made, I do see them making an effort.

Time will tell if us yes voters made the right decision or not.
 

surreal1221

Well-Known Member
So . . .the company in ch 11 in 3-6 months if this wasn't signed.

Have we not heard that type of threatening language before? And what has happened? The company is in ch 11 in that amount of time, or less.

Good luck to all XJT, and most importantly - everyone flying at a 121 regional right now. We're all on deck, and I'm sure it won't be too long before another companies' management is seeking such concessions - be it via bringing PBS on property prior to an amendable date for a contract, or asking for pay concessions.


Who was I to think pattern bargaining would be successful at the fee-for-departure companies. :(
 

wheelsup

Well-Known Member
So whatever happened to ALPA signing that LOA that said "under no circumstances will ALPA pass a concessionary agreement"? I guess that went out the window.

If your management is like ours they told you due to contractual changes you can now work more and make the same amount of money so it's not really a pay cut.
 

Clocks

Well-Known Member
It's hard when you have other companies out there who will come in and offer to do it for much, much less.
And you get the added bonus of reading their pilot's comments on forums like this. Hopefully those working at companies who have worse work rules and pay rates than xjet's concession package will keep their opinions out of this thread.
 

Van_Hoolio

Well-Known Member
I voted no. I wanted full pay 'til the last day, and I didn't care how soon that last day might have come.
 

jtrain609

Anarcho-Bidenist
My kinda dude! I always said I'd rather go to the street than lose any part of that contract.

Now it would seem that both have happened.
 

houfo

Well-Known Member
You hate to see something like this happen. It would be interesting to see if upper management is also taking a pay cut, as their salaries alone could cover a 1st year FO many, many times over.

Good luck guys
Upper mngmt did take pay cuts. The CEO took 10 % cut and the rest took around 6%. Finally a mngmt group that sets a positive example!!!
 

Alchemy

Well-Known Member
10% of his base salary, which equates to something like 4 or 5% of his overall compensation (almost 900k/yr). Guess he will have to trade in that bentley for a rolls royce. Lable me unimpressed. Then again, I'm just a "poor silly soul" to use his preferred descriptor of xjt pilots. The man has destroyed 99% of the company's value over 4 years. I'm pretty sure if I killed 99% of my passengers over the past 4 years I'd be losing a lot more than 4% of my overall compensation.

But who cares at this point. XJT never has been anything other than a silly little regional airline. It's done, time to move on with the help of my friend mr. jack daniels.....
 

surreal1221

Well-Known Member
Oh don't get me wrong - I'm not really impressed by any executives reduction in pay.

Pay? Salary?

They're so out of touch it doesn't matter - they have stock options, GIVEN to them. Free money, worth a couple hundred thousand. No matter what amount they are willing to "reduce" their salary it won't ever do any amount of good for their company.
 

flyboy04

Well-Known Member
I hate we passed this. We furloughed 347 guys, downgraded lots of captains, probably hundreds are back on reserve, so in my opinion, this pilot group has already given far more than 6%, and I'm offended the company would ask to pay us one cent less.
 

killbilly

Vocals, Lyrics, Triangle, Washboard, Kittens
Oh don't get me wrong - I'm not really impressed by any executives reduction in pay.

Pay? Salary?

They're so out of touch it doesn't matter - they have stock options, GIVEN to them. Free money, worth a couple hundred thousand. No matter what amount they are willing to "reduce" their salary it won't ever do any amount of good for their company.
Don't have a dog in this fight, but I'd just like to point out that if the stock value is below his option price, then the options are worthless. The 650K in "cash compensation" is what's interesting to me. Exactly what performance metric earns that?
 

surreal1221

Well-Known Member
Don't have a dog in this fight, but I'd just like to point out that if the stock value is below his option price, then the options are worthless. The 650K in "cash compensation" is what's interesting to me. Exactly what performance metric earns that?
Interesting, I was under the assumption that even if the price is below his option price that it's money he didn't really invest anyway, and hence would still certainly see if he made the decision to cash out.
 
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