Gracious Exit for Grinstein

[nothing]

http://www.usatoday.com/money/industries/travel/2007-03-20-delta-pay-usat_N.htm

 

[atrdriver]

Good for him. Maybe some others will follow suit.

 

[Tejas-Jet]

God Bless that man. Could you just imagine a dirtbag like Stephen Wolf or frank lorenzo doing the same thing? Never in a million years.

 

[bravodude]

it's nice to see some ceo's stepping up and doing the right thing.

 

[DrewBlows]

Holy crap! I'm impressed.

I've been inspired and want to do something similar. I'll make a pledge to give away any bonus, that Delta/Comair gives me upon bankruptcy exit, to the Human Fund. I'm in the giving mood.

 

[ACL65PILOT]

I have to say that I am not surprised. He is one of the few men in the top leadership of any airline that delivers what he promises. He has kept good to his word. Bravo

 

[TV9Driver]

i wonder how many messages he has on his phone right now from pissed off ceo's from other airlines....hehe

 

[AAflyer]

It shows character far above his peers.

AAflyer

 

[gutshotdraw]

It shows character far above his peers.

AAflyer

Yeah, buddy. Could've knocked me over with a feather. Frankensteenland will look even more like a greedy b#stard in comparison when NWA files its post-bankruptcy executive payment plan.

 

[Shrek]

Wonder how much he has ALREADY made..........it is a good press move only.

How about bumping senior CPT rates up to even 80% of his base salary......you will NEVER see it.

 

[Spooky 2]

Boy are you guys ever softy's. This is the guy who hired the likes of Leo Mullen and stood by clueless while Leo and his gang raped the company. I hope the fooker dies a painful death and the sooner the better.

 

[400ADude]

Boy are you guys ever softy's. This is the guy who hired the likes of Leo Mullen and stood by clueless while Leo and his gang raped the company. I hope the fooker dies a painful death and the sooner the better.

He hasn't left yet. The pilots are paying for his going away party, they just don't know it yet.

 

[Green]

So he's going to give employees 995 million......That's some serious cash. Does anybody know how much the average pilot will take in?

 

[General Lee]

Wonder how much he has ALREADY made..........it is a good press move only.

How about bumping senior CPT rates up to even 80% of his base salary......you will NEVER see it.

Grinstein has been wealthy for a long time. He owns a home in SEA previously owned by Bill Gates. He ran Western Airlines, then ran a rail company and merged it with another, then back to Delta (although he was always on the Delta board of directors, and he actually hired Leo Mullin). He has plenty of money, yet he could have had $10 million more, and gave it to a good cause---scholarships for Delta employees kids, and an emergency fund for Delta employees that have a medical emergency etc... That was nice of him. I wonder what Whiskey Driver would say about this? The management team at Delta will also get only a small percentage of stock in the new company compared with the United management and what they got. Sure, some did well, but not as well as they could have.


Bye Bye--General Lee

 

[General Lee]

He hasn't left yet. The pilots are paying for his going away party, they just don't know it yet.

Riiiiight. How is USAir doing these days? What about the integration with USAir East? How about the 100,000 pax that are still stranded? You have more problems than we do.


Bye Bye--General Lee

 

[General Lee]

So he's going to give employees 995 million......That's some serious cash. Does anybody know how much the average pilot will take in?

We get two chunks. First, the equity stake or claim in the company. We have an unsecured claim for $2.1 billion (for 5900 active pilots), which will be sold (supposedly) at 65 cents on the dollar, which will give us around $1.3 billion to divide among us. (the bottom guy who came back from furlough will get about $200,000, which in reality is about $120,000 after the 65 cents on the dollar is figured in) ALPA will put $44,000 (max 401K allotment for each year) into last year's 401K (2006), and this year's, and then give the rest in cash, which will be taxed at the normal amount. We also get a seperate chunk in the form of a $650 million note for our pension drop, which will favor the senior guys with more time at the company probably. But, even the junior guys will get at least $44,000 from that, which will also likely be put into the 2008 401K allottment. Add to that the 9% contribution to our DC fund that Delta gives us each month, and the 2% match on 401K----both of those will still be paid to us, but since the 401K allottments will be full for this year and next, it will be like getting an 11% raise for the next two years, since Delta still has to pay us the 9% for the DC fund and the 401K match. Not bad. That means the bottom guy gets about $180,000 total, plus an 11% raise for the next two years.



Bye Bye--General Lee

 

[JetMonkey]

How about the 100,000 pax that are still stranded?
Bye Bye--General Lee

They're not stranded anymore, the kiosik machines are finally working and they all now have their boarding passes.

 

[General Lee]

They're not stranded anymore, the kiosik machines are finally working and they all now have their boarding passes.

Thank Gawd!


Bye Bye--General Lee

 

[bravodude]

Riiiiight. How is USAir doing these days? What about the integration with USAir East? How about the 100,000 pax that are still stranded? You have more problems than we do.


Bye Bye--General Lee

What does usair have to do with anything. General you really amaze me. you can spew cr@p at other airlines but delta is high and mighty. Give me a brake. You guys caved in and sold the retired pilots out. How do you guys live with yourself. I fly with retired delta pilots who lost millions and all you can say is me me me me. Thank god i don't work for delta.

 

[Nindiri]

Isn't this kind of like the robber being generous with the money stolen from his victims?

I would be a lot more impressed if he had said no more bonuses for those 1200 executives until the employees get back at least some of the concessions they were forced to make.

 

[Green]

Riiiiight. How is USAir doing these days? What about the integration with USAir East? How about the 100,000 pax that are still stranded? You have more problems than we do.


Bye Bye--General Lee

That is true.....Unfortunately Dougie thinks our request for some $400 million in contractual raises is preposterous. Meanwhile delta willingly hands out 995 million to employees. Delta isn't out of the woods by any means but at least your CEO isn't tighter than a nun's as# on a winter night....

 

[michael707767]

What does usair have to do with anything. General you really amaze me. you can spew cr@p at other airlines but delta is high and mighty. Give me a brake. You guys caved in and sold the retired pilots out. How do you guys live with yourself. I fly with retired delta pilots who lost millions and all you can say is me me me me. Thank god i don't work for delta.

How did the Delta pilots sell out the retired pilots? Nothing we negotiated affected them in anyway. The company, on its own, decided to stop paying the non qualified portion of the pensions, and then the company decided to file to terminate the pension. You think the pilots who are still employed at Delta should have given up more in a vain effort to stop something they could not stop?

 

[Hpilot]

I flew with a captain during the attempted takeover who knew Grinstein through family friends. He had nothing but good things to say about him. Then again he also said we could do worse than Parker.

 

[Spooky 2]

All I can say is that if you managed your cockpit like this guy has manged the airline, you would either be dead or fired. Nice to see him gone one way or another.

 

[~~~^~~~]

Very impressive indeed. It sure is a breath of fesh air. What a first class man.

 

[luckytohaveajob]

Heros don't kick hard working families to the curb

Heros don't kick hard working families to the curb


Passenger airline employment drops in January
By Padraic Cassidy
Last Update: 11:12 AM ET Mar 20, 2007
NEW YORK (MarketWatch) - U.S. passenger network airlines employed 2.6% fewer people in January 2007, though low-cost carriers employed 4.5% more people in the same month compared to last year, according to Department of Transportation data released Tuesday. Among network carriers, the largest January decreases were for two airlines currently in Chapter 11 reorganization - Delta Air Lines, where the number of full-time employees fell 7.1%, and Northwest Airlines Corp., where the number of employees fell 6.1%. Continental Airlines Inc.'s workforce grew 5.1% while Alaska Air Group's rose 3.6%. All together, U.S. passenger airline employment measured by the DOT fell 0.5% to 403,000 from January 2006 to January 2007

 

[737 Pylt]

What does usair have to do with anything. General you really amaze me. you can spew cr@p at other airlines but delta is high and mighty. Give me a brake. You guys caved in and sold the retired pilots out. How do you guys live with yourself. I fly with retired delta pilots who lost millions and all you can say is me me me me. Thank god i don't work for delta.

Um....Are these the same retired DL pilots that got their $1 million + lump sums and continued to fly as PRP's (greenslipping) while we had furloughees on the street?

Riiiiight. How is USAir doing these days? What about the integration with USAir East? How about the 100,000 pax that are still stranded? You have more problems than we do.

Gen:
Don't waste your time with 400ahole, he's really depressed after he got shot down to play the head lumpa lumpa in the "The Wizard of Oz II"
Hey there's his new nick name.....Lumpa Lumpa!:laugh:
Its past 8pm troll ahole....Get back under that rock you miserable POS!
737

 

[General Lee]

What does usair have to do with anything. General you really amaze me. you can spew cr@p at other airlines but delta is high and mighty. Give me a brake. You guys caved in and sold the retired pilots out. How do you guys live with yourself. I fly with retired delta pilots who lost millions and all you can say is me me me me. Thank god i don't work for delta.

We are glad you do not work for us. First of all, the retired guys had a choice to leave or not. I know a senior guy that left with half of his pension worth over $1 million in a lump sum, and the other half was unsecured. Well, guess what? He just found out that his other half has a claim on it, and he will get another $700,000 (at 65 cents on the dollar he will get about $400,000 or so) Not bad, and it was his choice to leave first. And, you may have missed the fact that after BK was filed, ALPA and the company fought with the creditors and succeeded in getting the retired pilots an $800 million claim, which isn't too bad, is it? ALPA and the company came together and got the creditors to agree to that. Amazing.

BK is tough for everyone, especially negotiators when a judge is watching. Hopefully you won't have to do the same some day. And, we are hiring now, but PLEASE, do not apply.


Bye Bye--General Lee

 

[AA717driver]

We get two chunks. First, the equity stake or claim in the company. We have an unsecured claim for $2.1 billion (for 5900 active pilots), which will be sold (supposedly) at 65 cents on the dollar, which will give us around $1.3 billion to divide among us. (the bottom guy who came back from furlough will get about $200,000, which in reality is about $120,000 after the 65 cents on the dollar is figured in) ALPA will put $44,000 (max 401K allotment for each year) into last year's 401K (2006), and this year's, and then give the rest in cash, which will be taxed at the normal amount. We also get a seperate chunk in the form of a $650 million note for our pension drop, which will favor the senior guys with more time at the company probably. But, even the junior guys will get at least $44,000 from that, which will also likely be put into the 2008 401K allottment. Add to that the 9% contribution to our DC fund that Delta gives us each month, and the 2% match on 401K----both of those will still be paid to us, but since the 401K allottments will be full for this year and next, it will be like getting an 11% raise for the next two years, since Delta still has to pay us the 9% for the DC fund and the 401K match. Not bad. That means the bottom guy gets about $180,000 total, plus an 11% raise for the next two years.

Bye Bye--General Lee

That's AWSOME!!! So, you're glad all this happened and you're much better off after the Ch.11? Are you happy, GL?

You guys got F'ed. Admit it. Grinstein already had his money when he showed up on the property--AGAIN. They hired Grandpa to lead you by the hand through the car wash that stripped you of anything above LCC pay and bene's.

Keep slathering that pig with lipstick...TC

 

[General Lee]

That's AWSOME!!! So, you're glad all this happened and you're much better off after the Ch.11? Are you happy, GL?

You guys got F'ed. Admit it. Grinstein already had his money when he showed up on the property--AGAIN. They hired Grandpa to lead you by the hand through the car wash that stripped you of anything above LCC pay and bene's.

Keep slathering that pig with lipstick...TC

Well, I did get a paycut, even though I just got a $250,000 claim for myself, plus probably another $70,000 for the pension dump, plus a 9% DC fund contribution monthly (that will become cash monthly after my 401K is full for this year and next), and also that 2% match. (so, an 11% raise the next two years) We trimmed down our debt, will be ordering a lot of planes when we exit, and we had 2300 captains leave for their lump sums, getting me very close to 738 captain. Yeah...... You're nuts.


Bye Bye--General Lee