Comair $$ from bankruptcy claim

[Sinca3]

So the pilot group gets to divy up 61.8 million dollars.
If it was split evenly between 2000 pilots that would be $30,900 each. So how is this money going to be split up? When do you get it?

 

[WSurf]

.
If it was split evenly between 2000 pilots that would be $30,900 each. When do you get it?

That has got to be the funniest thing I have read! Be right back, my bourbon came firing out my nose!!!

Maybe if you drop the last 2 digits you might get close!

 

[i'mbatman]

Honest question here.....if the group is getting a $61M claim, why did they have to take a concessionary contract? I can't imagine the concessions were more than 61M.

 

[Sinca3]

That has got to be the funniest thing I have read! Be right back, my bourbon came firing out my nose!!!

Maybe if you drop the last 2 digits you might get close!

Excuse my ignorance on bankruptcy claims. How bout you explain 61.8 miliion dollars going to the pilot group at Comair when the comapny emerges from bankruptcy.
I know nothing other than number and 61,800,000/2,000 = 30,900......

 

[wmuflyguy]

No one knows how they are going to do it. I think we only have 1600 pilots or so.

 

[mosyslack]

It's more like a 1500 "strong" pilot group. The bk claim is a form of damages awarded to the unionized groups due to the loss incured from the concessionary contract. The claim was originally $82.5m but was then sold to an investment group for .75 on the dollar (good price supposedly). Once big D exits bk, the money is paid to ALPA then divied up to the pilot group. There are alot of "IF's" to overcome, and there is no set plan on how the $$$ is going to be divided. The Comair MEC is meeting to decide on how to split the cash. Nothing is really certain...that is one of a very few certainties.

 

[flyboyike]

I imagine 60.5mil will go to the lawyers and the pilot group will split the rest.

 

[SplitBar]

Mesaba pilots got approx. $20K - $30K each depending on seniority. Goldman Sachs paid .97 - 1.00 to the pilots who sold their portion. More than made up for the 5% pay cut. The Bankruptcy was still a Sham however.

 

[BIGGOAT]

Note to self...sign concessionary agreement with ASA mgt????


Goat

 

[General Lee]

So the pilot group gets to divy up 61.8 million dollars.
If it was split evenly between 2000 pilots that would be $30,900 each. So how is this money going to be split up? When do you get it?

Delta pilots also get a claim ($2.1 Billion but we don't know exactly what the percentages are yet----if you got 75 cents on the dollar that is darn good---United got 24 cents on the dollar). Our individual claims were figured out with 4 silos---each one meant something--like years of service, type aircraft flown, amount of retirement lost, etc. In the end everyone has sort of figured out what we can expect, but the final determination is up to the MEC, and they also haven't told us exactly what the claim sale price was, although supposedly we have sold 1/3 of it at 65 cents on the dollar. The bottom guy at Delta supposedly will get over $200,000--and that will be divided up to protect some of it from taxes--last year's 401K will be filled to the max (44,000), so will this years, and the rest will be given in a check and taxed normally. (we also get an additional $650 million note for our pension dump, to be divided in a secret manner for our 6000 or so pilots)


Bye Bye--General Lee

 

[General Lee]

That has got to be the funniest thing I have read! Be right back, my bourbon came firing out my nose!!!

Maybe if you drop the last 2 digits you might get close!

I bet you are jealous and wish PDT would go BK so you could get some extra cash. What kind of kudos do you get from your PDT management? A slap on the backside and a healthy "get out there and kick some arse partner!"

Keep studying for that FE written, it is a worthless position anyway. Really, it was the worst airline job I have ever had. You feel like Radar O' Reiley talking to Sparky on the phone.


Bye Bye--General Lee

 

[DX Rick]

It's more like a 1500 "strong" pilot group. The bk claim is a form of damages awarded to the unionized groups due to the loss incured from the concessionary contract. The claim was originally $82.5m but was then sold to an investment group for .75 on the dollar (good price supposedly). Once big D exits bk, the money is paid to ALPA then divied up to the pilot group. There are alot of "IF's" to overcome, and there is no set plan on how the $$$ is going to be divided. The Comair MEC is meeting to decide on how to split the cash. Nothing is really certain...that is one of a very few certainties.

The MEC will take a couple million each for negotiating the deal. The top seniority will get a big chunk, then everyone below them will get a $50 gift card for Krogers, while ALPA "holds onto" the rest of the money.

 

[captainv]

Heard one of our reps talking about this in Ops today. They still need some info, will have another meeting in mid-April. Sounds like the formula is fairly simple, based on senority. Once they figure it out, they'll set up a web site where you can log in, see what you're getting and how they arrived at that number.

Of course the rumors are running wild with this whole thing, mainly because of a lack of info from ALPA. But I'm sure they want to get their ducks in row before they release details. More than one of our guys has threatened to sue over the issue, without even knowing what the plan is...

 

[flyboyike]

The top seniority will get a big chunk, then everyone below them will get a $50 gift card for Krogers...

Actually, it's gonna be for Remke Market, which is better.

 

[WSurf]

I bet you are jealous and wish PDT would go BK so you could get some extra cash. What kind of kudos do you get from your PDT management? A slap on the backside and a healthy "get out there and kick some arse partner!"

Keep studying for that FE written, it is a worthless position anyway. Really, it was the worst airline job I have ever had. You feel like Radar O' Reiley talking to Sparky on the phone.


Bye Bye--General Lee

Gotta love my biggest Fan!!!

 

[WSurf]

Keep studying for that FE written, it is a worthless position anyway.

Bye Bye--General Lee

Yea, I know! But UPS requires it!!