JetBlue establishes $2 Million fund for pilots

[Hair-on-Fire]

As part of the new contract amendment JetBlue has agreed to establish a $2 million dollar fund for the pilot group to use in any seniority integration that might arise.

Additional contract language also requires any acquiring entity to agree to comply with Allegheny-Mohawk for seniority list integration along with a significant list of other restrictions.

 

[Fubijaakr]

Big deal. The law requires that any carrier acquiring a non-Union outfit use Allegheney-Mohawk.

 

[Daedalus]

Thanks for the input Capt JR...oops I mean Fubi.

 

[Colonel Savage]

Does this mean the union drive is over?

 

[BeachBummer]

Does this mean the union drive is over?

Uhhhhhh..... no beavis

 

[Max Powers]

Big deal. The law requires that any carrier acquiring a non-Union outfit use Allegheney-Mohawk.

it is not a reqirement...... It is a legal presadent....big difference

 

[Bavarian Chef]

As part of the new contract amendment JetBlue has agreed to establish a $2 million dollar fund for the pilot group to use in any seniority integration that might arise.

Additional contract language also requires any acquiring entity to agree to comply with Allegheny-Mohawk for seniority list integration along with a significant list of other restrictions.

Only those pilots that ratify this latest amendment are able to "use" the $2 million, right? Plus there is no mention of "how" and exactly "why" in the amendment either.

 

[aerobato]

it is not a reqirement...... It is a legal presadent....big difference

Did that come from the presadent of the US?

 

[Amish RakeFight]

it is not a reqirement...... It is a legal presadent....big difference

Precedent.


I'll let you off with a warning.

-spelling police.

 

[Vastly Underemp]

Read it carefully. It actually says that in the event of an actionable event (I don't make this crap up) the company will establish a merger fund from which the pilot group may draw in the amount of 2 million dollars. So only when someone is going to buy/merge/acquire substantially all of our assets will the fund be established. Do you really think the acquiring entity, who will unduobtedly be holding the purse strings at that point, will allow $2 mil in equity to be disbursed to fight the acquisition?

 

[Hamburger]

Given how accounting works, is it $2 million actual dollars or is it just a pile of 285,714 Pillows?

 

[Bavarian Chef]

Given how accounting works, is it $2 million actual dollars or is it just a pile of 285,714 Pillows?

Nicely done.

 

[Hair-on-Fire]

Read it carefully. It actually says that in the event of an actionable event (I don't make this crap up) the company will establish a merger fund from which the pilot group may draw in the amount of 2 million dollars. So only when someone is going to buy/merge/acquire substantially all of our assets will the fund be established. Do you really think the acquiring entity, who will unduobtedly be holding the purse strings at that point, will allow $2 mil in equity to be disbursed to fight the acquisition?

Uh, you must of made it up, because our contract doesn't contain the phrase "actionable event".

The 2 million dollar fund is triggered upon the signing of an agreement or the approval of the board of directors that qualifies as a Transactional Event as defined by the agreement. The acquiring party isn't going to have any control until the necessary governmental (anti-trust) approvals are obtained, and it doesn't really matter if they were "holding the purse strings". JetBlue has a contractual obligation to make the funds available.

Secondly, the funds don't exist for "fight(ing) the acquisition". They exist for the pilots to pay for legal representation during the seniority integration process.

Third, this just show's that pilots will complain about just about anything. Even getting 2 million.

 

[Bavarian Chef]

Uh, you must of made it up, because our contract doesn't contain the phrase "actionable event".

The 2 million dollar fund is triggered upon the signing of an agreement or the approval of the board of directors that qualifies as a Transactional Event as defined by the agreement. The acquiring party isn't going to have any control until the necessary governmental (anti-trust) approvals are obtained, and it doesn't really matter if they were "holding the purse strings". JetBlue has a contractual obligation to make the funds available.

Secondly, the funds don't exist for "fight(ing) the acquisition". They exist for the pilots to pay for legal representation during the seniority integration process.

Third, this just show's that pilots will complain about just about anything. Even getting 2 million.

Uh, we didn't "get" 2 million. We don't have any control over it, and I bet there's no legal requirement to actually pay it.

And I could do a quick staple job for let's say, 250 grand and save the company the "2 million".

 

[Hair-on-Fire]

Uh, we didn't "get" 2 million. We don't have any control over it, and I bet there's no legal requirement to actually pay it.

And I could do a quick staple job for let's say, 250 grand and save the company the "2 million".

No legal requirement to pay it? It's a legally binding contract. In writing.