Yeah, no doubt about it. 17 bucks a share for the shareholders was an incredible deal!
Airtran wasn't going to sweeten the pot, and their existing offer was going to expire, so MEH HAD to do something, or the stock would have tumbled to a buck or two at the time.
Smart move on managements part.
Now, had the MidEx pilot group been smart enough to demand it, or had the MidEx MEC been competent enough during initial contract negotitations to put in the language, there would have been SCOPE protection for the pilot group, and they wouldn't be facing extinction like they are now.
IMHO, THAT is why the MidEx pilot group lost their flying and their jobs along with it.
Jay S. is essentially an idiot, and you can blame him and ALPA national for not babysitting him during contract negotiations. There was NO reason whatsoever that the original TA should have ever been sent to the pilot group without SCOPE protection. C'mon folks, it 'aint like SCOPE was some new fangled issue at that time!
I know it's not popular opinion, but pilot groups LOVE to blame management for their woes, and that just does not apply in this case.
MEH did WAY more for their shareholders than the MidEx MEC EVER did for their pilot group.
And I lived it.
Put that in your pipe and smoke it!