CO and unions make a deal with options...

[General Lee]

Continental reaches tentative deals with unions
Mon Feb 28, 2005 04:25 PM ET
NEW YORK, Feb 28 (Reuters) - Continental Airlines (CAL.N: Quote, Profile, Research) on Monday said it had reached deals with its pilots, flight attendants, mechanics and other unions that would bring $500 million in annual cost savings when implemented.

The Houston-based airline said wage and benefit cuts agreed to with the unions would take effect at the end of March, adding that it would issue stock options for about 10 million shares of common stock as part of the agreement.


Bye Bye--General Lee

 

[jbDC9]

Continental reaches tentative deals with unions
Mon Feb 28, 2005 04:25 PM ET
NEW YORK, Feb 28 (Reuters) - Continental Airlines (CAL.N: Quote, Profile, Research) on Monday said it had reached deals with its pilots, flight attendants, mechanics and other unions that would bring $500 million in annual cost savings when implemented.

The Houston-based airline said wage and benefit cuts agreed to with the unions would take effect at the end of March, adding that it would issue stock options for about 10 million shares of common stock as part of the agreement.

I just love the media's wording on that... has reached deals with the unions, like it's already a done deal. Morons... it's a TA, just reached today; next is a vote by the MEC today or tomorrow, and depending on that, then it goes to the pilots to hopefully get shot down. We haven't even seen what's in the TA yet... but I'm voting no just on the duration of this piece of crap: 45 months! Almost 4 years worth of a concessionary contract? Nope, don't think so. And managements carrots are still dangling, waiting for us to jump on them... the 8 757-300s, 6 737-800s and 10 7E7s. Oh boy! I'll vote yes, just gimme gimme the shiny new planes! Not.

 

[FLB717]

Comair did.

 

[slowto250]

Comair did.

DID WHAT ??

 

[FLB717]

A pay freeze for two years to get 35 aircraft.

 

[SNK]

The fat lady hasn't sung yet

A pay freeze for two years to get 35 aircraft.

The polls haven't closed yet..hopefully the Comair group will vote this half-baked idea down. I can't believe we are even the same group that walked the line in 2001.

Lord help us all if this "pay for growth" thing continues.

 

[xray678]

The polls haven't closed yet..hopefully the Comair group will vote this half-baked idea down. I can't believe we are even the same group that walked the line in 2001.

Lord help us all if this "pay for growth" thing continues.

Hey better pay cuts for growth than pay cuts for nothing, like the Delta pilots did.

 

[MW44]

xray678-
do you really believe that? Delta lost something like 5 billion last year. Comair is doing pretty good. I think the delta pilots realized they had a lot more to lose in Ch 11.

 

[jhill]

Hey better pay cuts for growth than pay cuts for nothing, like the Delta pilots did.

Be careful. I hear they can't get financing

 

[FLB717]

I have it only second hand but at CMR 1/3 of the Pilots on the list are post strike. So they have no notion of what it was like before or the pain of walking the picket line. So many dont understand that if the Small Jet operators always grow the chance of higher wages flying bigger equipment evaporates. That is not to say they need to be paid low or that RJ's do not have a place, just stating the reality.

 

[michael707767]

xray678-
do you really believe that? Delta lost something like 5 billion last year. Comair is doing pretty good. I think the delta pilots realized they had a lot more to lose in Ch 11.

Speaking as a Delta pilot, I agree with him. I understand my airline is in trouble and needed cuts. But, I don't think I should take cuts and allow more outsourcing of our jobs. I think the pay cuts were appropriate. I voted no to the TA because of more outsourcing. My personal opinion is Delta would not have balked at a deal if we had held the line on scope. We really f**ked up on this one if you ask me. But don't worry. We will f**k up again. I see 100 seaters in DCIs future.
Michael

 

[73belair]

Comair vote is final now. They voted yes.

 

[brokea$$pilot]

Comair did.

I would not pick on the comair pilots if i were you. look at your own payscale. The pilots over at comair will still be among the highest paid in the REGIONALS

 

[brokea$$pilot]

Speaking as a Delta pilot, I agree with him. I understand my airline is in trouble and needed cuts. But, I don't think I should take cuts and allow more outsourcing of our jobs. I think the pay cuts were appropriate. I voted no to the TA because of more outsourcing. My personal opinion is Delta would not have balked at a deal if we had held the line on scope. We really f**ked up on this one if you ask me. But don't worry. We will f**k up again. I see 100 seaters in DCIs future.
Michael

Thats why it would be wise for the Delta,Asa,Comair pilot groups to merge in seniority in some form so no one can get played anymore.

 

[michael707767]

Thats why it would be wise for the Delta,Asa,Comair pilot groups to merge in seniority in some form so no one can get played anymore.

For the record, I agree. We should merge the lists. The problem is how do you do it? Find and asnwer to that everyone can live with. Add to that, right now nothing in the DAL pilot contract would prevent further outsourcing CHQ and Skywest even if we did merge lists with ASA and CMR.

 

[jbDC9]

Getting back to the original point of the thread... the MEC finally gave us a peek at the "highlights" of this shiny new TA.

Ugh, what a kick in the nuts, lame ass excuse for a contract. It's beyond sh!tty... it's a disgrace. I hope the Kool Aid drinkers in our pilot group read it and vote appropriately, meaning "NO!!!"

Holy cow... amendable date on this POS is 12/31/08; hourly wages take an 8.9% cut, with a 2% snap back July '07, another 2% July '08. Are you f'n kidding me? And that's just the hourly rates, there's lots more where that came from... makes my brain hurt...

 

[RichardFitzwell]

Let's post the lowlights for fun...

Bullet Points of CAL ALPA Tentative Agreement (subject to MEC review and approval)

- Effective date of agreement if ratified by MEC and membership: April 1, 2005

- Amendable date of agreement: Dec. 31, 2008

- Effective date and duration are the same as all other employee groups.

- Wage reduction in hourly rates: 8.9%

- Wage build-back in hourly rates: 2% July 1, 2007, 2% July 1, 2008

- Establishment of Defined Contribution Plan, hard freeze of Defined Benefit Plan.

- Company contribution levels phase in: 6.75% - July 1, 2005, 10% - July 1, 2006, 12.75% - July 1, 2007 and thereafter.

- Additional variable DC contributions based on company profitability.

- Additional contract modifications to conserve short-term cash effective July 1, 2005:

** Deadhead paid at 50% (full credit for line construction); will increase to 75% value on July 1, 2006, and full value on July 1, 2007.

** Vacation pay values will decrease April 1, 2005, to 3:15/day, with a further decrease July 1, 2005, to 3:00/day and restored to 3:15/day on July 1, 2007.

** Pay value for a training day reduced to 2:24; line construction credit 2:45.

** Parking allowance eliminated.

- Pilot group will be given options for 6.8% ownership (up to 5.8 million shares).

- CAL prohibited from stock buy-backs or payment of dividends on CAL stock until $500 million has been placed in to Pilot-only DB Plan.

- CAL ALPA will be provided with access to CAL Board of Directors level review of strategic business plans and all BOD briefing materials.

- Established more structured and detailed seating assignment priorities for Deadhead segments.

- No un-seating of Deadheading pilot without pilot concurrence.

- Complete re-write of Reserve Scheduling section to allow for long-call and short-call reserve lines. All reserve pilots will be allowed aggressive pick-up of flight assignments.

- B-787 will be paid as Widebody pay; ALPA and company will jointly develop crew rest facility.

- Major enhancement of Section 1–Scope (ratio aircraft and ASMs, limits on foreign flights)

- "No furlough" provision for all CAL pilots on the seniority list as of the effective date.

- When hiring, preferential interview to pilots of Express Carriers.

- Make available open cabin seats to additional jumpseat riders.

No, No, NO!

 

[michael707767]

- Major enhancement of Section 1–Scope (ratio aircraft and ASMs, limits on foreign flights)

- "No furlough" provision for all CAL pilots on the seniority list as of the effective date.

Have to say, I am impressed you got improvements in scope and furlough protection. Are you paying attention DALPA????

 

[General Lee]

Have to say, I am impressed you got improvements in scope and furlough protection. Are you paying attention DALPA????

There is ALWAYS "Soup De jeur" or "Forced Menure" or Force Mejeur..... We learned that quick....


Bye Bye--General Lee

 

[RichardFitzwell]

There is ALWAYS "Soup De jeur" or "Forced Menure" or Force Mejeur..... We learned that quick....


Bye Bye--General Lee

Exactly. No furlough provisions in a contract mean nothing, IMO.