Recall of currently furloughed pilots is tentatively scheduled to start in the beginning of the 2nd quarter (April) of 2003. They are supposedly going to recall 32 people a month starting in April and continuing until all the furloughed pilots are recalled. It is estimated that approx. 25% of the furloughed pilots will not return. Based on this estimate, all the current furloughed pilots could be back on property by the end of 2003.
I haven't heard anything about the rights of those awaiting class dates. However, I'd guess that it could go either way. Keep in mind that we're talking about another year at the very least before a pilot in this position would have a chance at a job. If I were in this position I'd find a job with another regional and not look back. However, if for some reason COEX is your dream job, you just need to be willing to wait another year before it's an option.
Keep in mind all of this is based on rumor and speculation and is by no means definite. Thus far, every widely circulated recall rumor has proven falsely optimistic. When the furlough first happened people said "6 months and we'll be back!" now we're at 13 months and counting... More recently it was "Recalls are inevitable! They'll have to start recalling by August to have us all back in time to staff the new airplanes in '03!" Wrong again... Unfortunately, regardless of aircraft deliveries, recalls are dependent on increasing block times. CAL doesn't want to increase block times. Until that happens, and until the furloughed pilots are actually in training, I wouldn't make any plans and definitely don't hold your breath. I seriously doubt if any of the furloughed pilots anticipated a 2 year furlough, but that's what it looks like from here. Who knows? It could get better. Good luck.