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DAL to help fund pensions at JAL?

jonjuan

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http://www.marketwatch.com/story/ja...e-pension-cut-report-2009-11-23?siteid=yhoof2
JAL exec proposes 50% employee pension cut
By Myra P. Saefong
JP:9205 JALSF DAL
TOKYO (MarketWatch) -- Japan Airlines Corp. (JP:9205 95.00, -3.00, -3.06%) (JALSF 1.22, -0.08, -6.15%) may propose cuts to pension benefits in the latest move by the ailing carrier to raise capital. The airline's President Haruka Nishimatsu said Monday that he has proposed a 30% cut in pension benefits for retirees and a more-than-50% reduction for current employees, according to a Kyodo news report. Separately, Richard Anderson, chief executive of Delta Air Lines Inc. (DAL 7.75, +0.13, +1.64%) , told Dow Jones that the SkyTeam alliance of global carriers may consider a larger investment than its proposed $1.02 billion into Japan Airlines.
 

EMBpilot

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Some mngmt executives are criminals. They should be in jail as everyones girlfriends - think Frank Lorenzo and sad thing is he will actually enjoy it.

If they take the billion from DAL and fund their retirements and the company goes under - they can ask for another billion and then go out of business and let DAL to fill the void.
 

ACL65PILOT

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From what I am reading, we are going to get a lot of the company for 300 million. If they go under it and many of the right and rights to first refusal will be ours. It could work out a lot better for the DAL pilots and DAL if they would go under after the infusion as we will get more than we would initially get for the billion or so.
 

dooork

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How does that make DAL pilots feel...while they are still working under a bankruptcy concessionary contract?
 

General Lee

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How does that make DAL pilots feel...while they are still working under a bankruptcy concessionary contract?

Our Joint contract with NWA gave us a 17% raise over 4 years, with some increase in the DC fund, and a few rule changes (less shortcalls on reserve for example). But overall, yes, we are still working under a concessionary contract---not the BK one, but one from our C2K contract. I don't think anyone is very happy about it, but we negotiated our Joint Contract during high oil ($140 a barrel), which was bad timing indeed. We all want the company to do well, but we also want a lot of what we lost back, and it may take some time obviously.


Bye Bye--General Lee
 

crj567

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Our Joint contract with NWA gave us a 17% raise over 4 years, with some increase in the DC fund, and a few rule changes (less shortcalls on reserve for example). But overall, yes, we are still working under a concessionary contract---not the BK one, but one from our C2K contract. I don't think anyone is very happy about it, but we negotiated our Joint Contract during high oil ($140 a barrel), which was bad timing indeed. We all want the company to do well, but we also want a lot of what we lost back, and it may take some time obviously.


Bye Bye--General Lee

Too bad you don't work for JAL-you may actually have your retirement paid for by some suckers in the U.S.

-Seems like I can remember a time when airlines had pensions......

-Don't worry everyone, nothing is amiss-Gen Lee and ACL and a couple of other usual suspects stand at the ready, jumping at the opportunity to sugarcoat any news, no matter how idiotic, and blame everything on the evil RJ.

-It will be very interesting to read how RJs are somehow responsible for some Japanese airline pensions totally getting bailed out by the same company which eliminated yours.

-This should be good........
 

General Lee

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Too bad you don't work for JAL-you may actually have your retirement paid for by some suckers in the U.S.

-Seems like I can remember a time when airlines had pensions......

-Don't worry everyone, nothing is amiss-Gen Lee and ACL and a couple of other usual suspects stand at the ready, jumping at the opportunity to sugarcoat any news, no matter how idiotic, and blame everything on the evil RJ.

-It will be very interesting to read how RJs are somehow responsible for some Japanese airline pensions totally getting bailed out by the same company which eliminated yours.

-This should be good........

We don't know exactly what DL would be investing in. We know they have a pension shortfall, like a lot of other airlines in trouble. I don't think I saw RA say "Hey, we are going to help them fund their pensions...."

And wait, you think the RJs are the reason some other airline's pension would get bailed out? RJs? McFry, you are one big dumba#@.. RJs have almost ruined most of the legacies. Have you seen many economic problems with the LCCs out there? No, you probably haven't. Now, please get back to the bathroom cleaning and then wash your hands before you work the fry machine again. Talking anything airlines is NOT your strong suit, you are as dumb as a rock.


Bye Bye--General Lee
 

dooork

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We don't know exactly what DL would be investing in. We know they have a pension shortfall, like a lot of other airlines in trouble. I don't think I saw RA say "Hey, we are going to help them fund their pensions...."

And wait, you think the RJs are the reason some other airline's pension would get bailed out? RJs? McFry, you are one big dumba#@.. RJs have almost ruined most of the legacies. Have you seen many economic problems with the LCCs out there? No, you probably haven't. Now, please get back to the bathroom cleaning and then wash your hands before you work the fry machine again. Talking anything airlines is NOT your strong suit, you are as dumb as a rock.


Bye Bye--General Lee

RJs didn't ruin the legacies, Management that wanted to take advantage and their pilot groups that allowed it ruined the legacies.
 

crj567

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RJs didn't ruin the legacies, Management that wanted to take advantage and their pilot groups that allowed it ruined the legacies.

Ditto.

-I knew Gen Lee was good for another nonsense response about the fry machine.... You are well on the wrong side of the sad/pathetic line, Gen.
 

General Lee

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RJs didn't ruin the legacies, Management that wanted to take advantage and their pilot groups that allowed it ruined the legacies.


Sure, management is to blame for placing the wrong size plane on a route, and that happened with our 777s on the ATL-MCO route, which lead to overcapacity. Same goes with RJs against 717s, which happens a lot now thanks to the explosion of RJs that some of our mangement people loved at one time. Fred Greed loved RJs for "frequency". He said business people loved that. In reality, they love room to work, and extras like wifi. They bill people while they fly and work, which is lucrative for them. They just can't do that on RJs. (funny he never brought RJs to Virgin America when he helped start that airline with Branson......) Add high oil costs, and RJs are at an even larger disadvantage. Guess what? We are back at higher oil. And Regionals HOPE we hedge fuel for them, when in reality they should buy it for themselves after all of the profits they ONCE made from us. Not anymore. 50 seat RJs are on the way out, and unfortunately guys like CRJ567 will be on the way out too---all the way to the fry machine.


Bye Bye--General Lee
 
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