Delta CEO Says Transformation Plan Not Enough

[capt. megadeth]

• $500,000-per-year consulting contract for up to eight years, paid quarterly in advance ($4 million total).

• $4,586,515 lump-sum cash for severance payment, health benefits and incentive awards that were to be paid for 1997.

• $765,600-per-year pension, starting in 1997.

• Vesting of 298,000 stock options and restricted stock. He netted $6.3 million in the 1997 fiscal year after acquiring 89,000 shares, with remaining stock options then valued at $13 million.

• $210,000 in legal fees to prepare his retirement agreement.



• $25,565 for residential security systems

Consulting of what? To tell management to force paycuts on workers? That seems to be the only answer management has to stop the bleeding.

$210,000 legal fees? That is FUBAR

A security system for what? So someone that got hosed by these s doesn't break into his house and go postal?

Unreal.

 

[wms]

.....

 

[chperplt]

They say BK is not the solution, I bet BK has been in the plans from the beginning, they're just waiting for the right time

Forgive me for being ignorant.. If the right time to file BK wasn't sometime over the last 3+ years to today, what/when will be the right time?

 

[wms]

I'm not an accountant, but it may be they think they'll get more for their assets, ie ASA/CA if they're not in BK. Who would want to buy a regional contractually locked to another carrier in a bad position. If we do get sold I think they will file pretty quick. They would also get more money for us outside of a fire sale. I think BK would have been a better help long ago, but like I said, I'm not an accountant.

 

[DL_Infidel]

You're right 737pylt. Don't you wish you were flying 737's for Southwest?

I think you were addressing me. No, not really. I enjoy flying wide bodies...but that's just me.