Delta Vp sellsout

[9rj9]

Didn't take long for this guy to turn your paycuts into cold hard cash. Cool half million in the bank, cha-cing !!!! Oh and it's tax free...

Delta Air Lines Exec Vp Sells Shares

Delta Air Lines Executive Vice President Lee A.
Macenczak Sells 26,166 Shares

NEW YORK (AP) -- The executive vice president at Delta Air Lines Inc. sold 26,166 shares of common stock, according to a Securities and Exchange Commission filing. In a Form 4 filed with the SEC Thursday, Lee A. Macenczak reported he sold the shares Wednesday for $20.60 to $20.73 apiece. Macenczak also surrendered 19,301 shares back to the company for $20.68 apiece.

Insiders can surrender shares as a way to cover either taxes or the cost of exercising options. Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

 

[FDJ2]

Didn't take long for this guy to turn your paycuts into cold hard cash. Cool half million in the bank, cha-cing !!!!

The average DAL pilot received approximately $200K by preselling their shares of a reorganized Delta back in May.

$200K for a 42 month concession, that's an average of over $4,700/month Wallstreet is paying the average DAL pilot for less than a 14% pay cut.

The average DAL pilot would have to earn over $33K/month to have a 14% paycut equal $4,700/month. Cha-cing, thanks Wallstreet!!!!!

 

[9rj9]

Tax free???

Good for you, hope it was worth it.

 

[FDJ2]

Good for you, hope it was worth it.

I think so. The company is doing well, we'll be getting a second contractual pay raise in December along with profit sharing, we've already received, on average $200K, this year from the claim, some pilots also recieved sizeable cash from the $650M note in September, the balance of the note payout will result in DAL pilots receiving between $30K-$46K deposited in their individual retirement accounts in the January. We are receiving 2 B757ers/month, we are receiving 10 B 737s in 2008 and at least 3, maybe more, B 777s in 2008.

 

[ACL65PILOT]

But that 200K is our retirement. This is incentive. He will still get his millions when he leaves.

 

[FDJ2]

But that 200K is our retirement. This is incentive. He will still get his millions when he leaves.

That $200K was for contract concessions. A large part of it was placed in our 401K to offset tax implications to the maximum extent possible.

The $650M was dispersed to cover 100% of accrued qualified benefit when the Delta Pilot Retirement Plan was terminated. Put another way, every active Delta pilot now has 100% of his accrued retirement in either his own name or insured by the PBGC.

Additionally, DAL pilots receive 9% DC + 2% 401K contributions.

 

[General Lee]

But that 200K is our retirement. This is incentive. He will still get his millions when he leaves.

FDJ2 is correct, and we got an additional amount for our pension dump, which will be given to us after Jan 1st to qualify for our 2008 401K allottment. I will get around $66,000, which will fill the 2008 401K and the rest will be taxed. I will then get the 11% per month (normally for the 401K) in cash from Delta on the 30th of every month all next year.

ACL65pilot, you will not see that because you are a newhire still, and were not around during the BK procedings, but you will get the 11% (9% DC plan and 2% 401K match) each month.

Bye Bye--General Lee

 

[9rj9]

ok

Just thought there would be more outrage, but if you're happy with it then i'll let it rest.

So do you really think its only a 42 month cut ?

 

[KCPilot]

It's his stock, he can do what he wants with it. Maybe you should become a Executive VP and then you can do the same!

 

[General Lee]

It's his stock, he can do what he wants with it. Maybe you should become a Executive VP and then you can do the same!

We could do the same. We could have kept it as stock (some did), or hid as much from the tax man as legally possible (thru the 401K fillups for 2006 and 2007), and the rest was in cash and taxed. I thought that was a great idea. Most Captains got $400,000 or more and only $88,000 was allowed for both years total(in the 401K). So, they walked away with some large checks, and they got up to an additional $250,000 for the pension dump. Not bad for belonging to a once BK company. Even the retired pilots got most of what they were owed.

Bye Bye--General Lee