Direct quote from Delta MEC to CEO on Stand

[General Lee]

Any mention of what facts he's basing this assertion on?

Our own CFO stated on the stand that we had an "unexpected" windfall of an extra $400 million last quarter. Then our lawyer asked how we did in January, and the CFO stated we made a $25 million profit. FEB numbers aren't out yet. The expected loss coming up will mostly be due to BK costs and one time charges. Make sure you look at cash on hand.


Bye Bye--General Lee

 

[General Leeast]

No stike. Us Duhlta pilots are as spineless as a jellyfish. I could careless about scope. I just want to keep my job.

 

[Green]

I could careless about scope. I just want to keep my job.

joking right??? I'm sure Ornstein would love to put a fleet of 737's at Freedumb air. Although they would probably offer furloughed Dal pilots fo slots at $25/hr with a guarantee of 10 days off per month. Then the MEC could claim they did a good job securing jobs for their DAL brothers and sisters....!

 

[G4G5]

I still think that it's an up hill battle for DAL. It's unfortunate because I have friends and family that work or have retired from DAL.

The pilot contract is only the tip of the iceberg. Even if the pilots sign where is Greenjeans going to get the financing necessary to exit ch11?

UAL had to put up $8.75 BILLION in assets just ot get a $3 billion dollar loan. DAL doesn't have $9 billion in collateral.

Collateral Overview: Up to $3,000 Million Senior Secured Credit Facility*
In $ Millions
96 Unencumbered Aircraft -$1,324
1997-1 EETC Aircraft*-$411
Spare Parts and Engines-$911
International Route Authorities (Pacific routes)-$2,407
Unrestricted Cash at Exit-$3,045
Other Assets**-$654

Total Collateral Including Cash- $8,752

The Collateral is appraised on a current market value (“CMV”) basis. CMV is defined as the appraiser’s opinion of the most likely trading price that will result in an open and unrestricted market for an individual asset, and is not the equivalent of liquidation value.
* The Facility will consist of a $300 million revolving credit facility and an up to $2,700 million term loan. See Summary of Terms and Conditions also filed as part of this Form 8-K for additional details.
** Other assets include ground equipment, domestic slots, Mileage Plus customer list, eligible accounts receivable, world headquarters complex, and Denver training center including most simulators.​

http://app.quotemedia.com/quotetools/showFiling.go?name=UAL%20CORP%20/DE/:%208-K,%20Sub-Doc%202,%20Page%2037&link=http%3A//quotemedia.10kwizard.com/filing.xml%3Frepo%3Dtenk%26ipage%3D3895033%26doc%3D2%26num%3D37

 

[HarryParatestes]

Let the Deltoid's strike. We'll remember them the same way we remember Eastern. A forgone Legacy that was totally screwed by labor disputes. It will mean we have to deal with General Lee even more. Without a job that little nerd will be on the net 24/7. lol. Just a friendly jab at the lil General.

 

[Ty Webb]

Let the Deltoid's strike. We'll remember them the same way we remember Eastern. A forgone Legacy that was totally screwed by labor disputes.

.


Congratulations- you win the "Flight Info Village Idiot of the Week AWard" . . . . . .!

They were not screwed by Labor, they were screwed by Leo Mullin, the putz that took them from having $6 Billion in CASH to Chapt 11, and then left with $14 mil. for his "work".


.

 

[Mamma]

Ty hit the nail on the head....

Thank
[FONT=arial, verdana, helvetica, sans-serif][SIZE=+1]Leo Mullin....[/SIZE][/FONT]
[FONT=arial, verdana, helvetica, sans-serif][SIZE=-1]For making Atlanta ashamed of its hometown airline [/SIZE][/FONT]


[FONT=verdana, arial, helvetica, sans-serif][SIZE=-2]BY SCOTT HENRY [/SIZE][/FONT]

[FONT=arial, verdana, helvetica, sans-serif]OK, let's see if we've got this straight: If you're a CEO whose company is doing well, you need a big, fat raise to reward you for your leadership. And if you're a CEO whose company is doing poorly, you need a big, fat raise to make sure you don't jump ship. And if the company goes belly up under your watch, you need a big, fat pension to ensure that you won't have to sell off one of your vacation homes, like that poor Ken Lay had to do.
Call us naive, but we had actually hoped that last year's rash of corporate scandals -- with its rogue's gallery of discredited, greedy CEOs -- might actually spark some changes in America's boardrooms.
Does Leo Mullin realize how it looks to his own employees at Delta -- not to mention any American with a shred of decency -- when he decides to more than double his own pay to a ludicrous $13 million at the same time he's laying off thousands of workers, sending pilots home and poor-mouthing Congress to dole out more free taxpayer money to the airline industry? More to the point, does he give a cold ********************?
The answers to those questions would seem to be, respectively, yes and no. Yes, Mullin has an awareness of appearances. He volunteered to take a 10 percent reduction in salary -- by far the smallest part of his total compensation package -- in order to, as described in Delta's SEC filing, "demonstrate his commitment to share the burden of Delta's cost-reduction goals."
But, no, Mullin is not about to let appearances stand in the way of lining his own pockets -- not just now, but for years to come. Under his guidance, Delta just spent $25 million setting up trusts so its top executives will receive their pensions even if the company goes bankrupt. Pilots, meanwhile, would be stiffed.
As one more slap in the face, Mullin has been credited with 28 years of service at Delta, despite the fact that he's worked there only six. Even former Delta execs, in a January letter to Mullin dripping with outrage, have labeled this self-enrichment as "morally wrong." If this is the way American capitalism is supposed to work, it's little wonder that folks invented communism.
[/FONT]

 

[General Lee]

We'll see how this goes.....

AP
Delta, Union Ordered to Start Negotiating
Thursday March 23, 7:15 pm ET
By Marcy Gordon, AP Business Writer Head of Arbitration Panel Orders Delta Air Lines, Pilots Union to Start Negotiating for Agreement
WASHINGTON (AP) -- The head of an arbitration panel on Thursday ordered the management and pilots union at Delta Air Lines Inc. to immediately begin negotiating for an agreement to avoid a collapse of the 77-year-old airline.

In a strikingly impassioned statement at the end of nine days of hearings before the three-person panel, its chairman Richard Bloch chastised both sides and warned them that "time is very much of the essence and failure ... is not an option."
The pilots union has promised to strike if Delta, which is operating under bankruptcy protection, is allowed to void its contract and impose up to $325 million in pay cuts. Company executives say that a strike would spell the demise of the nation's third-largest airline.
"Make no mistake: you both are responsible for this proceeding," Bloch said in the hotel meeting room where officials of Delta and the pilots union, and their attorneys, sat on opposite sides. If the two sides fail to reach accord and the panel is forced to rule on whether Delta can toss out its contract with the pilots, he said, "This will be an abandonment of responsibility that will, and should, haunt all of you."
"This is a shameful exercise by two groups who it appears have bargained successfully in fat times; but in hard times, the talk turns to nuclear options ...," Bloch said. "You need to begin today, tonight ... you need to get down to this privately now."
Each side, he said, "has within its power the ability to destroy this company."
They didn't plan to sit down immediately, but Delta's chief financial officer, Edward Bastian, said he expected negotiations to begin in a day or two.
"We're hoping to be able to get back to the table," Bastian told reporters after the hearing. "I would hope in the next few days we could start."
"We need to get this done. ... But it won't be easy," he said.
The head of Delta's pilots union, Lee Moak, said: "The ball is in the company's court. It takes two parties to negotiate and they haven't negotiated to this point. We'll see if the panel's words can bring them to the table willing to negotiate in good faith."
Unlike a court, the arbitration panel does not have the legal authority to order the two parties to negotiate, but Bloch said they should consider his statement -- agreed upon by the entire panel -- "an interim order of this arbitration panel."
The two sides had signaled earlier a hardening of their positions. Bastian rejected in his testimony Thursday the union's notion that the difference between the two sides' views -- pegged at $165 million -- is marginal and should be overcome.
Delta's troubled relations with its labor unions deepened, meanwhile, as its regional carrier, Comair Inc., planned to go into bankruptcy court Monday to ask a judge to throw out Comair's contract with its flight attendants so it can impose $8.9 million in pay cuts.
"We are in serious trouble as a company," Bastian said. Unable to borrow any more money to cover its mounting losses, without assets to pledge, any "event risk" such as a terrorist incident, spike in fuel prices or outbreak of bird flu could push the airline over the precipice, he warned.
"We're looking in every corner of this company to reduce costs," he testified, insisting that the pilots were not being unfairly singled out for sacrifice. "This battle for Delta's long-term success is going to take every dollar that we can find."
His remarks stood in contrast to Moak's testimony on Wednesday in which he said, "We should be working together. We shouldn't be fighting over a couple hundred million dollars."
Bastian called that "a very significant" amount, given that the airline has only "a razor-thin margin for error."
The company says that its plan for restructuring the airline calls for up to $325 million in long-term pay and benefit reductions for the pilots -- part of $3 billion in projected cost savings. Management has agreed to lower that to $305 million if the pilots union reaches an accord with the company. The union's plan for cost savings is valued at $140 million.
The Teamsters say that the proposed reductions for the Comair flight attendants would mean an average $10,500 loss per worker on an average salary of about $28,000 a year.
Comair, based in Erlanger, Ky., near Cincinnati, says the union representing about 1,000 flight attendants is the only labor group that has not agreed to concessions with the regional airline. Comair says it needs to cut costs by about $70 million overall to remain competitive. Also Thursday, Delta said it will be offering nonstop service from Atlanta to Wilmington, Del., to become the only carrier to offer service to all 50 states. Starting June 29, Delta Connection carrier Atlantic Southeast Airlines will add two daily nonstop flights between Atlanta and Wilmington.




Bye Bye--General Lee

 

[accinelli]

Watch the DAL pilots talk strike and then settle for a NWA like TA.


Like it or not the pilots are cornered. Grinstein and the others have nothing to lose. Let DAL liquidate -- the pilots will take all the blame while all the MBAs go on to bigger and better things.

 

[737 Pylt]

No stike. Us Duhlta pilots are as spineless as a jellyfish. I could careless about scope. I just want to keep my job.

I don't know what's more childish....the fact that you actually took the time to invent a screen name, or that you continue your flame bait!?
737

Let the Deltoid's strike. We'll remember them the same way we remember Eastern. A forgone Legacy that was totally screwed by labor disputes. It will mean we have to deal with General Lee even more. Without a job that little nerd will be on the net 24/7. lol. Just a friendly jab at the lil General.

You should go and re read history then....A legacy (EAL) was totally screwed by corrupt management.....A management team that is forbidden to be involved in the airline business!
737