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General Lee will work until he is 75, at Kmart

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Flying Freddie

Bitchin' Blue
Joined
Dec 30, 2002
Posts
345
Delta warns pilots of cash stockpile drop
Fri Aug 19, 2005 09:50 PM ET
By Deena Beasley



LOS ANGELES, Aug 19 (Reuters) - Delta Air Lines Inc. (DAL.N: Quote, Profile, Research) warned pilots on Friday that its cash stockpile had dropped below a key level that could allow it to seek more concessions from the pilots' union, a company spokesman said.

"This is not a surprise action. We have given the Air Line Pilots Association a heads up to let them know that Delta's financial situation has fallen short of earlier assumptions," company spokesman Andy McDill said.

Delta pilots last November ratified a concession package aimed at saving the carrier $1 billion a year, in a move crafted to buy time for the company to restructure outside of bankruptcy.

As part of that plan Delta agreed not to seek further concessions while cash remained above a certain level. It was required to inform the pilots union if the cash stockpile fell below that level, and it sent a memo to pilots on Friday following the drop.

On its web site, the pilot's union said the letter from Delta was "nothing more, nothing less" than a notice that the company's liquidity has fallen below the threshold liquidity level.

The company reported last month that it had $1.7 billion in unrestricted cash and short-term investments as of the end of June. The threshold level was not disclosed.

Delta has lost almost $10 billion since 2001, as it has struggled with a multi-year travel slump triggered by the Sept. 11, 2001 attacks on New York and Washington, D.C., and now high oil prices and competition from low-cost carriers. Capt. John Malone, chairman of Delta's ALPA union group, said in the web posting that the labor contract remains unchanged for now.:eek:
 
Nice smug title. I wouldn't be too smug about your situation in la-la land. Fate has a way of sticking that fickle finger where the sun don't shine. Bad karma and all that...
 
Hey, I work there on the Weekends for fun. I am expecting a large influx of newhire Jetblue E190 FOs and Captains shopping there---so I have picked up some major open time.

Yes, we already got the memo about the low cash status. That was actually put into our new "contract" we signed after the huge pay cut. All it stated was that if we hit a certain cash level ALPA would be notified. It didn't say anything about more pay cuts, or even a certain bankruptcy. It just stated we hit a certain cash level. I have no idea what will happen in the near future, but I have faith that somebody is looking into our airline surviving. Will that entail pay cuts? Probably. That is the way it goes. There seems to be a large amount of companies interested in investing in airlines without plans (United), and ones with ok plans (USAir). We supposedly have a plan, but we were late in implementing it. Leo Mullin's SERP deal didn't help with our confidence, and then Grinstein came in and took care of business. Hopefully he can lead us out of this. You never know.


Thanks Flying Freddie for allowing me to have a platform again. If you need some new clothes, come on down to Kmart-----you know your new hires will for their families. Let's hope your airline never has financial problems. With those rates on the E190-----you never will.


Bye Bye--General Lee
 
hoya saxa said:
Nice smug title. I wouldn't be too smug about your situation in la-la land. Fate has a way of sticking that fickle finger where the sun don't shine. Bad karma and all that...
No shiite. At this point, anybody that wishes bad on the other is only asking for a big turd to fall on themselves.
 
I am not gloating. I have been to many airlines in my career. Delta won't go away and that is good. We don't need more pilots on the street. Delta's financial situation will change GL's outlook on age 60 . He will vote using his pocketbook. We all do. My pocket book is blue, JetBlue. His is red, bleeding red.
 
Actually K-Mart is no more, it was purchased by Sears. Either way I don't see GL in retail. He is more of a...............Insurance Salesman type.:) Hey it's not a bad living, and we do meet many lonely divorcee's for evening app'ts.
 
General Lee said:
Hey, I work there on the Weekends for fun. I am expecting a large influx of newhire Jetblue E190 FOs and Captains shopping there---so I have picked up some major open time.

Yes, we already got the memo about the low cash status. That was actually put into our new "contract" we signed after the huge pay cut. All it stated was that if we hit a certain cash level ALPA would be notified. It didn't say anything about more pay cuts, or even a certain bankruptcy. It just stated we hit a certain cash level. I have no idea what will happen in the near future, but I have faith that somebody is looking into our airline surviving. Will that entail pay cuts? Probably. That is the way it goes. There seems to be a large amount of companies interested in investing in airlines without plans (United), and ones with ok plans (USAir). We supposedly have a plan, but we were late in implementing it. Leo Mullin's SERP deal didn't help with our confidence, and then Grinstein came in and took care of business. Hopefully he can lead us out of this. You never know.


Thanks Flying Freddie for allowing me to have a platform again. If you need some new clothes, come on down to Kmart-----you know your new hires will for their families. Let's hope your airline never has financial problems. With those rates on the E190-----you never will.


Bye Bye--General Lee


If everyone at DAL had your positive attitude recovery would be a forgone conclusion. I for one am with you 100%. Tee it high and let it fly!
 
On behalf of JetBlue employees I would like to apoligize for Flying Freddie. With oil prices heading north his wallet may soon be red too. Best of luck to all.
 

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