Gracious Exit for Grinstein

[Spooky 2]

Boy are you guys ever softy's. This is the guy who hired the likes of Leo Mullen and stood by clueless while Leo and his gang raped the company. I hope the fooker dies a painful death and the sooner the better.

 

[400ADude]

Boy are you guys ever softy's. This is the guy who hired the likes of Leo Mullen and stood by clueless while Leo and his gang raped the company. I hope the fooker dies a painful death and the sooner the better.

He hasn't left yet. The pilots are paying for his going away party, they just don't know it yet.

 

[Green]

So he's going to give employees 995 million......That's some serious cash. Does anybody know how much the average pilot will take in?

 

[General Lee]

Wonder how much he has ALREADY made..........it is a good press move only.

How about bumping senior CPT rates up to even 80% of his base salary......you will NEVER see it.

Grinstein has been wealthy for a long time. He owns a home in SEA previously owned by Bill Gates. He ran Western Airlines, then ran a rail company and merged it with another, then back to Delta (although he was always on the Delta board of directors, and he actually hired Leo Mullin). He has plenty of money, yet he could have had $10 million more, and gave it to a good cause---scholarships for Delta employees kids, and an emergency fund for Delta employees that have a medical emergency etc... That was nice of him. I wonder what Whiskey Driver would say about this? The management team at Delta will also get only a small percentage of stock in the new company compared with the United management and what they got. Sure, some did well, but not as well as they could have.


Bye Bye--General Lee

 

[General Lee]

He hasn't left yet. The pilots are paying for his going away party, they just don't know it yet.

Riiiiight. How is USAir doing these days? What about the integration with USAir East? How about the 100,000 pax that are still stranded? You have more problems than we do.


Bye Bye--General Lee

 

[General Lee]

So he's going to give employees 995 million......That's some serious cash. Does anybody know how much the average pilot will take in?

We get two chunks. First, the equity stake or claim in the company. We have an unsecured claim for $2.1 billion (for 5900 active pilots), which will be sold (supposedly) at 65 cents on the dollar, which will give us around $1.3 billion to divide among us. (the bottom guy who came back from furlough will get about $200,000, which in reality is about $120,000 after the 65 cents on the dollar is figured in) ALPA will put $44,000 (max 401K allotment for each year) into last year's 401K (2006), and this year's, and then give the rest in cash, which will be taxed at the normal amount. We also get a seperate chunk in the form of a $650 million note for our pension drop, which will favor the senior guys with more time at the company probably. But, even the junior guys will get at least $44,000 from that, which will also likely be put into the 2008 401K allottment. Add to that the 9% contribution to our DC fund that Delta gives us each month, and the 2% match on 401K----both of those will still be paid to us, but since the 401K allottments will be full for this year and next, it will be like getting an 11% raise for the next two years, since Delta still has to pay us the 9% for the DC fund and the 401K match. Not bad. That means the bottom guy gets about $180,000 total, plus an 11% raise for the next two years.



Bye Bye--General Lee

 

[JetMonkey]

How about the 100,000 pax that are still stranded?
Bye Bye--General Lee

They're not stranded anymore, the kiosik machines are finally working and they all now have their boarding passes.

 

[General Lee]

They're not stranded anymore, the kiosik machines are finally working and they all now have their boarding passes.

Thank Gawd!


Bye Bye--General Lee

 

[bravodude]

Riiiiight. How is USAir doing these days? What about the integration with USAir East? How about the 100,000 pax that are still stranded? You have more problems than we do.


Bye Bye--General Lee

What does usair have to do with anything. General you really amaze me. you can spew cr@p at other airlines but delta is high and mighty. Give me a brake. You guys caved in and sold the retired pilots out. How do you guys live with yourself. I fly with retired delta pilots who lost millions and all you can say is me me me me. Thank god i don't work for delta.

 

[Nindiri]

Isn't this kind of like the robber being generous with the money stolen from his victims?

I would be a lot more impressed if he had said no more bonuses for those 1200 executives until the employees get back at least some of the concessions they were forced to make.