Ah yes, the scorned TWA. Know a few of you. Prepackaged BK. Now you are shedding light on why USAir went BK the second time.
You are a talented fiction writer. So now you claim USAir was in a pre-pack CH11? That's news. I'm no expert yet even I know that in a pre-pack the plan of reorganization is negotiated before the company even files. In 2005 USAir had been in CH1 for many months and had NO plan of reorganization nor were there even rumors of one being filed imminently.
So what are you going to make up next?
Sure it does if you follow the thread. Trying to act like USAirways was a worthless airline because they went BK twice in 3 years is a red herring argument.
Filing BK twice doesn't make a company nonviable. Being in a self-financed BK with no exit plan and all analysts counting the days to CH7 does indeed make a company nonviable. (Oh yeah, all the analysts are liars, all the judges are biased, and it's all ALPA's fault. I keep forgetting.)
They had, and still have some very valuable assets.
Even if true, irrelevant.
The second BK was as prepackaged as you can get without coming out and calling the NYT.
Oh, I get it: it was a SECRET pre-pack. Are you sure you won't get in trouble for spilling the beans?
In the 1st BK, there was never any doubt in my mind that viability was in doubt. DIP financing grew on trees. 2008 was still a few years away.
I'm not talking about the first BK.
Who said anything about claiming viability of an airline in ch11? What I said, and the subsequent quotes address, is that people who assume USAir was going to liquidate are wrong. Ch11 is not Ch7. They are using their false rationale to state that USAir pilots were somehow saved from being on the street by AWA. Not true, not even in the same vicinity of true. You don't agree, don't.
Lemme put it this way. Everybody except some USAir Easties thought liquidation was imminent in 2005. You state your contrary opinion yet are unable to present any facts or evidence to support that opinion. To support my opinion I state a) there was no exit strategy announced or even envisioned and b) analysts were in agreement and c) Doug Parker stated on camera that he had to rush the deal because USAir wouldn't last much longer.
It really doesn't matter.
Alone, perhaps not. But it does point to a larger pathology many Easties seem to suffer from: ignoring reality. Nicolau told the East DOH wasn't going to happen yet y'all were so shocked at the list your CIRP was activated. Then you shopped for and hired a lawyer who told you it was okay to impose a more favorable seniority list as long as you change unions first. And then the DFR trial which we easily won. Y'all believe just because it as overturned on ripeness it's like it never happened. Well, it did happen and that's why the company filed their suit for declaratory judgement. I don't care to guess what will happen with that suit but suffice it to say the company won't touch your wet-dream list unless it know it's legal to do so. In other words, probably never.
Is this what you are going with? Let me point out two glaring errors in this quote: There are several examples of pensions surviving the BK process.
Well let's see. Offhand I'm thinking of Continental, TWA, United, US Airways, Delta, and Northwest. They all lost their pensions in CH11. What "several examples" do you have?
The other is that your suggestion that the USAir pilot group would have been in dire straights had the membership voted against dropping the pension. Pensions don't automatically go away in BK. There is a metric that has to be made for the termination of a pension.
Right. The company would've asked the judge to eliminate their pension liability and it would've been gone. That's what happens in BK.
In fact, the litigation over the pension termination is not over.
LMFAO. You think that suit is going to regain your pension? Better re-read the complaint.
Ah, I stand corrected. AWA was the golden chalice. Glad we got that cleared up.
I don't engage in the "my carrier is better than your carrier" nonsense. I made my comment because nobody in their right mind would quit US Airways for AWA unless they feared it was nonviable. I guess they should've talked to you first and found out how USAir was still in good shape.
Before you respond to me again please find some facts to back up your opinion. Thank you.