Poahi
Well-known member
- Joined
- Nov 19, 2005
- Posts
- 3,766
http://biz.yahoo.com/rb/070215/northwest_disclosure.html?.v=1
If Northwest claims are paid as much as 83 percent, the only pain as a result of the bankruptcy was felt primarily by the pilots who had pensions. If true, that is an absolute outrage. Because of market timing and the labor groups taking concessions, the company's outlook is fantastic and thus, investors are willing to bail out the company.
The same thing happened at Hawaiian - it was the only bankruptcy where claims were fully paid. Going forward, I'd be happier with legislation that would convert the unpaid pensions to claims against the company and not let them turn forced labor concessions as a get out of bankruptcy card. I can see this happening every business cycle: throw the company in to bankruptcy, force labor cuts, payoff shareholders with stock and record profits. What a disgrace.
If Northwest claims are paid as much as 83 percent, the only pain as a result of the bankruptcy was felt primarily by the pilots who had pensions. If true, that is an absolute outrage. Because of market timing and the labor groups taking concessions, the company's outlook is fantastic and thus, investors are willing to bail out the company.
The same thing happened at Hawaiian - it was the only bankruptcy where claims were fully paid. Going forward, I'd be happier with legislation that would convert the unpaid pensions to claims against the company and not let them turn forced labor concessions as a get out of bankruptcy card. I can see this happening every business cycle: throw the company in to bankruptcy, force labor cuts, payoff shareholders with stock and record profits. What a disgrace.
