You obviously don't understand what happened to the DL pilots. Yes, pensions were dumped, but the group was also a "creditor" in the reorganization. When Parker at USAir tried to attempt a buyout while DL was in BK, the other major creditors agreed with DL not to allow it, as long as they got more money for each dollar owed. Instead of 10 cents on the dollar, they may have gotten 50 or more cents, all thanks to Parker. So, since the pilot group was also a major creditor, the DL pilots did pretty well. Even guys out on furlough got big bucks (6 figures), but not all in cash. Most of it filled up previous years 401K limits, and then the rest was in cash and then that part taxed.
So, for people at DL for less than a decade, it wasn't too bad. Some Captains got close to $500K, and some of that was taxed. But, about 1000 guys also retired early, increasing seniority for everyone else, increasing current pay due to moving up earlier in the seniority list, as well as in the eventual merger. Instead of being an MD88 Capt had those 1000 guys stayed, now they are 7ER Capts, making more and increasing their DC fund now.
It was bad to lose the pension, but it looks like it has worked out just fine for most that are still flying for the airline. The FNWA pilots still have a frozen pension, and it looks like it's still being funded, (didn't you say otherwise?). $5 Billion in profits per year will help pay for that.
Good try Red.
Bye Bye---General Lee