HowardBorden
Well-known member
- Joined
- Jan 13, 2013
- Posts
- 889
I don't think anyone is crying foul, however what an absolute tragedy has occurred. The legacies have made it acceptable if not required to screw their creditors and rape their employees in order move ahead.No, I get that Red. My point is: what if going thru bk proves to be what legacy pilots use as a springboard to retiring multimillionaires? Having shed the debt and with what looks like insane profits ahead, some version of that could happen.
And I agree 401ks have pensions beat, for now. What if 401ks were abandoned by one of our competitors to undercut both of us? You going to be cheering them on? You guys were running around ripping everyone's nuts off, now you're crying foul when someone might rip yours off.
Their is no conciliation prize for competing admirably and not using bankruptcy in order to hit the reset button reneging on promises made to employees and creditors.
What a sad state a of affairs when playing by the rules nets nothing but a higher cost structure than those that have used bankruptcy to force wage and benefit reductions not to mention the hardships placed on creditors who through no fault of their own are forced to accept pennies on the dollar for dollars lent with a fair expectation of repayment.
The really sad part is you seem to be celebrating the fact that legacies have used bankruptcy as a "springboard" for competing on, at one time, used to be a level playing field. I am quite sure you will be ecstatic when and if Southwest drags their employees and creditors through the proverbial mud in order to compete with the others that went down that road before them. But here's a little nugget for you, even after BK resets SWA still maintains a CASM advantage over every legacy while maintaining close to industry leading compensation packages for every employee group. If SWA is forced into bankruptcy proceedings they will again be poised to kick legacy ass but will have been forced to screw their employees to do so.