TurboS7 - I had to jump in here on this one. I don't know how much money UAL is losing a day. I bet very few people do. 16 mil a day? Maybe back in Sep or Oct, but not today. UAL has not taken any government loans. UAL pilots are in not even close to being up for a new contract. Bankrupt on Monday? I'm not going to pretend to know the answer to that. Here's what I do know. Pres Bush appointed a three member Pres. Emergency Board. They listened to United Mgt talk for two days about how the rough shape of the company. Then IAM 141M got to talk for two days pleading the case for a raise for mechanics. The PEB then recommended a 37% raise. Would you recommend that kind of wage increase for a company about to go bankrupt? Can a company with 3 billion (according to the Wall Street Journal) in liquid assets even go bankrupt? Has United repeatedly said in the press - as late as last weekend - that bankruptcy is not being considered now, so they can look stupid next Monday? My guess is probably not.
I also heard that rumor out here in LA and I heard it from a furloughed United pilot. Maybe he was disgruntled,I don't know, but they are also looking for a buyer for their fractional start up, Avolar.
They aren't looking for a buyer for Avolar, just another investor. "Risk sharing" is a standard way to fund an undertaking like Avolar. Let's all remember that there is hardly a major airline flying that hasn't been on the brink of Chapter 11 before. They will get through it, but a 37% raise on behalf of the mechanics is probably not a step towards recovery. Raises period are out of the question for any of us, I just want my job back.............
All I have done is repeat facts that were presented on another board. There were also many rumors from employee's posted etc. I did not repeat that, I was just asking if anyone else had any more information. Thanks for your input.
Shhhhhhh dude. Careful how you say that. You are being recalled, and from all the inside info, we aren't doing that bad. That's why they couldn't justify keeping that pay cut around for more than 2 months. So it kind of depends on the situation of your company and whether you are making money. I would agree however that many of the majors are in financial trouble, so a big pay raise SEEMS to be out of the question for any of their labor groups right now. But Mgmt has a way of making their bottom lines look bad around contract time anyway. Delta was famous for showing a loss on paper when in truth, they were making record profits quarter after quarter. They were taking the profit and expanding the airline, calling this a restructuring expense. I find it strange too, that companies are not divulging just how much help they got from the Gov't. (ours included). You should have seen the CFO explaining the scenario in such a way as to completely leave out any shred of evidence as to how much we got other than to tell us that we did get some. It reminds me again why I wanted to be a pilot and not a pencil pusher.
Consider the source of information, especially from message boards. While this may be the finest board I've found to date, things written from those not in the know may have some basis, but are usually unfounded. UAL is NOT going to file Chapter 11 and will make it through these turbulent times. Support UAL and buy some stock or write them for an Annual Report and keep up with the WSJ, NY Times, and Chicago Tribune.
I have no clue about the validity of UAL filing chapter 11 or what not. I personally find it hard to believe UAL is in that serious trouble. But, at the same time, back in the day, who would have ever thought that there would be no more Pan Am or Eastern? How things change....