UAL Pensions, Resurected?

[Ex737Driver]

Nice article about Tilton and just how much of a docuhebag he and his senior managment team really are. Seems that they sat on this as an asset during BK and now want to reap the $7B+ return for selling it. Ahhhhhhh, sociopaths............


http://www.fool.com/investing/general/2007/10/04/united-taking-a-flier-with-pensions.aspx

 

[Cardinal]

The highlights:

Like a number of airlines these days, United is looking to spin off its customer loyalty program to raise money, because these programs are about the only thing making money for the major carriers. Although it's not a stand-alone company reporting results, the Mileage Plus program is estimated to have generated $600 million last year for United, and a Bear Stearns analyst figures it could be worth more than $7 billion if it's spun off.

Yet one has to wonder why United didn't consider the loyalty program back in 2005 when it was putting the onus for paying its retirees onto the government.
Look through its annual report for 2004, and you won't find the loyalty program listed as a richly valued asset. In fact, it's not mentioned anywhere at all under assets. United does say it recorded an $840 million liability to account for miles being redeemed in the future, so you'd think that the Mileage Plus program was costing United money. You would, of course, be wrong.

 

[bpapaDC8]

Uncle Tilty,

He may be a sociopath, but at least he's our sociopath. Go find your own, lol...

 

[Ex737Driver]

Uncle Tilty,

He may be a sociopath, but at least he's our sociopath. Go find your own, lol...

Can't..............Gordo already retired with my retirement.