"In our considered judgment, both the methodology of the CAL Committee and its
resultant proposed ISL are incompatible with the revised ALPA Merger Policy. Aside
from the windfall inequities generated by using an April 1, 2013 snapshot date, total
disregard of the longevity factor cannot possibly be justified in the factual circumstances
of this case. Not surprisingly, the ISL produced by the CAL Committee's fatally defective
methodology is neither fair nor equitable."
resultant proposed ISL are incompatible with the revised ALPA Merger Policy. Aside
from the windfall inequities generated by using an April 1, 2013 snapshot date, total
disregard of the longevity factor cannot possibly be justified in the factual circumstances
of this case. Not surprisingly, the ISL produced by the CAL Committee's fatally defective
methodology is neither fair nor equitable."