Us Air Stock

[9rj9]

missed my point

Last Trade
7:22pm · 0.60
Change
-1.85 (-75.51%)
Prev Cls
2.45 Open
Volume
65,800

My point was: what were the details of the pilot give back, my understanding is that pilots gave up 35% of their pay for stock options. The next thing the company goes 11 and drives the stock down 75%. Sounds like thay got shafted.

Of course the stock could come back, but it will be worthless if they go under and have to sell assets to cover debt.

 

[Tim47SIP]

Something New?

"The bankruptcy shook the entire airline sector, which sold off sharply as well. See full story. "

The entire airline sector already knew of this impending BK. Talk about a bunch of skidish school kids! Well, I would guess that now would be a good time to invest in some airline stocks and wait a little for U to rebound. As for their pilots union getting shafted, if U pulls this one off, those pilots will get their just reward! U just might be another CO and show that patience is virtue. I certainly hope everything works out for the U employees.

 

[mckpickle]

Ah if im correct when you go chapter 11 the common stock is wiped out. IE no longer in existance. I bought some CAL stock back in the early 90's a few weeks before it went under. Bought it at .50 cents/share, it went up to 2.50$ then they filed chap 11 and the common stock was eliminated. The pilots have a bigger problem to worry about. Under chapter 11 their contract becomes NUL AND VOID! When CAL did this i believe they paid capts 3-4 thousand a month and f/o's around 2-3. They can pretty much do whatever they want if i understand it correctly.

 

[328dude]

Actually McPickle, the USAirways pilots and flight attendants ratified a new concessionary contract last thursday. It passed with over 76percent in favor of. All that was left was for Duane at ALPA to sign it. He did and 3 hours later, U filed for protection under Chapter 11. The contract states that no further cost reductions will be seeked from the union groups that agreed to this new contract. This new contract is amedable in 2008.

They are protected now from whatever Usair decides to do. We all will continue to be payed as agreed upon and benefits will not cease.

 

[ILS JNKY]

pink sheets

well, i would not get involved in this one just yet, they have had trouble for a while now.

I look for the stock to move to the pink sheets, delistied and then down even more. gee what are the chances that they "usair" will have to restate their numbers , are the intial numbers wrong could this be another world com.

I think CEOS that don't do their job well schould be fired, and the share holders need to vote on this

Heck look what happend to the CEO of coke back in December 99, they sent all of us questioner asking what we thought about Mr. Ivester, alot of people must had said the same thing fire him and they did just at holiday time.

Sad to say that this sector ie. transportation has realy taken more than it's far shares of beatings during the last year or so.

 

[mckpickle]

Actually McPickle, the USAirways pilots and flight attendants ratified a new concessionary contract last thursday. It passed with over 76percent in favor of. All that was left was for Duane at ALPA to sign it. He did and 3 hours later, U filed for protection under Chapter 11. The contract states that no further cost reductions will be seeked from the union groups that agreed to this new contract. This new contract is amedable in 2008.

They are protected now from whatever Usair decides to do. We all will continue to be payed as agreed upon and benefits will not cease.

I really hope your right Im just stating that this EXACT same thing happened with Cal and the Lorenzo boys a long time ago, and its my understanding that ANY agreement, contract whatever is null and void under a bankrupcy. CAL agreed to the wage cuts then as well and a week or two later chap 11 and no more paychecks.

 

[9rj9]

Basically....

the top 76% agreed to get rid of the bottom 24 %, gotta love pilots taking care of each other. Oh ya in 2008 they get a new contract, sounds like Eagle's. Freaking sell outs.

 

[328dude]

That 24 percent were actually the most senior half of the pilot group that had the most to lose. My father retired from CAL last year after 31 years there. I love to hear the storys of the Lorenzo days, (what a prick) but from what he told me, U actaully gave the union groups a chance to protect themselves, were CAL did not.

All this is smoke and glass, what do I know, I'm just a lowely prop pusher.

 

[SDF2BUF2MCO]

For the benefit of the uneducated, does anyone know can a company like USAir(ways) declare bankruptcy and close shop and reopen as a new company? I could sadly see a company wanting to wipe the slate clean and start all over again. This is kind of what Lorenzo did with CAL, etc. but he kept the CAL name. Don't know if there are any laws out there that would prevent such a thing.