Old Hippie Posted December 23, 2001 Author Report Share Posted December 23, 2001 Pattayaman, It is a very confusing issue. True, it is an employee owned company (54% or so) but the employees have very little say in the decisions. Also, it is very poorly managed, with many bad decisions made. Further more, the employees are treated like shit. A lot of bull shit exists that shouldn't. as of 3 years or more ago, there was talk of how to gain 100% controll of the company, the talk was of another employee stock purchase. But almost all the employees said enough, we want our money. so, it would seem that the company didn't get what it wanted and is playing hard ball. Keep in mind, that for a large group of employees, their retirement is tied up in this stock deal, through no fault of their own, now with the price down, they are screwed! during the 7 year buy out, employees were forbidden by law from putting any money into 401 K retirements etc, (this on top of a 15% wage reduction) so thus their retirement is now fucked! Also keep in mind, everytime UAL is due to pay out in raises, they pull shit like this! in the end, the public and employees suffer! Link to comment Share on other sites More sharing options...
Guest Posted December 23, 2001 Report Share Posted December 23, 2001 pattayaman-- Yeah, I agreee... In theory/concept this should be the case.. but it doesn't seem to be the case... It's just like the efficient frontier curve with oil prices... works on paper only... not reality.. bummer. -UPSer PS: I have hope though... I bought a block of UAL common stock and a small position of their (newly downgraded to B1) bonds 11.50%'s of 2007.. senior secured notes. Link to comment Share on other sites More sharing options...
SoiledCowboy Posted December 26, 2001 Report Share Posted December 26, 2001 Perhaps the gentleman that tampered with the aircraft, after serving his time in the slammer, would then be free to pursue his career in Management or even Politics. [ December 27, 2001: Message edited by: SoiledCowboy ] Link to comment Share on other sites More sharing options...
Old Hippie Posted December 26, 2001 Author Report Share Posted December 26, 2001 yeah, fucking up an airplane, or a business what is the differencwe? I can definitely see the conncection! Link to comment Share on other sites More sharing options...
Guest Posted December 27, 2001 Report Share Posted December 27, 2001 Hippie-- I just don't buy the argument that UAL can't be run and be profitable... Look at CO.. Look at LUV... I just think that were not looking at the right kind of CEO candidate.. I look at UA and see that they have an excellent route network, well diversified subsidaries, fairly young (read=age) fleet and are well situated in major (read=high fare) markets... I just can't believe that this company can't just get it together.. --UPSer Link to comment Share on other sites More sharing options...
Old Hippie Posted December 27, 2001 Author Report Share Posted December 27, 2001 I think it comes down to them syphoning off cash for other ventures, like Ual services, UAL loyalty services etc...when the airline buys an engine from UAL services, it pays them the going rate, thus they send mor cahs out then in. A lot of what the airline buys, it buys from itself, at a very high price, all part of the corporate game. Then when it comes time to settle contracts, they can claim they have no money, because in fact/theory the airline has very little money, but UAL inc has truck loads...The question was rasied in several places, that UAL Inc may have to much liquidity to declare a bankruptcy...so who knows? I just know I need more money! Link to comment Share on other sites More sharing options...
Guest Posted December 27, 2001 Report Share Posted December 27, 2001 President Bush will not allow UA Employees to strike. The U.S. Airline System is broken. Expect at least two U.S. Airlines to file for bankruptcy before June 2002. Why even mention Eastern Airlines? EA went out of business nearly fifteen years ago thanks to mistakes by Frank Borman and a metaphorical nail in the coffin compliments of Frank Lorenzo. People from other industies have also been hurt but they moved on. Link to comment Share on other sites More sharing options...
Guest Posted December 27, 2001 Report Share Posted December 27, 2001 Ual will settle a new contract but don't expect any raise ever. Also no retro pay. Your future is bleak. The pilots got all the money and everyone else will pay. Link to comment Share on other sites More sharing options...
Old Hippie Posted December 27, 2001 Author Report Share Posted December 27, 2001 Cathead, I fear you are right. Link to comment Share on other sites More sharing options...
bkkblues Posted December 28, 2001 Report Share Posted December 28, 2001 Airlines are not required to rebook you on another airline if they go on strike but they will so i wouldnt worry about being stranded old hippee if united doent match nwa/aa top outs shut them down Link to comment Share on other sites More sharing options...
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