Michael
Pattern Altitude
screw the pilots..look at the sweet deal the execs gave themselves after all the cuts they imposed on everyone else.
Taken from http://blogs.usatoday.com/sky
United's top executives were already in line to receive as much as $115 million in stock as part of the company’s bankruptcy exit, but USA TODAY reports that figure could double or even triple based on the advance trading of new United shares to be issued this week. Part of United’s Chapter 11 exit plan gives the top 400 executives an 8% stake in the reorganized company. At the time the plan was approved, United’s consultants estimated the company’s post-bankruptcy stock would command a price of about $15 a share. But USA TODAY writes that as of Friday, “creditors who will receive airline stock as part of the settlement of United's recently completed Chapter 11 bankruptcy were selling at $43 a share on a ‘when issued’ basis.”
Still, executives won’t be able to cash in right away. As part of the plan, stocks and options are only available for sale over a four year period, with the first 20% becoming eligible for sale in six months. Duane Woerth, national president of the Air Line Pilots Association, calls the plan "over-the-top" and "an insult to employees who gave up a lot" in pay and benefits during Chapter 11. "Executive compensation in America has been crazy for a while," he says to USA TODAY, "but I don't think anyone was expecting this from a company coming out of Chapter 11."
Taken from http://blogs.usatoday.com/sky