UAL chapter 11

[AWACoff]

Please flame me all you want as I don't usually know what I am talking about. But look at it this way...Eastern and Pan Am (Pan Am is the reason I wanted to be a pilot) went out of business. Did the world end? Nope. Other airlines stepped in and took up the slack. The same thing will happen if United does go completely Tango Uniform. I don't want to see my friends at United lose their jobs obviously...but it won't be the end of the world for the rest of us.

 

[SkywayFO]

Chocks check you private massage

 

[StaySeated]

Alright, I am lazy and did not read all of the posts regarding this matter but I think that this bankruptcy stuff at UAL is BS. They have not agreed to the PEB's recommendations for a raise, they have ramp workers negotiations coming up and they will soon start concessionary negotiations with the pilots. It is all BS. "Were broke, we cant afford you, take a pay cut"..blahblah blah

 

[StaySeated]

Candidly, folks who believe companies can make ficticious reports simply do not understand the law.


Yeah I am bored and decided to read all of the posts, and guess what I disagree with the squiggly line guy, imagine that.

Don't understand the law? I think ficticious is the wrong word. Creative is more like it. With holding companies and various shell games it is very easy and legal to present funny numbers. I do not know squat about accounting, however, I have been reading about this company in texas and their chicago based accounting firm that legally started these other two "companies" and loaned themselves money in the form of stock and wrote all of it off as profit. Yeah, I guess your right, I definitely do not understand the law.

 

[Michael Knight]

~~~^~~~,

That was funny!

 

[skykid]

Chapter 11

The end of last week came and went and no Ch 11. I am shocked. Another Rumor shot down that was posted here was that UAL would forlough 1500 - 2000 more pilots. Now we have FACTS to deal with and the final number will be much less. 253 on Mar 2, and word that increased block hour projections will make the final amount smaller than anticipated. I'm betting the next rumor will be Ch 11 on Feb 1st. I agree that Ch 11 is not the kiss of death for this or any other airline. I predict UAL pilots and mechanics will take concessions. The economy is the key though, and while UAL is the favorite target on this board, alot of airlines out there are in trouble if the recovery doesn't come timely enough.

 

[TurboS7]

Just keep being positive, where there is smoke there is fire......

 

[VFR on Top]

There seems to be conjecture that the 16 million dollar a day loss reported from UAL is a tactic to influence labor negotiations. Candidly, folks who believe companies can make ficticious reports simply do not understand the law.

Publicly traded companies have a fiduciary obligation to shareholders. Violation of the reporting standards can not only result in civil litigation, but also criminal prosecution.

The one small detail you overlook is that the executives of publicly traded companies are more concerned with share price than with their duty to shareholders. If the Enron meltdown teaches us anything, it's that the only shareholders management is really watching out for are those holding preferred shares. Just how large is Kenneth Lay's golden parachute? Hundreds of millions, I bet. For driving a company like that into the ground, he shouldn't get a dime.

These last few years working in Corporate America have made me hate MBAs as much as I hate lawyers. They're both cut from the same bolt of fabric. Scumbags.

 

[TurboS7]

Seems like that "other board" had some valid information after all.