ESOP United
05-16-2020, 07:44 AM
#1
Banned
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Joined APC: Jul 2019
Posts: 80
ESOP United
What happened to the ESOP concept that began in 1995? Doesn’t that give us a say in the company direction?
05-16-2020, 08:15 AM
#2
Gets Weekends Off
Joined APC: Oct 2010
Posts: 2,639
The pilots, like all the shareholders, lost all the ownership of the company in the bankruptcy. The ESOP died years ago.
We did, however, retain a seat on the Board of Directors. One vote out of 13. So we have "say" but no veto power (like in the ESOP days). Obviously, our one vote is not a majority.
05-16-2020, 08:26 AM
#3
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Joined APC: Nov 2019
Posts: 1,256
I believe ESOP also means you cannot sell company stock until retirement
05-16-2020, 10:14 AM
#4
New Hire
Joined APC: Jan 2019
Position: 777
Posts: 2
bad deal
ESOP stock was a necessary deal (subject to opinion) with poorly negotiated restrictions. The shares were non voting and you couldn't sell them until you retired. What union leadership would sell that to it's members? The same leadership that gave us a bad bankruptcy contract. Why not give me the same stock management gets, discounted, voting, and I can sell almost immediately. Sorry in advance for the rant.
05-16-2020, 10:50 AM
#5
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Joined APC: Jan 2020
Posts: 215
ESOP stock was a necessary deal (subject to opinion) with poorly negotiated restrictions. The shares were non voting and you couldn't sell them until you retired. What union leadership would sell that to it's members? The same leadership that gave us a bad bankruptcy contract. Why not give me the same stock management gets, discounted, voting, and I can sell almost immediately. Sorry in advance for the rant.
05-16-2020, 11:44 AM
#6
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Joined APC: Mar 2006
Position: guppy CA
Posts: 5,171
ESOP stock was a necessary deal (subject to opinion) with poorly negotiated restrictions. The shares were non voting and you couldn't sell them until you retired. What union leadership would sell that to it's members? The same leadership that gave us a bad bankruptcy contract. Why not give me the same stock management gets, discounted, voting, and I can sell almost immediately. Sorry in advance for the rant.
05-16-2020, 12:04 PM
#7
Line Holder
Joined APC: Apr 2020
Posts: 75
We should be pushing management to consider an ESPP again now that the stock is low
05-16-2020, 12:12 PM
#8
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Joined APC: Mar 2006
Position: guppy CA
Posts: 5,171
Dubo Jr, is that you?Airline stocks are NOT investments. One might as well have a fun weekend in Vegas rather than dump money in airline stocks.
Known for his candor, Crandall later told an interviewer, "I've never invested in any airline. I'm an airline manager. I don't invest in airlines. And I always said to the employees of American, 'This is not an appropriate investment. It's a great place to work and it's a great company that does important work. But airlines are not an investment.'" Crandall noted that since the airline deregulation of the 1970s, some 150 airlines had gone out of business. "A lot of people came into the airline business. Most of them promptly exited, minus their money," he said.
Warren Buffett's been burned by airline investments more than once.
05-16-2020, 12:47 PM
#9
Gets Weekends Off
Joined APC: May 2009
Position: The GF of FUPM
Posts: 3,073
Crandall was a POS who should have done time for his price-fixing BS attempts with Braniff.
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