Category: Bankruptcy

EQUITY DISTRIBUTION PLAN – June 13, 2013

This information was published back in 2013, The Shop Stewards have requested that we put it back up front for a refresher.. Equity Distribution Plan developed by TWU Equity Distribution Committee, and their financial advisers and legal experts Background In return for the concessions ratified by the TWU membership in the new CBAs, “me too”…

Equity Update from TWU International Vice President – Gary Peterson

January 20, 2018 Brothers and Sisters: As a follow up to yesterday’s conference call with TWU Presidents, below is a summary of the plan that has now been agreed upon between TWU and American Airlines, with respect to the TWU Reserve/Equity fund distribution. The earliest the distribution will be is late May/early June, assuming all…

Eligibility for Participation in Equity Distribution

The general rule for eligibility to participate in the distribution  is: an employee was in the TWU represented craft/class and active employee on payroll, approved leaves of absence on both the date of American’s filing its petition for bankruptcy (November 29, 2011) and the closing date for eligibility (July 26, 2013). Does not exclude RIF…

Equity Update letter from ATD Director, Mike Mayes – October 4, 2017

Brothers and Sisters: The newly elected leadership of TWU is pleased to announce that the four-year-long litigation regarding the legal validity of the Equity Distribution Plan adopted by TWU in 2013 has at last come to an end, because plaintiffs have not filed timely papers in the Supreme Court that would have been required to ask it…

Equity Distribution Update, September 1, 2017 letter from ATD Director Mike Mayes

Brothers and Sisters: Last month, we informed you that the distribution process for American Airlines equity shares would begin soon. Recently, American made a distribution to unsecured creditors from its Disputed Claims Reserve (DCR), which holds shares set aside for resolution of certain claims in the bankruptcy proceedings. The number of shares recently distributed for…

Equity Update Letter from ATD Director Mike Mayes, June 8, 2017

Dear American Airlines Members: Last month, in an update in the American Airlines equity distribution case, we informed you that the United States Court of Appeals for the Ninth Circuit had issued a decision and opinion affirming the decision of the District Court for the Northern District of California in the case of Demetrius v.…

9th Circuit affirms lower court decision on equity lawsuit.. May 22, 2017

This just in: Summary The panel affirmed the district court’s dismissal of two consolidated actions brought under the Railway Labor Act, alleging a union’s breach of the duty of fair representation in the decision to distribute the proceeds of a bankruptcy settlement to all of its members unevenly. American Airlines, Inc. and American Eagle Airlines,…

Equity Update, April 4th, 2017

TO: AA Locals 501 – 591 RE: Equity Update Dear Sisters and Brothers: As reported in my letter dated March 6, 2017, the breakdown of the equity funds is as follows: AA Reserve Balances as of March 1, 2017: On Deposit with IRS: $ 6,104,241.28 Invested                  …

AA Bankruptcy Court Ruling, December 27, 2016 from the ATD

In a ruling completely separate from TWU’s ongoing healthcare prefunding case, a bankruptcy court ruled today in favor of TWU and two other unions in a case against American Airlines. The unions took the company to court last year to oppose the way the airline was dividing up additional shares of its stock while bankruptcy…