MEMORANDUM Once the market closes today, American will begin the process of making the day 120 distribution. As you know, since the number of shares allocated to TWU is a percentage (4.8%) of the shares allocated to all unsecured creditors, and since the number of shares allocated to the unsecured creditors decrease as the stock…
Category: Bankruptcy
Legacy American Employees to Receive Day 120 Equity Distribution
We’ve shared before that the majority of U.S.-based legacy American employees are eligible to receive 23.6 percent of the shares of common stock in the new company (AAL) distributed to holders of allowed unsecured claims. As of March 9, American has distributed approximately 27.5 million AAL shares to eligible U.S.-based legacy American employees. With respect…
514 – What’s on the plate
Prefunding, Company Portion (1114) I called Judge Lanes office on Thursday, No decision has been made on the 1114. Judge Lane’s Opinion Site is where it will be posted as soon as it is made LINK HERE What Unions Do Respect on the job? Check. Fairness. Check. Training opportunities? Check. A voice at work? Check. Read MORE Shop…
Letter from President Dale Danker – RE: IAC increasing the equity reserve to 14%
To All Local 514 Members, The former AA/TWU (Early Outs) employees who were excluded from three (3) components of the equity are in fact claiming this equity is theirs. Class action lawsuits have been filed on their behalf. In preparation to defend against these lawsuits and prevent a possible injunction to halt any further distributions…
Update to American Airlines Employees Eligible for Equity Distributions
March 23, 2014 TO: TWU AA Locals 501 – 591 RE: Update to American Airlines Employees Eligible for Equity Distributions Over the last four months, three class actions have been filed on behalf of former AA employees who were excluded from equity distributions under the TWU Equity Distribution Plan adopted last year. TWU, acting at…
From Jetnet: More Shares on the Way for U.S.-Based Legacy American Employees
Dear Colleagues, We’ve shared before that the majority of U.S.-based legacy American employees are eligible to receive 23.6 percent of the shares of common stock in the new company (AAL) distributed to holders of allowed unsecured claims. As of Jan. 10, American has distributed approximately 26 million AAL shares to eligible U.S.-based legacy American employees.…
TWU Equity Website
Dear Brothers and Sisters, The TWU International has launched a new webpage, which will serve as a hub for all information on the American Airlines/American Eagle equity distribution. Go to www.TWU.org/Air/EquityDistribution.aspx to get all of the resources you need: Appeals: To appeal your number of shares, download and mail in the AA or AE appeal form. News: Get the…
Equity Distribution – Reserve
A number of former TWU represented AA employees have initiated a class action seeking to represent over 2300 persons who accepted early-outs and stand-in- steads and others who left AA. By their rough calculations, plaintiffs claim that they would be entitled to 10% of the shares allocated to TWU. As you know, the Equity Distribution…
AA Equity Distribution Letter from Garry Drummond January 10, 2014
Dear Brothers: Some communications have been circulating among TWU members that have led some members to question whether they have received a correct allocation of shares as part of the post-bankruptcy equity distribution to date. However, the model that the communications questioning the distribution is based on incorrect information. The error in that model is…
Day 30 Equity Distribution Communications – Heads Up to Legacy American
To: U.S.-Based Legacy American Managers Subject: Certain U.S.-Based Legacy American Employees to Receive Second Equity Distribution Summary: As previously communicated, the majority of U.S.-based legacy American employees are eligible to receive 23.6 percent of the shares of common stock in the new company (AAL) distributed to holders of allowed unsecured claims. The initial distribution of equity occurred…