NMB: This week we had some very long awaited information given to us by the NMB. The determination of class and craft has been made. What they have determined is in this document (full Determination HERE). There are many questions as to what the next steps are, now that the craft and class has been determined. I believe we will have the details after the 30 day window has passed. I will be sure to get answers out as soon as they become available. For now, you may want to look over the Association Agreement (Here is the Agreement), as it may answer some of your questions.
Bankruptcy Judge Denies AA’s Request to Disburse New American Common Stock to Old Equity
At a hearing yesterday in U.S. Bankruptcy Court, Judge Lane denied American Airlines’ Motion seeking permission to disburse to old equity New American Common Stock that is currently being held in the Disputed Claims Reserve (DCR). (Old equity consists of those individuals or institutions that hold shares of stock that were issued prior to the bankruptcy filing.)
The Labor Unions argued an objection to the Motion that American’s request to the Court would have benefited only old equity, while it would have exposed unsecured creditors and employees to the unnecessary risk of not receiving all the stock to which they are entitled under the Plan of Reorganization. In rejecting the Company’s Motion, the Judge held that there was no reason why shares in the DCR should be disbursed to old equity at this time. He found that a significant number of disputed claims remain unresolved and need to be settled before distributions are made to old equity. Finally, he stated he was denying the Motion in order to honor the priority the Bankruptcy Code gives unsecured creditors over old equity, and to ensure that all similarly situated creditors are treated equally.
Blood Drive:
- April, 21 Composite 11:30 to 4:pm
- April 22 BWC 12pm to 4pm
- April 24, APU 7am to 10am
Working Women’s Committee:
Local 514 will be hosting the International Working Women’s Committee in Tulsa, OK on April 21 & 22, 2015. Committee members from around the system we be attending.
The Agenda will have guest speakers:
- Prairie Wells, Deputy Director of Governance, Organizational and Leadership Development, AFL-CIO
- John Bland, TWU Intl. Vice-President, Director- Civil & Human Rights
- Gwen York, TWU WWC Chair
Kathy Green, 25th Year Anniversary @ TWU Local 514
Today we celebrated Kathy’s 25th Year anniversary with Local 514.
I presented her with a plaque from all of us.
It had the following inscription on it:
“Thank you for twenty five years of dedicated service and support of the members and officers of TWU Local 514. We celebrate your unwavering commitment to Local 514 and the Labor movement. You are very appreciated.”
Thanks Kathy for all you do.