Dear Brothers & Sisters:
Your TWU Equity Committee met yesterday to begin discussions on how
the 4.8% equity stake will be distributed to eligible TWU members at American Airlines. The Committee, with the assistance of financial advisors and legal experts, will ensure the plan of distribution is equitable and maximizes the value for TWU members.
The form of equity distribution (stock or cash) has not been determined as of this date. We anticipate the distribution will begin around the time that
American exits bankruptcy.
The TWU Equity Committee will address the following issues:
- Determine the distribution of the equity for each group/classification.
- Determine eligibility periods for equity distribution.The Committee is working to draft the TWU Equity Distribution Plan and will communicate the details as soon as the process has been completed.
The TWU Equity Committee is scheduled to meet again on May 8 – 9 and
May 23 – 24 and will provide member updates on our progress.
Finally, the Committee intends to conduct Local visits to fully brief and discuss its work with our TWU membership to make sure we have membership feedback before the Plan is finalized.
Signed,
Committee Members:
Donny Tyndall, President Local 502
Sean Doyle, President Local 512
Sam Cirri, President Local 514
Larry Pike, President Local 567
Gary Peterson, President Local 591
John Plowman, President Local 542
Darrin Pierce, President Local 513
Jim Fudge, President Local 541
Tom Lee, President Local 568