What pilots view as being screwed, CEO/Board of Directors view as logical business sense. They are not out to screw you, to do so doesn't make any logical business sense.
Given the magnitude of this event though, probably isn't going to change the way you feel that you have been or about to be treated.
What normanton is saying is pretty much right as blunt and as ugly as that is.
You can be certain that seniority will play no part in this at all. It will be purely Type, Classification, Base, Age and the likelihood of a return to service in the near future.
Those made Redundant, won't be paid in full straight away, It'll be over a few years, unless it's voluntary, as much as it pains me to say, if you're much over 50 and on a type that is less likely to be returned to service any time soon, I would seriously consider the voluntary option.