WizofOz:
Thank you.
You have described in a nutshell what has permanently poisoned this industry over here-and created the "Stockholm Syndrome" (effect) between many of our pilot union leaders and 'certain' Upper Mgmts. The results for many thousands of pilots have been severe. One of our 51 year-old Captains just left to become a new-hire at a US freight airline. A former LEC rep is about to
start class there! A 41 year-old FO ("Don't mess with...") is about to interview with another quite strong competitor of theirs. Check the challenges in passenger airline recruiting over here. One of our pilots ('n-body' FO) on our c0ckp1t jumpseat recently, studies to become a Nursing Anesthesiologist (much more lucrative). The term management is used here very loosely. It often "allegedly" means "inside" stock manipulation, and not much else among the boys on top. Most were never interested in aviation, and never will be.
The change in US bankruptcy laws about two years ago in October created an undue pressure on US corporations and individuals. Some of the govt. inspiration could have been from the the PBGC (Pension Benefit...)-the pseudo government corporation which guarantees the lower-paying retirements. Some of the PBGC staff were also on the ATSB (Air Transport Stab. Board). Unless my info is wrong, a conflict of interest?
Anyway, after that date, emerging from Chapter 11 would be much more difficult.
It also created less potential pay for executives who declared Chap 11 after the date. A US major airline CEO might only reap about $5-10,000,000 in stock
, instead of pocketing about $20-25,000,000 +
.
Just imagine all of the incentive$ to put your corporation in bankruptcy before that October date! The extremely lucrative options and expediency were quite tempting.
And foreign pilots still want to come over here... They must have close relatives, or simply need a good stepping stone early in their careers? The lady or gentleman (pilots or otherwise...) could marry a US citizen, split, and never leave the country. Many have already done so. Pass me the pelmeni.