Racedo.... I didn't mean to give the impression that it was only E50M. I should have been more clear. That figure is the extra that the unions are looking for from both company's. This would be on top of the LRC solution of 140m total from EI. So perhaps E30M of EI cash (subject of course to shareholder approval)
The EI pilots pension fund is a separate body and EI have no liability for that.
The E97M figure is NOT a smoke screen. It was delivered under the 2010-2012 Greenfield plan. The "leave and return" scheme that you refer to was part of the 2007 plan under that useless CEO Dermot Mannion that appeared to save money but didnt in reality.
And on that note it was under the CEO-ship of Mannion that the statement about the "once off payment E104M to end liability" was made. At that point the IASS fund was in the black. EI should have addressed the issue then when it was the 'boom years' and gotten themselves away from it.
Mueller apparently was pretty peeved to discover that EI never actually ended their liability at this time. So yes EI Execs from 2006 did give untrue statements to prospective investors. (as well as playing hard a fast with tax liabilites as regards lump sum payments)
Looking back it is a shame that EI did not get Mueller onboard in 2005-2006, instead they got a bungling CEO who made what appears to be huge mistakes and losses for EI.