Friday, April 18, 2003

everyone loves pensions [NYT]
The problem arose a day after American appeared to have secured $1.8 billion in annual labor concessions, which it said were necessary for it to stay out of bankruptcy court. The Allied Pilots Association and the Transport Workers Union closed voting Tuesday morning and said they had ratified $660 million in annual concessions from pilots and $620 million from mechanics and ground workers. The Association of Professional Flight Attendants agreed with management to extend its voting until Wednesday, when its members ratified $340 million in concessions.

But the unions said yesterday they had no idea that AMR, the parent company of American, had agreed to give compensation packages to executives even as the company was demanding concessions from the unions. The existence of the trust fund for AMR's top 45 executives, and "cash retention" bonuses for the company's top six executives of twice their base salaries, were disclosed Tuesday night in AMR's annual 10-K filing with the Securities and Exchange Commission. American had delayed the filing for two weeks by saying that it was in the middle of labor negotiations.

more at anger management.

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