Prediction: In future years this will be textbook case
Source: The Street
CHARLOTTE, N.C. (TheStreet) -- US Airways (LCC_) has been successfully gathering union support for its effort to merge with bankrupt AMR (AMMRQ.PK), and could unveil a union-backed bid as early as next week.
The carrier has managed to win qualified backing from at least three American unions -- the Transport Workers, the Association of Professional Flight Attendants and the Association of Flight Attendants, which represents flight attendants at American Eagle, according to people with knowledge of those discussions.
Read more: http://www.thestreet.com/story/11501356/1/us-airways-has-labor-backing-for-amr-takeover-sources.html?cm_ven=GOOGLEN
This explains why Kay Bailey Hutcheson, was telling everyone to give American time to get out of BK.
Wonder why? Because the upper muckety mucks don't get stock in the new entity until they come out of BK.
There is talk that the unions were willing to consider US Air if AMR's management were not coming along with the deal. So by screwing the employees for the last 8+ years, management may well have just screwed themselves.
Anxiously awaiting confirmation of details. I predict this example will become a textbook case in business schools in the future.
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