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Online Stock Market Trading By Freddie Mooche - Senior Financial ColumnistWith a similarity to the California Grocers strike, United Airlines cut benefits for thousands of retiring union members without telling AFA AFL-CIO members about it before they voted for early retirement.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too!

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Stock Market Game March 18, 2004 (AXcess News) Chicago - With a similarity to the California Grocers strike, United Airlines (OTC: UALAQ) cut benefits for thousands of retiring union members without telling AFA AFL-CIO members about it before they voted for early retirement, according to an announcement made by the AFA Thursday.

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Stock Investing Game The Association of Flight Attendants (AFA) said that United Airlines CFO Jake Brace admitted that he knew well before July 1, 2003, that the company would likely seek changes to retiree health benefits through the bankruptcy court.

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Journal Prime Rate Street Wall The AFA cited records from an interview with Bankruptcy Court Examiner Ross O. Silverman, where Brace stated that "during the 1113 process and throughout most of the bankruptcy proceedings he believed it likely that United would seek 1114 relief and would have done so during the first part of 2003 if it had sufficient manpower and resources."

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Stock Market News United received $2.56 billion in annual concessions from employees through the 1113 process. The fact that changes to retiree benefits were likely was never revealed to the flight attendants that the claimed was a key piece of information left out of the concessionary negotiations for the thousands of employees who were considering retirement.

Stock Investing Basics United AFA Master Executive Council President Greg Davidowitch said, "When United's CFO believes that the company was likely to seek changes to retiree health care, our flight attendants deserved to know about it before they turned in their wings."

Stock Investing Software Davidowitch believed that it was bad faith bargaining on the part of United Airlines to change retiree health benefits without disclosing it prior to the vote by AFA members.

Stock Market Trading Davidowitch lashed out at Brace and other United management saying, "This was a sin of omission. Management of the most senior level concealed vital information and stood silent while thousands of employees made the difficult decision to end their careers."

Stock Investing For Dummy "While we take some small comfort that United did not commit outright fraud, the flight attendants are still deeply disturbed that the examiner's report exposes a pattern of bad faith bargaining and deception by United Airlines," Davidowitch said.

Stock Market Crash On March 19 United will face the examiner appointed by Judge Eugene Wedoff who will present his findings to the Court at that time. Wedoff had cautioned United for their actions, saying there were wider implications in United's attempts to seek changes through the court."The question of whether United misled its flight attendants about the likely effect of retirement during the two-month window is more than a two-party dispute between United and AFA; it bears on United's overall good faith in dealing with its employees and former employees. This is an issue in United's pending efforts to obtain relief under Section 1114 (f) (g), since modification of retirement benefits can only be ordered if all affected parties are treated fairly and equitably. But the issue has a broader impact here: fair treatment of employees is key to any successful reorganization of a debtor's business."

Stock Investing Tip The AFA is the world's largest flight attendant union with 46,000 members, 21,000 of which comprise United employees. AFA is part of the 700,000 member strong Communications Workers of America, AFL-CIO.Due to the pressure from the AFA on the courts, United has now said it is not expecting to be able to exit bankruptcy until sometime this summer.

Stock Market Chart The airlines is relying on a $1.6 billion federal loan guarantee to provide more financial relief and Congress' pending legislation that would grant airlines pension relief.

Online Stock Investing United believed that it would exit from bankruptcy June 30th. But due to the claims made by the union and Judge Wedoff's noting those claims in his statement before the examiner's presentation of his findings Friday, the airlines is expecting delays in emerging from Chapter 11 this summer.

Stock Market Crash Of In an AP story, the reporter claimed United found out through court filings that the examiner, Ross Silverman, ruled in its favor. According to that story, "Silverman said despite conflicting accounts about the airline's comments and intentions on the matter during union negotiations a year ago, United did not mislead employees about its plans so it could persuade workers to retire early last summer."

Stock Investing For Beginner When United filed for bankruptcy protection in December 2002, the airlines believed that it could emerge from Chapter 11 within eighteen months. In 2003 the airlines slashed operating costs by squeezing labor, negotiating new aircraft leases and obtaining $2 billion in financing from J.P. Morgan Chase and Citigroup. United told the court in January that it expected to emerge from Chapter 11 by June of this year.

Finance Journal Personal The Air Transportation Stabilization Board, which rejected United's bid for a federal loan guarantee just before it filed for bankruptcy, has not ruled on its 3-month-old request for a $1.6 billion guarantee. The exit financing that United obtained hinges on the loan guarantee being approved.

Stock Market Report A sore spot between union representatives and the airlines has been pensions. Under current law, the airline faces $4.8 billion in required payments to its pension plan trusts by the end of 2008. United is hoping for Congress to pass a bill that would grant a two-year stay in payments to its pensioners.

Finance Investing Stock Market With the Union squeezing it on one side, fuel prices have begun to squeeze it on the other with Jet fuel costs having climbed 50% over rates paid in 2002.UAL Corporation (OTC: UALAQ) closed Thursday at $1.41, down $0.01 or 0.35%, on volume of 3,731,769 shares.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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