May 20, 2013
Dear Sisters and Brothers,
Several members have informed me that IBT organizers are distributing propaganda that claims that the TWU International will withhold equity that is rightfully due to our members. The TWU successfully negotiated the 4.8% equity, and it will be distributed to our members fairly, and with transparency.
Read the letter here
May 18, 2013
The claims filed by individual claimants are classified as a “Disputed Claim” under the debtors’ plan of reorganization (the “Plan”). Article 7 of the Plan provides the “Procedures for Disputed Claims.” Section 7.1 of the Plan provides that objections to claims will be filed within 180 days of the Effective Date subject to further order of the Bankruptcy Court. Pursuant to section 7.3 of the Plan, the Reorganized Debtors (i.e. the debtors after they emerge from bankruptcy) will not make any payments on Disputed Claims until a particular claim becomes an “Allowed Claim” (i.e. allowed and no longer subject to appeal). In addition, the Reorganized Debtors will not make payments on Disputed Claims until the “Final Mandatory Conversion Date” which is defined to mean the 120th day following the Effective Date of the Plan. We note that section 7.3(b) of the Plan provides for the creation of a disputed claims reserve that holds enough stock to satisfy the amount of all Disputed Single-Dip General Unsecured Claims as if all such Disputed Claims would be allowed in full in the filed amount.
May 09, 2013
Your TWU Equity Distribution Committee met this week at the International Union’s offices in Washington D.C. to continue discussions on the 4.8% equity stake distribution for all eligible TWU members at American Airlines.
The Committee, with the assistance of financial advisors and legal experts, has been working to ensure the plan of distribution is equitable and maximizes the value for TWU members. We believe we made significant progress this week in formulating the concepts of the plan and, based on the feedback of our professional advisors, modified some of our original thoughts for eligibility and distribution to assure fairness and enhance value. A draft of the details of the plan is being assembled by the legal experts and financial advisors who will provide additional feedback and suggest any necessary refinements.