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the winnipeg sandbox » winnipeg sandbox.. » business... » Unions set to take stake in Air Canada

Unions set to take stake in Air Canada

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1Unions set to take stake in Air Canada Empty Unions set to take stake in Air Canada Wed Jun 10, 2009 10:36 pm

grumpy old man

grumpy old man
administrator
administrator

Three of airline's five unions sign deal to take 10% stake in company; pilots, attendants are still on the fence.
What marvelous news. First they save the auto industry in Canada and now they will save the airlines. This bodes well for Canada exciting the recession in wonderful shape.

My prayers have been answered. The unions will save us all.

2Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Wed Jun 10, 2009 11:20 pm

grumpyrom

grumpyrom
major-contributor
major-contributor

Or perhaps it will motivate the workers to further improve the financial peformance of the company now that they have a direct stake in it.

3Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Wed Jun 10, 2009 11:38 pm

Deank

Deank
contributor eminence
contributor eminence

one can only hope

it worked with WestJet right?

grumpy old man

grumpy old man
administrator
administrator

grumpyrom wrote:Or perhaps it will motivate the workers to further improve the financial peformance of the company now that they have a direct stake in it.
You sayin' they are not sufficiently motivated when only their salaries and livelihoods are at stake?

I get it now.

AGEsAces

AGEsAces
moderator
moderator

I'm confused (didn't see a link to an article)

1) Didn't know unions were ALLOWED to own anything...ie, how can they take ownership?
2) I know in New Jersey, many trucking companies prevented unions from forming by making their drivers co-owners of the company (ie. giving them shares of stock) which precludes them from being allowed to join a union. Owners/management are not allowed to be part of one there. Does that not apply here?

Basically, they are union busting...legally Very Happy

http://www.photage.ca

grumpy old man

grumpy old man
administrator
administrator

Like GM the unions were given a stake in the company in lieu of???

7Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Thu Jun 11, 2009 10:27 am

grumpyrom

grumpyrom
major-contributor
major-contributor

No, I'm saying it's further motivation to improve the financial performance of the company now that they hold a direct stake in it. They are no longer only employees but also owners.

Where did I imply that they were not sufficiently motivated previously?

8Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Thu Jun 11, 2009 10:31 am

grumpyrom

grumpyrom
major-contributor
major-contributor

At GM the UAW was given a 20% stake in the company in lieu of the BILLIONS of dollars that was legally owed to the UAW pension fund. That should give one an idea of just how huge the pension shortfall was allowed to become by former GM executives.



Last edited by grumpyrom on Thu Jun 11, 2009 10:33 am; edited 1 time in total (Reason for editing : Confused Chrysler facts with GM)

9Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Thu Jun 11, 2009 10:50 am

Guest

Anonymous
Guest

....and the Ontario government thought that GM would never fail and allowed them to do so. Just say'n.

10Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Thu Jun 11, 2009 11:00 am

grumpy old man

grumpy old man
administrator
administrator

grumpyrom wrote:No, I'm saying it's further motivation to improve the financial performance of the company now that they hold a direct stake in it. They are no longer only employees but also owners.

Where did I imply that they were not sufficiently motivated previously?
Hey, just askin'... Getting clarity is all.

11Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Thu Jun 11, 2009 1:46 pm

Freeman

Freeman
uber-contributor
uber-contributor

grumpyrom wrote:At GM the UAW was given a 20% stake in the company in lieu of the BILLIONS of dollars that was legally owed to the UAW pension fund. That should give one an idea of just how huge the pension shortfall was allowed to become by former GM executives.
The unfunded liability had nothing to do with the decline in the markets??

12Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Mon Jun 15, 2009 10:12 pm

Guest

Anonymous
Guest

Or how short of cash they may have been at time .

13Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Tue Jun 16, 2009 9:37 am

Freeman

Freeman
uber-contributor
uber-contributor

Pavolo wrote:Or how short of cash they may have been at time .

What?

14Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Tue Jun 16, 2009 9:54 am

grumpy old man

grumpy old man
administrator
administrator

Come on, surely you understand. It's plain English. sarcasm end Smile

15Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Tue Jun 16, 2009 12:28 pm

Freeman

Freeman
uber-contributor
uber-contributor

Just stupid ol' me trying to understand what cash shortages have to do with unfunded pension liabilities.

16Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Thu Jun 18, 2009 10:32 pm

Guest

Anonymous
Guest

No cash no pay fund , sorta like GM. Silly you

17Unions set to take stake in Air Canada Empty Re: Unions set to take stake in Air Canada Fri Jun 19, 2009 8:41 am

Freeman

Freeman
uber-contributor
uber-contributor

I would be surprised to hear of any defined benefit pension fund be fully funded at this point. Cash on hand has is not a consideration when a valuation is completed and has no bearing on surplus or liability. Suggest you learn about such things before you make comment.

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