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(Chicago Trib)   American Airlines ordered to justify the $20 million severance given to their CEO. "Because he asked for it" apparently wasn't a good enough explanation   (chicagotribune.com) divider line 204
    More: Followup, American Airlines, executive directors, Americans, AMR Corp., unsecured creditors, United States bankruptcy court, US Airways Group, explanations  
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14417 clicks; posted to Business » on 18 Mar 2013 at 11:44 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-18 10:00:48 PM  

Elandriel: Chapter 11 nulls all existing contracts and requires an almost unilateral re-write of obligations to creditors through the Chapter 11 plan, unless the case dismisses. Even provisions such as "survives bankruptcy" are null; the power of the bankruptcy court supersedes pre-petition agreements.


That's the key - he didn't join before the petition. He joined day of. He was hired to be a big gun to pull them through chapter 11 and merger. Lot of derp in this thread from people who didn't read RTFA and think he put them in bankruptcy.
 
2013-03-18 10:01:17 PM  
 The answer is clearly because he is from an airline and not a big bank or transnational company.

 If you want a golden parachute you gotta play with the big boys.

/got nuthin'
//let them eat cake
///the cake is a lie
 
2013-03-19 08:25:57 AM  

Silverstaff: ZAZ: Bankruptcy court is not bound by prior negotiations, contracts, solemn vows, or even the opinion of pay consultants.

Bingo.

There's a reason I have tenpoundsofcheese farkied as "ten pounds of derp".  He's either a very short-bus special Farker incapable of operating outside a Fox-Limbaugh field, or performing some truly wonderful performance art.  Unfortunately Poe's Law prevents me from knowing which one, a sort of internet Heisenberg's Uncertainty effect.


sort of a schrodinger's cat of derp
 
2013-03-19 02:42:39 PM  

cybrwzrd: mizchief: That's kind of my point. To me, that was motivation not to be a blue-collar worker and go learn to do something valuable. If you have no ambition then a Union job is probably your best bet, just don't think that the Union bosses are out to help you as much as they are themselves.

This attitude is what is wrong with this country. It is the core of why unions are hated and management loved. It is why we are becoming a service industry focused nation with a vast wealth divide. A majority of people actually think that working on a manufacturing line or as a plumber or construction worker or many other blue collar jobs are "dirty" jobs that are beneath them. It is why college degrees are considered necessary for even the most menial of office jobs (though they are not) - and why college is no longer about education unless it is for job training.

Until every surgeon, engineer and CEO has the ability to build their own phones, sports cars, homes, and grow their own food - the mechanic, farmer, plumber and factory worker are just as valuable to society.


www.themidnightdiner.com
 
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