On 19 Aug 2002 at 16:03, Roger & Amanda La France wrote: > The leadership of the pilots union has agreed to a 10 percent pay > cut in return for stock options and some other some caveats, but > union leaders for mechanics and flight attendants have steadfastly > refused. UAL management will swap a 5 percent cut in pay for > options. So, the guys who screwed up UAL take the smallest pay-cut. Is the cart still before the horse, or is it completely unattached and sitting on the side of the road?? > Governance is another area that would see drastic change. In 1994, > the pilots and mechanics agreed to an Employee Stock Option Plan > that put 55 percent of the carrier's outstanding shares in the > hands of its workers. In return, a member from each union sits on > the UAL board of directors. So, they have the majority of the shares, but not the majority of the directors. Duh?? There is so much myopia at UA, I have doubts that anyone has any vision of just what their airline is, and more importantly, should be. UA management has shown ZERO leadership, in terms of grasping a firm hand on the rudder and navigating out of trouble. They have shown 100% leadership in leading the way for a major upheaval in the industry. Time to call the broker and short UAL stock. Don Fan of a bomb going off in Elk Grove Village