The article below from NYTimes.com has been sent to you by psa188@xxxxxxxxx /--------- E-mail Sponsored by Fox Searchlight ------------\ I HEART HUCKABEES - OPENING IN SELECT CITIES OCTOBER 1 From David O. Russell, writer and director of THREE KINGS and FLIRTING WITH DISASTER comes an existential comedy starring Dustin Hoffman, Isabelle Hupert, Jude Law, Jason Schwartzman, Lily Tomlin, Mark Wahlberg and Naomi Watts. Watch the trailer now at: http://www.foxsearchlight.com/huckabees/index_nyt.html \----------------------------------------------------------/ US Airways' Plan Should Have Been Put to a Vote, Leader of Pilots Says September 9, 2004 By MICHELINE MAYNARD The chairman of the pilots' union at US Airways said yesterday that a proposal to cut $295 million from pilots' wages and benefits might not have saved the airline from bankruptcy but should have been put to a vote anyway. In a broadcast on the pilots' Web site, Bill Pollock said the union would now be "at the mercy of the courts" if US Airways follows through on its threat to seek Chapter 11 protection. His comments came a day after rebel pilots on the union's master executive council blocked other union leaders from sending the company's last offer to its 3,000 pilots. No negotiations are scheduled. US Airways has been trying to persuade its unions to grant $800 million in concessions so it can avoid a bankruptcy filing, which would be its second in two years. But unions, which gave the airline two sets of cuts worth $1.9 billion before it emerged from bankruptcy in April 2003, have resisted. Without the cuts, the airline has said it will most likely seek court protection, a move some analysts speculate could happen as early as Sunday. The airline faces a $110 million pension contribution on Wednesday, and analysts speculated it might choose to file Chapter 11 before then to conserve its cash. Virtually all of the airline's assets are pledged as collateral to secure government loan guarantees that formed the basis of its restructuring. Yesterday, Standard & Poor's cut US Airways' credit rating for the fourth time this year, and the second time in two weeks, saying the chances of a bankruptcy had increased when the company's offer to the pilots was blocked. It now rates US Airways and its parent, US Airways Group, at CCC-minus, with a negative outlook, meaning another downgrade is possible. The pilots' support is crucial for US Airways to persuade other unions to go along with wage and benefit concessions. But pilot leaders from Philadelphia and Pittsburgh objected to the airline's bid to cut contributions to pilots' pensions and cut wages by 21 percent a year. Yesterday, Mr. Pollock said the airline's 3,000 pilots should have sent the proposal, "as objectionable as it was," for a vote. "Even if we would have ratified an agreement with the company, it would have not been any guarantee that we would have avoided a Chapter 11 bankruptcy filing," Mr. Pollock said. But should the airline seek bankruptcy, "a deal with their most powerful union would have provided an important stabilizing effect during court proceedings and would have shown the financial community and the government that they had a plan that could succeed," he said. Mr. Pollock continued, "Without an agreement, we may be at the mercy of the court and third parties who may take a dim view of our inability to close a cost savings agreement with management when we had the chance." http://www.nytimes.com/2004/09/09/business/09fly.html?ex=1095736177&ei=1&en=846995e74e245ad9 --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://homedelivery.nytimes.com/HDS/SubscriptionT1.do?mode=SubscriptionT1&ExternalMediaCode=W24AF HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2004 The New York Times Company