|
May 9, 2013
TO: All Members TWU Locals 501 – 591
RE: TWU Equity Distribution Update
Dear Brothers & Sisters:
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.
The form of equity distribution (stock or cash) has not been determined as of this date. We anticipate the distribution will begin around the time that American exits bankruptcy. The TWU Equity Distribution Committee is scheduled to meet again on May 23 – 24 to formalize the draft plan and will provide member updates on our progress.
Finally, the Committee intends to conduct station visits to fully brief and discuss its work with our TWU membership to make sure we have membership feedback before the Plan is finalized.
Signed, Committee Members Present:
Donny Tyndall, President Local 502
Sean Doyle, President Local 512
Darrin Pierce, President Local 513
Sam Cirri, President Local 514
Jim Fudge, President Local 541
Tom Lee, President Local 568
Gary Peterson, President Local 591
kla-opeiu 153
Download:
|
