UAL (United Airlines) dumps four pension plans[optional audio interview with Businessweek expert] ; bankruptcy court authorizes shifting of USD 5 billions (allegedly largest pension default in U.S. history) in pension obligations to the Pension Benefit Guaranty Corp. As a result the burden of private failure and incompetency will be shared by all taxpayers (whose taxes finance PBGC which is already operating on a 23 Billion deficit) and by beneficiaries of the pension plans who will see their pension severely cut : pilots from 100K to 30K pensions but also less privileged workers will be hit. For instance Mrs Tamuk, spokeswoman from Association of Flight Attendants said her pension will be reduced from $1,700 a month to $800 a month.
posted by elpapacito on May 11, 2005 - 94 comments

Like misbehaving teenagers, Jetsgo passengers find themselves grounded indefinitely. As it turns out you can't both operate on razor-thin margins AND spend millions upon millions in expensive marketing campaigns. Who'd have thunk it?
posted by clevershark on Mar 11, 2005 - 23 comments

Delta Airlines to announce chapter 11 tomorrow around noon.
posted by Keyser Soze on Oct 26, 2004 - 58 comments

Get laid off in public. Vanguard Airlines suspends operations; posts its system-wide pink slip on its HOME PAGE for you all to see. "Wages and salaries owed you as of today are "prepetition wages" and likely will not be paid for a matter of months, if not longer.... Any Vanguard stock you hold (including stock purchased in the Employee Stock Purchase Plan) is almost certainly worthless and it is likely you will be entitled to claim a capital loss on such stock this year." But not all is gloomy: the CEO "wish[es] you the best in your future career. You will be in our prayers." Aww, shucks.
posted by PrinceValium on Jul 30, 2002 - 29 comments