From Bloomberg - snippet below. As of 11:52am ET on 11/15/2011, AMR is down more than 10% to $1.92, more than 75% off in the 52-week period.
Pilots want a 10% signing bonus and 7% pay raises for three consecutive years. Wow.
Not good.
http://www.bloomberg.com/news/2011-1...tml?cmpid=yhoo
American Airlines parent AMR Corp. (AMR) tumbled the most in six weeks in New York trading after trying to end a five-year stalemate with a contract proposal that offers pilots smaller pay increases than they had sought.
“The time has come to close this chapter and move forward,” American said yesterday on its labor website, urging the Allied Pilots Association to permit members to vote on the plan. The union’s board began a three-day meeting today.
Compensation and the scope of flying that rivals might do for Fort Worth, Texas-based American are the biggest unsettled issues in bargaining that began in 2006. American is seeking to cut labor costs and made the proposal as AMR directors prepared to gather tomorrow for their last scheduled session of 2011.
“Management is trying to put on a lot of pressure” to resolve the stalled talks, said Robert W. Mann, president of consultant R.W. Mann & Co. in Port Washington, New York. “If the gulf is wide, it’s not going to move. It will just go back for further discussion. It looks like the company is pretty frustrated right now.”