i'm sorry 747, but you are forgetting something about the wage freeze, as you call it. they received something in exchange for that wage freeze. they received a share of the company which they agreed was equal to the value of what they gave up in pay. they didn't simply take a pay cut, and get nothing in return. that seems to be getting lost here.

that being said, the mechanics have a responsibility to work to increase the value of their holding. as i see it, they have two ways to work through this problem.

1. the pilots set the new "standard" with their contract. that contract is currently helping strangle UAL. so perhaps the mechanics should negotiate a contract that reflects the current realities, and negotiates wage snap backs and healthy bonuses ONCE profitability goals have been reached.

not only would they see wage snap-backs and bonuses, the value of their investment in the company would grow as well. yes, they invested in the company when they agreed to the pay cuts during the ESOP.

or..........

2. they can continue to argue that they are due to "get theirs", and use the PEB to negotiate a contract that will continue to keep costs high. who knows, maybe UA will need a LF of 103% just to break even, instead of the current 96%. hey it's only 7%, right? just lay down in the overhead bin, sir. we'll open the door for you when we get to BKK.

of course if they take option 2, the value of the stock which they worked for
(again, they worked for that stock) during the ESOP will have no value after the chapter 11 filing....