Originally Posted by
stupidhead
Didn't UA employees get a whole bunch of United shares as a part of their bankruptcy arrangement? If they hate the CEO so much, why not go to the shareholder meeting and vote to have his ... fired, instead of taking it out on the people that keep UA in business?
Yes, we got some shares after BK exit, but maybe worth 1% of our actual pay losses. That said, you have to remember that all the United employees lost our retirements from the ESOP shares debacle. We basically lost thousands in pay and benefits back in the early 90's in the ESOP, in return for United stock. But we couldn't sell the stock like management, we had to hold onto it until we retired, ala Enron. At one point my stock was worth close to $100,000 when the price was over $60/share. When the stock nosedived and management sold all theirs, I was stuck with mine and got to sell it for just over a buck a share. I got something like $1600 out of my ESOP stock.
What that means is United stock is worthless to a lot of United employees, and before we even exited BK, the majority of pilots sold their stock in a claim sale on the market to speculators. Most of the rest of the pilots sold theirs as quickly as possible when they could as it was doled out. I couldn't sell my new shares fast enough. I do own several thousand shares of Delta and CAL though
So the employees don't own a lot of stock or own a large voting share in shareholder meetings to answer your question.