Seems like we've been here before. First the Union gets equity in exchange for pay cuts. Then, a few years later, they strike or otherwise screw up my Summer to get all of their pay back. I think that if there is any management lesson to be learned from UAL's troubles, it is that union employee ownership is very different from management ownership.

The long term key to UAL's survival is to find a way to survive an extended strike - that gives management some real leverage. I don't have any idea how to do that, though.