NW Flight Attendants Win $65 Million Stock Bankruptcy Claim

[Omaha Steve]

http://www.laborradio.org/node/5851

NW Flight Attendants Win $65 Million Stock Bankruptcy Claim - 05/04/07

By Doug Cunningham

Northwest Airlines flight attendants have won a round in bankruptcy court - a $65 million claim on payment for preferred Series C stock. The Association of Flight Attendants - CWA had sued on behalf of the flight attendants who held the company Series C preferred stock and the court upheld the claim. Workers holding those stocks will now be compensated. That stock was issued by Northwest in an agreement with the Teamsters, who in 1993 was the union representing the flight attendants. Northwest tried to stiff the workers on the stock's value by declaring bankruptcy, but the workers have won a bankruptcy court claim. They're expected to get roughly 79 cents on the dollar.

[fightthegoodfightnow]

1. Relaxing Bankruptcy Laws to Break Union Contracts is Bush-Wacked

Relaxing Bankruptcy Laws to Break Union Contracts is Bush-Wacked

[Lasher]

2. Ha ha ha good for CWA

Bet the senior executives aren't begging for food to eat.

[wakeme2008]

3. Good they just gave the CEO 27 mil so they have the money

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2835795

[Lasher]

5. I hope they take the CEO's $27M and give it to the flight attendants.

[The Backlash Cometh]

4. Why can't Florida teachers sue over the ENRON stock they were forced

to invest in?