For months the TWU has been making big promises about our equity stake. Let’s not forget that this was the one thing that the TWU supposedly won for us in exchange for all of the crippling concessions it allowed the company to force down our throats. This was supposed to be the one silver lining in the whole concessionary agreement we took. That silver lining is looking paper thin now.

It turns out there are all kinds of conditions and limits to the so-called 4.8 percent equity share.

• As we learned last week, the TWU will be pocketing 5 percent of our equity stake for itself for “administrative expenses.” This is millions of dollars of our money!

• Before, we were hearing all kinds of fantastical claims that mechanics and related would be getting $30,000 to $50,000 from the equity. Not even close! In the best case scenario, we’ll be getting no more than $16,500. Calculations were based on a hypothetical AA stock value of $14.50 per share. This does not come close to covering our loss of pay, frozen pension and other losses that took place during concessionary bargaining and bankruptcy.

• The TWU has come up with a ridiculous scheme for the distribution. It says it will distribute the shares in two payments spaced 120 days apart. But, say you are entitled to $10,000 worth of shares. In that case, you’ll get the first $5,000 in shares, but if the value of those shares rises to $10,000, you won’t get the second half of your shares.

• A number of grievances are also being rolled into this equity stake, so if you are not a party to a particular grievance, your equity shares will be reduced. The terms are very confusing. One grievance is based on 757 work being done by Timco. Another is based on overpayment of healthcare premiums. But who is included in these grievances is very unclear. Shouldn’t these important cases have been resolved on their own merits?

• The TWU’s entire presentation revealed a litany of factors that will complicate and devalue the equity stake that the TWU has been playing up for months. Factors such as seniority and base rate of pay will impact what will ultimately be paid out to us. We also don’t know what the tax implications are for the equity stake. If it’s taxed as a bonus, for example, we stand to lose a lot more of the money.

Needless to say, the TWU’s presentation to mechanics in Tulsa last week didn’t go over so well. Many of us in the room were booing, infuriated by the TWU’s incompetent and corrupt handling of our promised 4.8 percent equity stake.

Once again the TWU has failed its members at AA. And once again we’re reminded of why we’re organizing for Teamster power at the world’s largest airline.

With the TEAMSTERS We Can WIN!

For more information, visit the AA Mechanics for Teamsters website or call the hotline at 877-589-4951.

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