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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (208857)	12/10/2002 7:08:39 PM
From: ild	Read Replies (1) \| Respond to of 436258

...Ash noted that under United's employee stock ownership plan, pilots controlled 25% of the company's shares and had a seat on its board. Thus they were partly responsible for approving the wage increases that he maintains ruined the company. "The pilots drove the stake into their own hearts," he said. latimes.com Investors Worry About Bond Status Holders of the tax-free securities fear that the airline's bankruptcy filing could leave them with worthless paper. Investors holding $413 million in special lease revenue bonds at Los Angeles and San Francisco airports are worried that Monday's bankruptcy filing by United Airlines' parent company may leave them stuck with worthless paper. UAL Corp. has used a little-known public agency as a conduit to issue four tax-free bond offerings to fund the building of passenger and cargo facilities at California's two largest airports. Although the bonds have municipal status, no government or public agency has guaranteed the bonds or is liable for any default. Investors say that the wording on the "indentures," or 750 pages of rules that govern the bonds, might be vague enough to allow the nation's second-largest airline to avoid making payments. ... latimes.com