CompuServe Messages

Steve, Northwest Airlines is totally owned by Al Checchi and Gary Wilson, an assortment of investors and banks, and by KLM Airlines. The associated leveraged buyout debt by these owners weighs heavily on the financial stability of the company. The employees are indeed trying to secure an ownership role (50%) and a restructuring of the long term debt but the cost is not cheap. Almost one billion in wage concessions is the price of our effort – and it is being opposed by management. The ownership, that is – not the concessions. The employees at TWA did succeed at wrestling control of their company away from Carl Icahn, after he stripped much of the cream away and the employees had taken hugh concessions (almost 50% of their compensation over three years). Leveraged buyouts are hopefully a thing of the past for they transform a healthy company into an anemic shell. May the Michael Milkens, Icahns, etc, all rot in hell! Thought you'd like to know. Stew Bloemer // via AutoPilot \X/ AMIGA!