One thing that makes the pension cancellation make total sense:
Update: Hong Kong flight – all flight attendants walked off the plane.
Update: Japan flights being grounded due to mechanics walking.
Update: Flight attendant: “This is Pan Am and Eastern all over again. We’re going to get liquidated.”
UAL Chairman and Chief Executive Glenn Tilton has a severance package that appears to grant him up to $5.1 million under certain circumstances if he leaves the company, according to his employment contract. Other senior UAL executives would appear to enjoy similarly comfortable severance benefits. It’s a safe bet that your average flight attendant or mechanic who loses his or her job doesn’t have a package like that to cushion the fall.