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We Make Frontier Fly
 
December 07, 2021
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DEN 71
8/24 Meeting Minutes
July Newsletter
June Newsletter
May Newsletter
LEC 71 Grievance Crew Room Sit
LEC 71/LEC 9 Joint Pre BOD Membership Meeting
LEC 71 Day of Action
LEC 71 April 2018
LEC 71 BOD Summary 2018
F971/UA Joint Pre-BOD Meeting 3.30.18
LEC 71 EAP Applications 2.14.18
DIA Leafletting 2.3.18
LEC 71 Membership Meeting 2.5.18
Grievance Team Crew Room sit 1.22.18
Save the Date 1.8.18
LEC 71 December 12.20.17
LEC 71 November 11.3.17
Flytab Fiasco 9.18.17
Susan Wickesser 9.18.17
LEC 71 EAP Rep Needed 8.16.17
Katherine Wolford update 8.9.17
Meet up and Mobilize 7.28.17
LEC 71 June 6.4.17
CBT Deadline 4.30.17
LEC 71 Meeting Minutes 3.28.17
LEC 71 Membership Meeting 3.24.17
E-Line 2017
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LEC 71 Meeting Minutes 3.28.17
Updated On: Apr 26, 2018

LEC71 Meeting Minutes 3/28/2017

A. Section 1 Basic Membership Information

1) New Officer Introductions

Kathleen O'Brien, Janice Mathes, Ashlee Rosen 

2) Negotiations Update 

Next negotiations meeting in April

Printed TA chart was provided

3) Trends: Uniform and Hotel Issues

Uniform survey will be presented in April to Management in a specific meeting just for uniform issues.

Survey revealed 100% negative results with 348 Woman votes and 104 Men votes

Hotel in Las Vegas was changed based off of the feedback of 25 individuals

Stressed the importance of sending in hotel feedback

We hope to work with API going forward to make positive change on hotels

4) Committees and Vacancies

Overview of committees available

A word from Sherry Chadwick about safety/ASAP Committee

A word from Pam Snow about Mentor Committee

Introduced Sandra Bradley, new Grievance Representative

A written contribution from Karen Voorhies about LAS Hotel change and API update

A written contribution from Jeff Bates about the Cabin Seat Agreement Committee

5) Questions

There was a question about our cleaning duties on the aircraft in DEN. Any action on this subject will be determined after the April Management meeting and most likely a discussion with Teamsters

B. Section 2 Equity Discussion with Peter Swanson (AFA Attorney) and Matt Barton (Economic Advisor)

1) Equity

Presentation of Facts

History of the Equity Battle

2014 TA turned down

January 2016 Task Force Created

August 2016 The company offered 25 million for both equity and Profit Sharing. Too little money, but an important step in the acknowledgment of the value of our equity

2) Equity - Open Discussion/questions

Q - Do we have information yet on those who qualify and how the money will me divided?

A - No. We are waiting on early out information from the company.

Q - What will 401K contribution limits be

A - Standard Tax limits set by the government. Should you choose to contribute this money to your 401K, matching will apply and add value to this deal for you. Changes on 401K percentages can be made via the Charles Schwab website. They will help you keep yourself from over contributing. At max, 6% contribution yields 3% match.

Q - How will the payments be made?

A - A separate payroll check for 6 months. June-November

Q - Why 6 payments?

A - It was a company set stipulation that was not seen as wise to argue with.

Q - Do we have information on early outs?

A - No. This is 100% the company's decision. To negotiate within an early out clause could only detract from contract negotiations and would fail to support the integrity of the union's overall goal of keeping jobs.

Q - Can this be taxed as a settlement?

A - The Company is paying it out as wages. Anything further on this topic needs to be asked of a tax professional.

Q - What would happen if the company was bought out before November?

A - Any company that acquired us would be contractually bound to pay out this amount.

Q - Where is the 3.5 million dollars being held and how will it be spent?

A - In an Escrow account not owned by AFA or the company. All payouts will be made via the company. The costs of the financial advisor etc incurred this fiscal year will be paid out of the 3.5 million. It is in a 2% interest baring account.

Q - How did our advisor come to the value of our equity?

A - An equation was created based off of what the company is making, compared against comparable companies who are currently trading on the stock market, plus accounting adjustments. This was run over a variety of quarters with information from the past and present. According to these equations, our equity value was floating near 1.9% of the company's value. Article 24 language was very unusual for this type of transaction, however these calculations put the valuation of our equity at the upper middle of what the task force estimated.

Q - Can we get paper checks for these payments?

A - We will ask the company.

Q - Was there a great risk to be had by waiting to cash out equity for the event of an IPO?

A - Yes. Due to record high profitability by the company, the numbers of the valuation could have changed at any time. Also, were we to be paid in stocks rather than cash, there was a greater risk of tax hang-ups. It is strongly believed that this was one of the highest pocket cash values we could have acquired for ourselves.

C. Section 3  Open Discussion

No further questions

D. Section 4 Requests for International Board of Director Agenda Items

E. Adjournment


 
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