Wed, Jul 10, 2013
APA President Wilson: 'An Issue Of Basic Fairness Is At Stake'
The president of the Allied Pilots Association (APA), which represents the 10,000 pilots of American Airlines, released a statement Monday expressing his gratitude for bipartisan legislation designed to enable the carrier’s front-line workers to defer taxes on equity they are receiving as unsecured creditors.
"We are pleased that Republican and Democratic lawmakers have shown a willingness to help our pilots and fellow employees defer taxes on this equity,” APA President Captain Keith Wilson (pictured) said. “The equity stake we will receive is designed in part to mitigate the pension losses we have sustained in American Airlines’ Chapter 11 bankruptcy.”
The legislation, known as H.R. 2591, is intended to amend certain provisions of the FAA Modernization and Reform Act of 2012. American Airlines is expected to exit bankruptcy later this year, which will trigger distribution of the equity. U.S. Rep. Michael Grimm (R-NY) is the bill’s sponsor. It is co-sponsored by U.S. Rep. Tim Bishop (D-NY), along with U.S. Rep. Michael Burgess (R-TX), U.S. Rep. Peter DeFazio (D-OR), U.S. Rep. Richard Hanna (R-NY), U.S. Rep. Eddie Bernice Johnson (D-TX) and U.S. Rep. Peter Roskam (R-IL).
“Most of these lawmakers represent districts that encompass large numbers of American Airlines employees,” Wilson said. “They all recognize that an issue of basic fairness is at stake.”
If approved, the legislation would provide American Airlines’ workers the same ability to defer taxes on their equity as other airline employees in previous Chapter 11 bankruptcy restructurings.
“We are hopeful that lawmakers will move to prevent a serious inequity by approving this legislation promptly,” he said.
More News
"As previously announced on February 29th, our IM-1 mission ended seven days after landing, as Odysseus' mission was not intended to survive the harsh temperatures of the lunar nig>[...]
Marker Beacon An electronic navigation facility transmitting a 75 MHz vertical fan or boneshaped radiation pattern. Marker beacons are identified by their modulation frequency and >[...]
Have A Story That NEEDS To Be Featured On Aero-News? Here’s How To Submit A Story To Our Team Some of the greatest new stories ANN has ever covered have been submitted by our>[...]
Also: Moron With A Laser, EAA Aviation Museum, FAA v Santa Monica Propeller Service, Frontier MEC Lauds FO Boom Supersonic has confirmed details surrounding the successful first te>[...]
We're Everywhere... Thanks To You! Even with the vast resources and incredibly far-reaching scope of the Aero-News Network, every now and then a story that should be reported on sl>[...]