High Life017PCN Home |Post to PCN | G-Group | Calendar | HL Archive | Sign Up11/29/2009
PCN Services – High Life Newsletter, News, Events, Deaths, Illness Notices and PCN Calendar
Large Web Community for World’s Largest Airline
A merger on Aug 1, 2009 of RSP and Delta Retired PilotsCommunication Network
High Life
For all Delta people who have truly touched the High Life/
Dear PCN,
Group Section……
Mark’s Remarks:
Thanksgiving: This day was very enjoyable at our home. Kids and grandkids were here and a 22 # turkey with all the trimmings. Life has presented a lot of things during the last few years that have given everyone of us a curve or two. But Thanksgiving is such a neat day and time of year to pause around those things that we are thankful for. I hope you had a great day!
+++++++
PCN Services: If you read the header you will see in there the line of services what the PCN attempts to provide. Some are glad all are available, others can take of leave ‘em. Why I mention this, is that we cannot assign which notices you get. We send out every notice to our entire group. If you would like to limit your notices, the job is a rather simple one at your end. We carefully use certain email addresses for certain notices and also key words in the subject line. This is intentional. Any of our subscribers can easily set a filter at their email client to receive all or reject some of out notices. I encourage you to customize the notices you wish to receive. Thanks.
++++++++++
Trouble receiving: The above paragraph brings me to this point of trouble getting our notices. If you are one experiencing trouble, please email me and we will get to the bottom of it.
++++++++++
New Managers: I wish to thank again Carol Ann Faulkner, Kim Frey and David Roberts for stepping up to volunteer for a role with the PCN. This network can only be better with more hands involved. There is still room for volunteers. Should you have a little extra time on your hands and wish to help out, send in your name and we’ll find a job for ya. Thanks Mark.
Mark’s Tidbits:
Merge Google Calendars? Hey you gmailers! If you login to your gmail account you will notice a free calendar in upper left of page. Would you like to see a nice feature? Load the calendar. Give it a title like “Mark’s Personal” Calendar, then scroll down to “Other Calendars” and click ADD. That will open a page that you can add US Holidays and Sports Teams, etc. On the right side of that page is “Add a Friends Calendar”. If you click that and add this email: you will now have the PCN calendar merged with your gmail calendar. Want to hear something neat. With my Droid cell phone that calendar is always in view and up to date on my cell phone. Geez……I love this kind of stuff!
+++++++++++
Cell Phone Numbers Go Public this month.
REMINDER..... all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.
YOU WILL BE CHARGED FOR THEIR CALLS
To prevent this, call the following # from your cell phone:
888-382-1222.
It is the National DO NOT CALL list. It will only take a minute of your time. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.
You can do it on the phone or at the website: https://www.donotcall.gov/register/reg.aspx
20 seconds on the phone or 10 seconds on the website.
News Section……
Delta News (Recent stories of interest): Yahoo, AJC
Delta shows its love for NYC
‘We want to be the No. 1 carrier in New York.’Its dual-hub strategy for JFK, LaGuardia consumes resources.
By Kelly Yamanouchi
The Atlanta Journal-Constitution
Sunday, November 29, 2009
In Atlanta, Delta Air Lines has grown comfortable in its decades-long marriage with the city. But in New York, Delta has become a perennial suitor, passionately trying to win over travelers from rivals like American, Continental and US Airways.
“Delta calls New York home,” reads one of the Atlanta-based airline’s latest New York advertisements. “We’re more than NY’s most global airline; we’re New Yorkers.”
Read more: http://www.ajc.com/search/content//printedition/2009/11/29/deltany1129.html
+++++++++++++++
FAA transcripts show efforts to reach Flight 188
FAA transcripts show controllers trying to reach Northwest flight that overflew Minneapolis
· By Joshua Freed, AP Airlines Writer
· On 6:33 pm EST, Friday November 27, 2009
After a Northwest Airlines plane flew past Minneapolis last month, air traffic controllers asked the pilots repeatedly for explanations about why they didn't heed radio calls, according to transcripts released on Friday.
The Oct. 21 flight had been out of contact for 77 minutes before the pilots responded. The pilots told controllers right away that they had been distracted, but didn't give details, according to the transcript of their radio conversations released by the Federal Aviation Administration.
After almost 90 seconds of conversation about the route they should take to Minneapolis, the controllers said, "I just have to verify that the cockpit is secure."
"It is secure, we got distracted," one of the pilots responded. The transcript says the pilot then said that they never heard a call from the ground.
A different controller took over and, after five more minutes of directions about routes and altitudes, asked, "Do you have time to give a brief explanation on what happened?"
Read More: http://finance.yahoo.com/news/FAA-transcripts-show-efforts-apf-225158831.html?x=0&.v=10
+++++++++++++++
Delta seeking to raise more than $688M in offering
Delta Air Lines seeking to raise more than $688 million in debt offering
· On 4:05 pm EST, Tuesday November 24, 2009
ATLANTA (AP) -- Delta Air Lines Inc. is seeking to raise more than $688 million by selling notes backed by aircraft it owns.
Delta expects to use the proceeds from the issuance of the notes to refinance 22 aircraft currently supporting other debt and to prepay its obligations under financings for five aircraft delivered this year. Any money left over will be used to pay fees and expenses related to the offering and for general corporate purposes, Delta said.
The world's biggest airline said in a Securities and Exchange Commission filing on Tuesday that it entered into an underwriting agreement with Goldman Sachs and Morgan Stanley in connection with the issuance and sale of the so-called pass-through certificates.
The issuance is for $568,796,000 of Class A certificates with an interest rate of 7.75 percent per annum and $119,944,000 of Class B certificates with an interest rate of 9.75 percent per annum.
The debt will be secured by 27 Boeing aircraft owned by Delta, which is based in Atlanta.
+++++++++++++++++++++++++++
Tuesday, November 24, 2009, 9:28am EST
Delta lands OK on Zagat airline survey
Atlanta Business Chronicle
Fliers’ reviews of Delta Air Lines Inc. were mixed, according to Zagat’s 2009 Airline Survey released Tuesday.
The survey covered 16 domestic and 73 international airlines. Each airline was rated on Zagat's 30-point scale on its premium and economy class service for both domestic and international flights. The airlines were rated on four aspects of their performance: comfort, service, food and Web site. Other issues such as value, on-time performance, luggage policy and in-flight entertainment were also covered.
In the Large Domestic Premium Class category, Atlanta-based Delta (NYSE: DAL) scored a 17, tying for second place with American Airlines and behind first place Continental Airlines, which scored a 21.
Read More: http://atlanta.bizjournals.com/atlanta/stories/2009/11/23/daily16.html?ana=yfcpc
Other Airline News (Recent stories of interest):
Trying to Understand Airline Executive Compensation
by: Robert Herbst November 23, 2009
In 2008, while the 5 remaining legacy airlines lost a cumulative $4.6 billion (excludes special charges), the 25 top executives collectively received over $90 million in compensation, averaging over $3.6 million per executive.
The legacy airlines are: American (AMR), Delta (DAL), United (UAUA), Continental (CAL) and US Airways (LCC).
So, while upper management did rather well, how did the other stake holders come out?
· In just one year, these 5 legacy carriers lost an incredible $17 billion of stock-holder equity as their cumulative market cap dropped from $21.9 billion to only $5 billion.
· 6,300 jobs were eliminated in 2008.
· The average annual wage per employee was $57,000 and unchanged from a decade ago.
I guess we could use our imagination to estimate how much executive compensation would increase if the airlines actually made money?
Read More: http://seekingalpha.com/article/174816-trying-to-understand-airline-executive-compensation?source=yahoo
+++++++++++++++++++++++++++
The Time To Buy US Based Airline Stocks Is Now Says Award Winning Equity Analyst – Really? Mark
· On 5:14 pm EST, Monday November 23, 2009
67 WALL STREET, New York - November 23, 2009 -
TWST: Let's start with your overall outlook for the airline industry today. What is your outlook and why?
Ms. Becker: We think that the airlines have seen the bottom or are in the process of bottoming, and our outlook for the third quarter is for an aggregate total of about $30 billion in revenue, and operating profit of about $600 million and a net loss of about $400 million. Obviously, all numbers exclude non-recurring gains, charges and mark-to-market hedge-related gains and losses. The revenue estimate is for a decline of about 8%. That compares to our initial estimate earlier in the year that revenues would be down between 7% and 9%. I think that the fourth quarter should show a little bit of improvement versus the third quarter and versus last year. We're thinking the fourth quarter will be low single digits, so down 3% to 7%. And then 2010 we think will be better.
TWST: So perhaps the worst is behind us?
Ms. Becker: We think the worst is behind us.
Read More: http://finance.yahoo.com/news/The-Time-To-Buy-US-Based-twst-1781185059.html?x=0&.v=1
Editor: I am questioning Ms. Becker’s analysis. My money will be more cautious.
Finance Section (section containing items with financial consequence to our group):
FINANCE: CLAIMS/PBGC/HCTC/INSURANCE/PLANNING/TAX/ESTATE
Remainingfinancial items for retirees to watch:
After Aug 2007 these areretirement items remaining with financial consequence.
1. PBGC 2nd look re-calc at qualified annuity benefits - completed 8/24/07
2. PBGC make up lump payment for underpayments since termination: most reported received 1/31/08
3.Final claim distribution by DAL through BSI - pending (now likelyin '10 according to Kight)
4. Class Action suitagainst DAL concerning 5 yr look-back worth in excess of $100 million - withdrawn
5. Final PBGC re-calc "determination" of qualified annuity (likely after claim stock sale) - pending
6. Pension reinstatement/contributionrequestby DP3 representing the retired pilots.very long shot....pending
7. Roth IRA creation as per Worker, Retiree, and Employer Recovery Act of 2008 -deadline June 22nd, 2009
8. Expiration of HCTC 80% premium subsidy will expire on December 31, 2010.
Editor’s Note: It is my assumption that the 3year period that the PBGC promised they would complete our final re-calculation, is about to expire. We can let them know that we are waiting.
Insurance (issues about health, life or disability that are of interest):
DLNet/ DNN
New online site spotlights benefits changes for 2010
November 23, 2009
A new online site created by Human Resources will make it easier to keep track of benefits changes that go into effect next year.
The new DeltaNet site– Looking Ahead in 2010– provides a summary of changes coming in January and the applicable audience for each topic. The topics include absence plans and time off benefits, new healthcare administrators, retirement process changes and payroll conversion.
Beside each item is a color-coded chart that makes it easy to see at a glance what employee groups are affected by which benefit or change. Each item also includes a link to more information located on Employee Connection.
“This great new resource spotlights the many employee benefits Delta has introduced during the past year as part of the merger integration,” said Rob Kight, v.p.-Compensation, Benefits and Services. “This site will help remind employees about what might be first-time programs or processes for many of them, particularly pre-merger Northwest employees.”
The site flags benefits and other programs that may require individual employee action, such as full-time student verification for benefits coverage and updating personal information online. The chart is not all-inclusive but contains a summary of most of the benefits and programs that are likely to involve the largest number of employees.
Some benefits and privileges changed this year, such as pass travel, adoption reimbursement and others. In January more progress will be made to integrate the work forces.
For pre-merger Northwest employees where representation issues have been resolved, the remaining transition to most of Delta’s benefits and policies will take place in January. Pre-merger Delta employees also will experience changes to some processes. For pre-merger Northwest employees where representation has not been resolved, there will be few benefits changes in January, though some processes will be affected.
In conjunction with the benefits transition, paychecks for active employees have been redesigned to include more details on pay stubs. Active pre-merger Delta employees will receive the redesigned paychecks next month. Pre-merger Northwest employees will receive the new paychecks starting in January. The only thing changing with this redesign is the look and where information is displayed on the paycheck stub. Base pay rates are not changing. The retiree and survivor paycheck design will not change.
More benefits changes will take place throughout next year, and the Looking Ahead in 2010 site will be updated as necessary.
See Also (clicking on the following will take you to DLNet Login then the page):
Check out the Looking Ahead in 2010 site.
Pension:
Below you will see a re-print that John Ley shared concerning the top 10 pension failures.
PBGC - Top 10 Pension Failures 5 of the top 10 were airlines
Firm and year terminated / Total claims / Vested Participants / Average claim per participant1. United Airways (2005) / $7.3 billion / 122,541 / $59,217
2. Bethlehem Steel (2003) / $3.7 billion / 91,312 / $40,021
3. US Airways(2003,2005) / $2.7 billion / 55,770 / $48,412
4. LTV Steel (2002,2003,2004) / $2.1 billion / 83,094 / $25,694
5. Delta Air Lines (2006) / $1.7 billion / 13,028 / $133,533
6. National Steel (2003) / $1.3 billion / 33,737 / $37,811
7. Pan American Air (1991,1992) / $0.8 billion / 31,999 / $26,285
8. Trans World Airlines (2001) / $0.7 billion / 32,236 / $20,717
9. Weirton Steel (2004) / $0.6 billion / 9,410 / $68,064
10. Kaiser Aluminum (2004,2007) / $0.6 billion / 17,727 / $33,694
Top 10 total / $22 billion / 490,881 / $43,816
All other total / $13 billion / 1,097,767 / $12,155
Amazing, 5 of the top 10 were airlines.