This is George Price, APFA National Communications Coordinator, with an APFA Hotline Update for Thursday, April 17, 2003.
It’s been reported in the press today AMR revealed in a filing it just made with the Securities and Exchange Commission that it agreed to provide a special supplemental pension trust for its top 45 executives that would protect a portion of their retirement income in the event of a bankruptcy filing, that the Company delayed in filing this SEC report until the ratification voting was concluded, and that the unions had been briefed on this trust.
To set the record straight: APFA had absolutely no knowledge of this special trust fund until today’s published reports appeared and was never briefed on these special pension benefits. The information regarding executive compensation that was provided to APFA has already all been made public. APFA is outraged by these latest revelations, which extend even beyond the sorry course of conduct that the Company pursued throughout the past several weeks.
Please stay on the line for the remainder of the APFA Hotline.