[longtermmemmory]

that is not how the bankruptcy court works.

The question is whether the company can continue to operate and the benefit to those who actually still have jobs.

The pilots union was free to argue you points to the bankruptcy judge.

It really boils down to the benefits of an operating Delta Airlines vs a deceased Delta Airlines. Eastern Airlines has not employed many people recently.

[goldstategop]

Exactly. If Delta is bankrupt, there's no pension plan and no one working for the airline. And the union knows that bottom line, its better to have Delta around than to collect zero.

(No more Olmert! No more Kadima! No more Oslo! )

[muawiyah]

Look, the folks working there continue to work "there" in any logical distribution or assignment of assets. After all, as far as bankruptcy is concerned they are simply part of an "asset".

The courts, however, should be concerned with "equity", and that should include deferred pay (called "pension benefits").

All I'm suggesting is that the current leniency shown these bankrupt companies simply leads to even more waste and corruption by other companies. At some point the courts should be required to dispose of ALL assets in a manner that preserves the residual value owned by the retirees.

Oh, yes, and this should include stripping company policy-makers and board members of their personal assets if necessary.