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so, is it going to go up or down next based on your chart?
the reason is Mr Lawrence Meadows. He filed appeals after appeals to no end. It was mentioned that AAL counsels wanted to do a final distribution bck in January 2020 (i.e. last year) but because of Meadows, they couldn't do so. And now ONE whole year has lapsed
Bloody Hell Lawrence Meadows
Anyone can access the Letter In Re: Claim Filed by TWA? There is a new filing dated 10 July 2020 on www.amrcaseinfo.com
Hope we can have some closure on DCR soon
It means the maximum number of AAL shares you can get is
4.8/394.2 = 1.217656 %
bearing any further distribution from DCR pool to creditors
So if you have 100,000 AAMRQ shares, assuming all outstanding claims are fully resolved with zero distribution to claim owners, you as an AAMRQ shareholder, will get 1,217 shares of AAL
AAL share price as of close of 01 May 2020 : $10.64
[AAMRQ] share price as of close of 24 April 2020 - $10.31
Lo and behold, who'd have thought that for all the years of waiting for the resolution of the bankruptcy, shareholders are now looking at a share price of just $10.30
And not only this, all the airlines would have gone into another new wave of bankruptcy due to the Covid-19 pandemic if not for the generous liquidity that the US govt injected into airlines ($25 billion dollars cold hard cash to be shared among all the airlines)
70% of this $25 billion is given to airlines absolutely free of charge-thank you for accepting my cash; no need to return me, and 30% is loaned at ultra low interest rates. What an amazing windfall!
To think that AAL still wants to be cheap on AAMRQ shareholders by counting the dimes and pennies. Come on, just distribute the 7 million DCR shares already!
amrcaseinfo website is not available anymore?
You will get 1.775% of the number of AMR shares you hold.
For eg, If you hold 100,000 AMR shares, you will get 1,775 AAL shares
DCR update - 12 Feb 2020 (final 2 claims)
= = = = =
1. claim# 7319 / Leslie Vetter (pending)
2. claim# 9676 / US EEOC (pending appeal by Lawrence Meadows)
3. claim# 11044 / TWU local 569 (withdrawn on 10/Feb/2020)
o/s Aircraft Claims
= = = = = = = = =
1. AT&T (resolved)
2. Union BanCal (resolved)
3. Wilmington Trust (resolved)
It says that for the period from 1st October 2019 to 31 December 2019, there is a cash disbursement of $835,782,000.00
How is this even possible?
A whopping $835 million!
DCR update
With the recent settlement of the claims of AT&T, UnionBanCal and Wilmington Trust, all aircraft claims are fully resolved.
For the following 6 claims, I can't confirm the status
= = = = =
1. claim# 7319 / Leslie Vetter /
2. claim# 9676 / US EEOC / objection withdrawn?
3. claim# 11044 / TWU local 569 /
4. claim# 13615 / TWU /
5. claim# 13618 / APA /
6. claim# 13619 / APFA /
= = = = =
another $2 million for AAMRQ shareholders
$1 million released on 9th October 2019
from UnionBanCal sub-reserve
to general DCR
$1 million released on 7th October 2019
from UnionBanCal sub-reserve
to general DCR
Here's another $29.5 million for AAMRQ shareholders
= = = = = = = = = = = = = = = = = = = = = = = = = = = = =
On 20th September 2019,
Pursuant to the stipulation and agreed order settling proofs of claim filed with respect to AT&T TIA, and further to subsection number 8 of the 5th ordered paragraph of the DCR order, the excesses of the AT&T sub-reserve totaling $29,589,239.00 shall be released into the general DCR for distribution to AAL shareholders on record
Final distribution is coming
= = = = SUMMARY = = = =
Hearing : 30 Sep / 10:00 am
Presentment : 04 Oct / 4:30 pm
Creditor : AT&T TIA relating to aircraft claims
= = = = = = = = = = = = = =
Order Signed On 9/20/2019, Granting Motion To Shorten Time And Schedule Hearing With Respect To Settlement And Agreed Order Settling Proofs Of Claim Filed With Respect To AT&T TIA Claims.
= = = = My Takeaway = = = =
Since they mutually asked the court to shorten the time to settle, it can only mean that
(1) things are finally wrapping up
(2) AT&T is probably the bottleneck to the full and final wrap up of the bankruptcy process which started in 2011
(3) 8 years of waiting is coming to an end
why October?
what happened? What is the news with the mechanics union?
No more shares left for AAL shareholders?
13225 / court hearing on 16 May 2019 / Today
Notice of Agenda for Status Conference Scheduled May 16, 2019 at 11:00 A.M. (Eastern TIme)
Filed by Alfredo R. Perez on behalf of AMR Corporation
with hearing to be held on 5/16/2019 at 11:00 AM
at Courtroom 701 (SHL) (Perez, Alfredo)
AAMRQ shareholders
ex- dividend date = 05 Feb 2019
stock distribution date = 14 Feb 2019
dividend payable date = 20 Feb 2019
Question: who will receive the dividend? DCR fund or stock holders?
called them on Friday, they managed to update the shares into my account!
All's good now!
Anyone on ETRADE who has gotten your shares?
I am with ETRADE and I haven't received my shares
Anyone got the DCR shares in their accounts yet?
The airline says investors should receive their shares between 12 to 14 Feb 2019. I haven't seen mine in e-trade yet.
WOW!
Thank you @ONEVOLT for being the first to break this much awaited news
I want to give you a BIG HUG!
This won't have to do with the upcoming distribution that we will be getting before 31th March 2019
However, this will delay the final distribution that will probably happen after 31th March 2019
delay yet again to 27 Feb 2019 (Meadows's hearing)
carolyn et al - Adversary trial schedule
trial will be from March 11 to March 15, 2019
Here we go ... long wait
source :
http://docket_pdfs.gcg.net/aam/13-01392/194_01392.pdf
DCR distribution timeline
So I wrote to the counsel for AAL and he replied that the airline is working on doing the distribution and anticipates getting it out as soon as it can.
Pretty vague and doesn't say much I guess ...
I further asked if nutcase Lawrence Meadows is the bottleneck and to my relief, the counsel confirmed that he isn't. So I guess the distribution doesn't have to stretch out to 31th January where his appeal case would be heard in court, yet again.
Anyone can put a face to this nutcase? Photo?
I'd like to buy this guy a beer, but not in person. He has so much anger in him. I wonder if he has any friends and how his family is living their lives around him.
After his appeals and higher appeals were rejected, he is now saying Judge Lane has erred in his judgment and wants the judge to take back his order to authorize the DCR distribution. Unbelieveable! This guy has no qualms about sinking the entire ship with him. Just how much hatred is in him?
Because the reorg plan calls for the excesses of the Labor Reserve & Aircraft Reserve to be distributed back to AMR equity holders, together with excesses in the main DCR.
In the judge's written order, it is specifically worded " ... to holders of AMR equity interests... "
" .... distribution of up to 4.1 million shares of New Common Stock from the Labor Allocation Reserve to holders of Allowed AMR Equity Interests. ..."
(13.4 + 4.1) / 394.2 = 4.4393708 %
I wouldn't say the employees are " f*cked ". It was the employees and labor unions who drove the airline into bankruptcy in the first place.
If you google, the unions have secured multiple times of wage and benefit increments for the employees (TWU, APA, APFA), yet the stock hasn't been performing despite industry-leading wages and benefits for these employees.
And even after securing all these wage increments and benefits, the employees and their unions decided to put in a last-ditched attempt to block the release of DCR shares to shareholders.
So I'd put it as the airline and shareholders getting " fu*ked " by the employees, and not the other way round, consistently!
This ruling is in favor of American Airlines on all the 4 items listed below. Basically, the judge ruled that:
1. 189th omnibus objection is sustained. i.e. Retiree benefits claims are denied.
2. 194th omnibus objection is sustained. i.e. Expired stock options held by employees are deemed worthless. Employees cannot expect AA to reimburse them.
3. Pre-funding medical claims by employees are denied
4. Supplement medical plan claims by employees are denied
This ruling paves the way for American Airlines to distribute the shares in due course I think.
BK stands for bankrupt
the website is
http://www.amrcaseinfo.com
@ OneVolt , where did you see that the renewed motion to distribute DCR shares was approved? Please share link. thanks!
6 years long wait is called a "rush" by the APA and APFA
so much irony here ...
May I suggest these 2 unions backstop the losses incurred by shareholders for the wait they put us through
X = highest stock price AAL has ever reached during the years of waiting caused by the unions
Y = AAL stock price as at time APA+APFA decide to agree DCR distribution
Compensation by APA+APFA to AAL shareholders (Y-X) x No. of AAL shares
Release of DCR, hearing 6th Dec 2018
Motion to Authorize / Renewed Motion for Entry of Order Authorizing Release of Excess Reserve Funds Held in Disputed Claims Reserve filed by Alfredo R. Perez on behalf of AMR Corporation with hearing to be held on 12/6/2018 at 11:00 AM at Courtroom 701 (SHL) Responses due by 11/29/2018,. (Perez, Alfredo)
Please refer to the latest court filing - document number 13109 - filed by AAL's counsel, Mr. Alfredo of Weil Gotshal
Essentially, AAL has communicated with TWU, APA, APFA and other remaining creditors and will look to file a motion to distribute shares to AMR equity interests.
This renewed motion (last filed in March 2015) will be heard in front of Judge Lane on 27 November 2018 (11:00 am), and will be most likely be approved in time for a distribution "before end of 2018"
Merry X'mas in advance, everyone !
FINALLY, distribution will be before end of 2018, which means its less than 2 months away
Breakdown of Outstanding (AsOf 25 Oct 2018)
============================================
(a) 189th omnibus (TWU's 189 individuals) = 189 claims ($26.7 mn)
(b) claim no. 7639 (TWU) = 1 claim ($7.5 bn)
(c) various TWU locals = 14 claims ($647 mn)
(d) employee benefit & stock = 8 claims ($2 mn)
(e) amended & superceded = 6 claims ($64 K)
(f) 7043 (mark lawson) = 1 claim ($144 K)
(g) TWU + APA = 21 claims ($6.1 mn)
(h) employee general = 10 claims ($1.1 mn)
(i) prepetition litigation = 7 claims ($22.4 mn)
(j) misc prepetition = 7 claims ($22 K)
(k) real estate (airport authority) = 3 claims ($6 mn)
TOTAL = 267 claims
Omnibuses
==========
189th & 194th = court hearing 30 oct / bench decision 27 nov 2018
186-188, 190-193, 195, 197-198 = settled
196th = court heard on 25 sep 2018, awaiting judge's decision
claim number
============
7639 (TWU) = pending ; $7.5 bn -> $199.5 mn -> AAL asked for maximum $478 K
11037 (TWU) = settled; claims reduced from $116.8 mn to $1.5 mn
12520 (TWU) = settled; disallowed & expunged; $116.8 mn -> zero
7043 (mark lawson) = pending; he is asking for $144 K
7459 (TWU local 542) = settled, $7.6 bn -> zero
13467 (patricia gordon) = settled; $1.5 mn -> zero
9755 to 9774 (APFA) = settled; $6.38 bn -> zero
13906 (Los Angeles Office of Finance) = settled; $179 K -> zero
13917 (NY State Dept of Labor) = settled; $9.7 K -> zero
Thanks for the info!
Is the company allowed to purchase shares from the reserve fund?
I would have thought the company has to buy back shares from the open market.
I don't know how long this is going to drag out.
Back in 2017, I thought we'd see the end of all the lawsuits but Alas!! the union (specifically TWU and the local 514) managed to drag it out till today. And we are nearing the end of 2018, mind you!
TWU is the bottleneck here.
(a) The pilots have theirs dismissed (supplement "B" for $650 mm)
(b) The flight attendants lost their case too (APFA Grievance Claims
Proofs of Claim Nos. 9755–9774 - $6.38 billion)
(c) the section 1114 committee of retired employees have their adversary case dismissed too ($5.5 billion)
(d) the EEOC (equal employment opportunity commission) case dismissed as well ($1.5 billion + $9.9 billion = $11.4 billion)
Incredible!
TWU made appeals after appeals, modifications after modifications to their lawsuits ...
DCR Update -- 24 Oct 2018 / 12:43pm (AAL $31.80)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
24 July 2018: Court hearing on 189th, 190th, 191st, 192nd and 193rd omnibus objections
25 July 2018: Judge rejected AAL's 190th omnibus objection, ruled that AAL shall continue to provide the “retiree benefits” for the Section 1114 CoRE. Both AAL and CoRE have agreed not to appeal this verdict so case is officially resolved and closed. Consequently, Adversary Pro. No. 12-01744-shl is now officially resolved and dismissed.
31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
22 Aug 2018 : court hearing 11:30am (tele-conference)to look at releasing the shares to AAL shareholders. A group of AAL shareholders has engaged counsel Joel Moss of Shearman&Sterling LLP to renew the motion to release DCR shares.
28 Aug 2018 :
(1) 191th omnibus objection (extended from previous court hearing on 24 July);
(2) Transport Workers Union of America's Collective Bargaining Agreement seeking claims of $7.5 billion and another $116.8 million for grievances
(AAL responded by saying the $7.5bn is part of the old CBA which has since been renegotiated after the airline's bankruptcy and thus should be adjudicated. For the grievance claims of $116.8 million, AAL argued this should be no more than $1.00 million)
25 Sep 2018 : court hearing to hear appeals from individual retirees regarding their objections to 189th omnibus
02 Oct 2018 : AAL's objections to various claims granted by court (13467 patricia gordon, 7459 TWU , 191,195,197,198 omnibus)
= = = = = = = = = = = = = = = = = = = = = = = =
30 Oct 2018 : Puerto Rico Port Authority 4 outstanding claims (total $7.3 million) proof of claims - 10742, 10744, 10749, 10750
[moved to XX Nov 2018]
30 Oct 2018 : court hearing on 189th & 194th omnibus objection as well as proofs of claim (7639,11037) , ECFs (12910,12975,12982,13011) relating to TWU employee stock options. These greedy guys want to have their $5 AMRCorp option back <hilarious>
[bench decision / court adjourned to 27 Nov 2018]