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Alternative Market Briefing

United Airlines pilots to stage protest in front of hedge funds offices

Monday, April 04, 2016

Komfie Manalo, Opalesque Asia:

Pilots of United Airlines have announced they will hold a picket in front of the headquarters of PAR Capital and Altimeter in Boston on April 6 to protest the hedge funds’ plan to gain control of the airlines board, reported Airways News.

The United Master Executive Council of the Air Line Pilots Association (MEC), which represents 12,000-strong United Airlines pilots, told its members that the hedge funds "have made disturbing statements in an attempt to force many changes within United’s Board of Directors."

Amongst the proposals of PAR Capital and Altimeter is the creation of a six-member shareholder slate to be headed by former Continental CEO Gordon Bethune. However, MEC chairman Todd Insler said that the proposal is "being done for their own benefit and without publicly stating their intentions for the future of the airline."

MEC said in its letter, "Thankfully, and due wholly to our past sacrifices, our situation has dramatically improved. Now is not the time for hedge fund minority shareholders to reward themselves at our expense. Now is the time for all stakeholders to benefit from continued reinvestment in our airline’s corporate infrastructure, customer experience, new aircraft, maintenance, training, IT, and improved contracts."

Last week, the leaders of United Airlines’ pilot association ......................

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