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Alternative Market Briefing

United Continental pilots accuse hedge funds of 'wanting to pillage’ airline’s coffers

Wednesday, March 23, 2016

Komfie Manalo, Opalesque Asia:

The leaders of United Airlines’ pilot association have accused two activist hedge funds of planning to raid the United Continental’s profits by insisting on appointing an "outsider" on its board, reported Forbes.

In a strongly-worded letter to the pilots, the United Chapter of the Air Line Pilots Association, the 35 leaders of the master executive council have expressed their continued support to United CEO Oscar Munoz and vehemently opposed the suggestion of hedge funds Altimeter Capital and PAR Capital allow former Continental CEO Gordon Bethune return to the airline's board as its new head.

The pilots said in their letter, "We are not interested in outsiders who are late to the party and interfering with United’s bright future." The leaders include the national leadership team as well as leaders from 11 pilot bases of United. "We are not interested in handing over hard earned profits to those looking to raid the corporation.

They added, "All stakeholders of United Airlines will benefit by thwarting these destructive forces disguised as shareholder activists. Instead of rewarding corporate green mailers, investments in the future viability of our airline need to be made."

The pilots advised Bethune, who is closely associated with United’s failed ......................

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