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Dow Jones Newswire: A Safety Net For UAL Execs, Not For Workers (Jan. 17, 2003) (Site not responding. Last check: 2007-10-14) |
 | | UAL Chairman and Chief Executive Glenn Tilton has a severance package that appears to grant him up to $5.1 million under certain circumstances if he leaves the company, according to his employment contract. |
 | | But what makes this case particularly hard to take is UAL's employee ownership, which means that employees effectively take it on the chin twice: They lose jobs and wages, AND their stake in the company plunges in value, and perhaps ultimately loses all value, as stocks of bankrupt companies often do. |
 | | If UAL doesn't meet those requirements, and thus buy more time to help it get back on its feet, all the severance payments in the world may be small comfort for Tilton. |
| www.laborresearch.org /story.php?id=264 (971 words) |
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