re-posting a post from Leslie Mayo:

People are talking about 10 years with this LBFO. Know that if we turn this down, one of three things can happen:

1) The judge grants AA's motion to abrogate and we live under the 1113. This drives AA's labor costs down in its POR (Plan of Reorganization) making them more attractive than they would be with this POS (Piece of S*&t) LBFO making US Airways' Plan less competitive. AA won't be driven to bargain because they don't really have to anymore. They have about $6 billion to exit and can draw negotiations out for another 4 years if they want to. Trying to get released from mediation by the NMB will be a joke. And if we do Strike, AA's got their own version of a strike fund in the form of a whole lot of money they socked away during BK. The downside of this scenario is two-fold: 1 - we are living under worse terms than we could have been with this POS/LBFO. 2 - giving AA a leg-up when the UCC gets around to comparing exit plans between the airlines.

Likelihood of this happening - depends on our vote I suppose. It also depends on one more thing: the other 2 unions' votes. This is the advantage to us finishing up last.

2) The judge denies AA's motion and the judge orders the parties back to the table. Keep in mind they can't let us have what they didn't give the pilots or TWU so we're back to concessionary bargaining. The likelihood of the above scenario: the judge denying AA's motion to abrogate - 99.99% against.

3) The judge grants AA's motion and there is a merger. First of all, I am a firm believer in US Airways' efforts AND ability to get this merger done. Someone said there's never been a merger inside bankruptcy. I honestly don't know if that's true. But I do know that this merger is different from every other merger anywhere in one very big way - Parker already has Term Sheets with 55,000 employees. Also, Eagle is talking to him now. If there is a merge, (and why wouldn't there be one? Have yet to see a good argument against it even from ToHo) the FAs Term Sheet will be bargained up in a specified amount of time after applying for single carrier status. I think it's 60 days or maybe 30.