I write you with a quick update on the Equity Distribution Plan. Several members raised questions in response to my letter that was sent last week. As a result, I have asked our lawyers to prepare a “question and answer” sheet . This will be sent out in the near future.
Our legal team will provide answers to the questions I received. Until then, let me share that the Plan currently is funded at about $85 million dollars. Arrangements will now be developed to distribute the money.
Please remember this is a complicated, detailed and time consuming process. Our lawyers will keep the eligible recipients informed of the timetable, process and other legal issues like the withholding of some funds because of taxes .
Be assured we are carefully working to bring this to conclusion.
Director, Air Division, TWU International