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Subject: Directors Update 2-18-03
Follow up meetings with AA: Re-scheduled.
AA has informed us that the follow up meeting scheduled for Tuesday February 18, 2003 at 16:00 has been re-scheduled for Wednesday February 19, 2003 at 15:00 due to weather and flight cancellations on the east coast.
The meeting was initially scheduled to continue briefings on the Company’s restructuring plans. Representatives from our consulting firm ECLAT will also be on hand for the presentation .As previously mentioned, we have blocked the weeks of February 24 – March 7 to continue our information gathering. Over the next few weeks my staff will continue to keep the Local Presidents and AA members advised of any restructure plans or changes.
In order to protect our member’s interests should the Company decide to file for bankruptcy; we have also added and retained an Investment Banking firm – Milestone to our list of advisors.
Milestone's provides a broad array of offerings for many of the world's largest and most experienced investors. They differentiate themselves by combining their in-house investment banking capabilities together with their extensive relationship network around the world. Let’s hope we do not need them.
I am sure there are a number of cost savings initiatives our members see on a daily basis. Please send any cost savings suggestions to your Local President for collating and forwarding them to the appropriate International Representative assigned to the Local.
Thanks,
Fraternally,