The five union coalition that represents employees of UAL, parent company of United Airlines, fell apart today after the Machinists union broke ranks with their counterparts. The announcement by UAL of the break caused their stock to plunge 20% amid fears there would be a delay in reaching a labor agreement, which could ultimately bankrupt UAL. The Machinist union was unwilling to accept pay cuts and cost saving measures the coalition had agreed to last month.
See John Schmeltzer, Chicago Tribune, October 10, 2002