Examination of UAL Buyout Asked: The International...

Examination of UAL Buyout Asked: The International Assn. of Machinists has asked the Labor Department to examine the proposed $6.75-billion buyout of UAL Corp., the parent of United Airlines. In a three-page letter to Labor Secretary Elizabeth Hanford Dole, the union charged that tax benefits associated with the buyout “are effectively subsidizing a substantial and excessive windfall” to UAL Corp.’s management and United’s pilots, the employee group spearheading the $300-a-share takeover effort.