ATTENTION! Go to the LOST LIST (updated May 21, 2013)
to help find employees that Wells Fargo has been unable to locate!
Thanks again to Bob Reisig for his help.
New bank contact for the ESOP Plan
On Tuesday, July 10th, I phoned Leslieann Gallagher.
I had written over a month ago the address Ace gave and never heard anything.
She was VERY helpful and is in the situation of a ticket agent with a weather delay -
she's getting blamed when she's not at fault.
The facts are that a lawsuit filed by the FL ESOP plan (called the TRASOP plan too, I believe) against People Express
was finally settled in 1991 and the money deposited in the United Bank of Colorado.
The FL ESOP plan had been terminated by that time and the funds distributed.
Most of you recall getting the payout.
Nobody at the United Bank apparently could figure out what to do since the Plan was terminated and
they no longer even had the database for the Plan. Then Wells Fargo bought out United Bank.
First thing you know 9 years have gone by and the money in the account has grown to $202,000.
Last December Wells Fargo decided to re-create the database
from the Jan, 1, 1986 allocation report for the Frontier ESOP Plan.
That's where they're at now.
It appears only a few people are working on this effort and they are nearly 2 months behind.
Ms. Gallagher said there are 3700 people expected in the group to share the money.
The amount one will receive is based on what you had in the ESOP Plan on Jan.1, 1986.
You won't be getting any payout if you had less than 3 years with FL at that time,
if you had already taken a distribution before that date or if you did
not participate in the ESOP Plan.
They are working now to get the database updated.
If you haven't heard from them, were in the Plan 1/1/86,
had at least 3 years with FL and were an ESOP participant
and have not already written and/or
phoned; do one of these things:
· Call Ms. Gallagher at 303-863-6258
· E-mail her at Leslieann.Gallagher@WellsFargo.com
She will need your name and social security number.
And the ladies need to give the name you were using at that time.
So, even though I had written and heard nothing,
she said the information had been entered but the reply was in the backlog.
It's like 'found money' - I'm still startled there was anything left in poor ol' FL's carcass.
I got my ESOP check today.
The original letter said it would be $126.86
but it was only $80.32 after their re-calculations.
The lady at the bank told me they had mailed to about 300 people
before they realized the problems and then stopped.
I have not spoken with her in several weeks
but I will be glad to get in touch and send out more information.
I received a check today from Wells Fargo. A
It's less than originally figured due to the larger
number of participants in the ESOP than anticipated.
That was the
message in the accompany letter from the VP of Institutional Trust at
Wells Fargo in Denver.
Maybe the distribution has finally begun.
If my memory is correct, four of the five unions gave up a very large
percentage of their pay to salvage our company. I don't know why the
settlement was about $210,000.00 for 6,000 employees, when we
contributed (guess) at least 20-30 times that. The lady told me that
my check would be for $84.00. Who got the rest? Lorenzo? Burr?
Attorneys? I'd just as soon contribute my check into some fund that
would benefit those who're really hurting (if others would do
likewise). Guess my Cajun math just can't figure their numbers....
or are my numbers wrong?
Clyde Hart (7/29/02)
Les was told he would get 128.....he ended up with 86 bucks....so
some vultures do still want FAL's carcass.
Mary Pat Simpson
Ms. Gallagher sent the following information via e-mail to Jake on
August 2, 2002:
I think that the attached letter explains the situation best!
It is identified as Frontier2, below. In addition, I have attached the original
letter which was sent to Frontier participants. You will note that we did
indicate that this was an estimate only! Finally, we have changed our
procedures which should simplify and expedite the process of getting people
paid out! Now, we are going to issue a check to all participants who have
balances of under $200, which is nearly everyone. I have also attached a
copy of that letter for your reference.
Let me know if you want to discuss this further! I know that several
participants are upset about receiving a lesser payment.
Wells Fargo VP
August 1, 2002
Dear Frontier ESOP Participant:
Our records indicate that you were a participant in the Frontier Employee Stock Ownerhip Plan (ESOP).
The ESOP recently received some funds related to the settlement of a lawsuit between Frontier and People’s Express Airlines.
Enclosed is a check representing your portion of the settlement as an ESOP participant.
As with all tax-deferred money distributed from qualified plans,
your distribution will be reported to the IRS as taxable income for this year.
You should also receive a Form 1099-R in January of 2003 showing this.
Since your share of the settlement proceeds is under $200, no amount was withheld for Federal income taxes,
in accordance with income tax regulations.
If you want to continue to defer taxes on this amount,
you can roll this distribution over into an Individual Retirement Account (IRA)
or another eligible retirement plan within 60 days of the date of the enclosed check.
If you have any questions about this distribution, please contact me at (303) 863-6209.
Very truly yours,
Nancy A. Schafer
February 28, 2002
Dear Frontier ESOP Participant:
Wells Fargo Bank West, N.A., formerly known as United Bank of Colorado, N.A.,
is in receipt of funds attributable to the Frontier ESOP.
Wells would like to distribute your proportionate share of this sum as soon as possible.
Please complete the enclosed Qualified Retirement Plan Total Distribution Form
and return it to me in the enclosed self-addressed envelope at your earliest convenience.
You will need to be sure to complete the sections of the form that ask for your
name, address, social security number, and birth date, as well as the section which instructs Wells how to pay your benefit.
We need to know if you wish to have the check cut to you or sent to an IRA or another qualified plan.
If the amount due to you is over $200, Wells is required to withhold 20% of the distribution
for prepayment of income taxes to the IRS unless your balance is rolled into an IRA or another qualified plan.
An estimate of the amount due to you appears on the mailing label at the top of this letter opposite your zip code address.
If you have any questions about this distribution, please contact me at (303) 863-6258.
Very truly yours,
April 22, 2002
Dear Frontier Airlines Employee Stock Ownership Plan (ESOP) Participant:
Enclosed please find a check which is your proportionate share of the funds
which were received by United Bank of Colorado, N.A., predecessor to
Wells Fargo Bank West, N.A., as a part of a class action lawsuit.
This check is not the same amount as the estimated payment which
we had previously communicated to you in our letter dated February 28th, 2002.
The difference in amount is the result of a reallocation of the assets due to
there being more participants in the ESOP than we had originally estimated.
If you have any questions about this distribution, please contact at (303) 863-6258.
Very truly yours,
I have been working with Ms. Gallagher at Wells Fargo and will do so after the name list is done.
H. Lee Davis
(Lee was the FL post-bankruptcy administrator until May 31, 1990 when FL officially ceased to exist.
He should be very helpful with the ESOP.)
I have been working with Nancy Schafer from Wells Fargo Bank along with
Hanson and Ace Avakian. She recently sent me the list of missing
Airlines employees that were in the ESOP/TRASOP plan. I have gone
list that Ace has, and sent her the addresses of some of the people we
of. I have the list and can forward this to you via e-mail if you're
interested in pursuing this and finding the rest of the Frontier
Captain Robert Reisig--Retired
(Bob's info is posted at link at top of page. Thanks, Bob!)
Bob sent an updated ESOP lost list.