The Brotherhood of Locomotive Engineers and Trainmen (BLET) has recently sparked controversy within the railroad industry by announcing their alignment with hedge fund Ancora in a potential hostile takeover of Norfolk Southern. This decision has raised concerns among BLET members and the broader rail labor community.
The memorandum of understanding between BLET and Ancora was made in hopes of reaping potential benefits if the takeover bid is successful. BLET leadership aims to achieve similar benefits to what the SMART-TD union has obtained through their alignment with Ancora. However, this move has faced criticism due to previous disapproval of Ancora expressed by BLET General Chairmen.
One of the key points of contention is Ancora’s indication that they will bring back Precision Scheduled Railroading (PSR) if successful in the takeover bid. This move directly contradicts the stance of SMART-TD and other rail labor unions. In addition, the agreement between BLET and Ancora includes initiatives to take over certain operations from SMART-TD and insert BLET officers into existing training processes managed by SMART-TD.
The decision by BLET leadership to align with Ancora has not been well-received by their members, with some choosing to defect to other unions like SMART-TD. BLET leadership has been criticized for a lack of transparency and communication with members regarding this controversial alignment.
The repercussions of this decision remain uncertain as BLET continues to navigate the fallout from their alignment with Ancora. The rail labor community will be closely watching as this situation unfolds and its potential impact on industry dynamics. Stay tuned for updates on this developing story on Poh Diaries.
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