The Steve & Barry's went out of business during the company's bankruptcy in 2008.
The cuts would have been their third set, on top of two granted during the airline's first bankruptcy, which ended in April 2003.
He rose through the ranks, enduring the dark days during the city's bankruptcy when Transit, in his words, "fell apart."
Employees gave the airline two sets of cuts, worth $1.9 billion a year, during its previous bankruptcy.
Workers accepted two pay cuts during the airline's first bankruptcy, which ended in 2003.
United continued operations during its bankruptcy, but was forced to cut its costs drastically.
During Wickes's bankruptcy, he eliminated 15 divisions and cut the company's work force by some 12,000, to about 100,000.
During his bankruptcy, Peterson started a second business as a motivational speaker, which he continued until 2001.
LTV sold off the other businesses during its first bankruptcy.
During a company's bankruptcy, creditors are paid before shareholders.