Great take on the entire issue of the strike, and subsequent event of UPS "going public" with it's stock. In 1994, Oz Nelson (formally the head of Business Development) was the CEO and started the "quality" movement at UPS.
Many of the older drivers may remember the reduced emphasis on production, self-directed work groups and the push to make everything at UPS customer focused. That new program went on for 3 years, and I believe it was generated to 1) focus on customers but also, 2) to build trust (which was lacking) between the teamster employees and UPS coming into the 1997 contract negotiations.
Then in 1997, UPS offers to take over the pension, which would have been good for UPS employees and the company (but not the best thing for the teamsters union). Imagine the surprise, when corporate discovered that, not only didn't the drivers believe that the offer was good for them, but also wanted to strike!
Oz Nelson retired right before negotiations for the 1997 contract. We got a new CEO, who was an operations guy - former center, division, district, and region manager and (I believe) was COO for Nelson. After the strike was over I think that he looked at Oz's program and believed that it didn't work, and immediately instituted a return to the prior way of running the company. Who knows, maybe after the first "national wide strike" at UPS, the management committee believed that best way to protect the value of everyone's stock holdings was to "go public", rather than wait and see what would happen should FedEx ground continue to take market share.
The key point that oldngray made was absolutely true - people trusted the company even less than the union.