I believe the tie cutting is a Navy tradition for when a pilot solos for the first time. They cut the tie because they used to fly wearing ties and the pilot would tuck them in their shirts. They also wore them tucked in when on the ground. However, with a long tie, it looks bad because there is a bundle of tie inside the shirt. So, after you would solo, they would cut your tie so you don't look as bad when it's tucked in. However, if your IP did not like you he may cut it too short so that you would have to buy a new tie and still look bad with it tucked in.
So, since I soloed just before Thanksgiving, I was one of the people who had their tie cut. It is always a good time, with dumb/funny stories and lots of beer being drunk. All, in all, that is how my week went. Good week I guess, but I am looking to start formation soon.