JetBlue bids for Spirit Airlines
04-13-2022, 03:16 PM
#411
Gets Weekends Off
Joined APC: Sep 2014
Position: Da Bus, Left
Posts: 1,525
What you or I “hope” doesn’t matter a bit. What matters LEGALLY is what is the best deal for the stockholders, because if NK management fails in their due diligence to the owners they are going to get their butts sued and they know it. The principal stockholders are not management which IIRC has a grand total of 46 hundredths of a percent of the outstanding stock. The principal stockholders are actually mutual funds and Vanguard alone owns a quarter billion dollars worth of SAVE, nearly nine percent of outstanding shares.
I don’t know if you ever heard the old Mark Twain quote:’ Never pick a fight with someone who buys ink by the barrel’? Well, there’s a corollary about not getting in a stockholder fight with anyone who has more accountants and lawyers than you have pilots, and between Vanguard, Fidelity, and Invesco, that’s very much the case. The NK management was already facing a class action suit alleging that they hadn’t done due diligence by spending 18 months setting up the F9 deal without even asking for other offers.
https://www.globenewswire.com/news-r...-the-Firm.html
And I have no doubt that there were sweetheart deals involving people in NK management getting jobs in the new combined company, and the lawsuit could have probably been settled fir a few million regardless, but not when someone else comes in with a 30% better offer.
Now NK management HAS to play it straight, or be ready to convince a civil court that the extra half billion dollars plus really isn’t that good a deal.
I don’t know if you ever heard the old Mark Twain quote:’ Never pick a fight with someone who buys ink by the barrel’? Well, there’s a corollary about not getting in a stockholder fight with anyone who has more accountants and lawyers than you have pilots, and between Vanguard, Fidelity, and Invesco, that’s very much the case. The NK management was already facing a class action suit alleging that they hadn’t done due diligence by spending 18 months setting up the F9 deal without even asking for other offers.
https://www.globenewswire.com/news-r...-the-Firm.html
And I have no doubt that there were sweetheart deals involving people in NK management getting jobs in the new combined company, and the lawsuit could have probably been settled fir a few million regardless, but not when someone else comes in with a 30% better offer.
Now NK management HAS to play it straight, or be ready to convince a civil court that the extra half billion dollars plus really isn’t that good a deal.
04-13-2022, 03:32 PM
#412
Perennial Reserve
Joined APC: Jan 2018
Posts: 11,792
Just for some context: That law firm puts out their own press release that says they are "investigating" and it brings you to a form where they are fishing for potential clients. They just did four so-called "investigation" press releases today on other mergers - all cut and paste with names and price figures. It appears they put out a press release for any company that files a merger agreement. It is totally bogus and not credible.
https://www.bespc.com/cases?type=1&status=&searchText=
https://www.bespc.com/cases?type=1&status=&searchText=
But going up against the legal and accounting departments of major mutual funds is a whole nother order of ugly. That’s not going to happen. They WILL play it straight at this point.
04-13-2022, 07:05 PM
#413
Line holder
Joined APC: Nov 2013
Position: On the bus,seat 0A
Posts: 3,295
Much I don’t think. Better? What do you think? To the ones defending Spirit model and bashing the JetBlue even saying they’ll close shop if it isn’t for the merger, do you think a company making so much money, and knowing they have the future market dominated would just sell off?
04-13-2022, 07:12 PM
#414
Gets Weekends Off
Joined APC: Dec 2012
Posts: 2,145
So with the current SS going on, getting new management for NK sounds great, but JB is having the excact same issues. Also you guys seem a lot more hostile to us than F9 guys. Maybe JB is a great company to work for but i personally have not met a happy JB pilot. I know we have pilots leaving by the hundreds, but even the ones going are mostly in the "I enjoyed flying whit you guys here" camp (and I have not met a single one leaving for JB in my 9 years here). Did not apply at JB, would prefer not to merge with anyone. At this point being a newhire at a legacy sounds better than being at 20% RS at NK.
04-13-2022, 08:11 PM
#415
Line Holder
Thread Starter
Joined APC: Dec 2017
Posts: 71
So with the current SS going on, getting new management for NK sounds great, but JB is having the excact same issues. Also you guys seem a lot more hostile to us than F9 guys. Maybe JB is a great company to work for but i personally have not met a happy JB pilot. I know we have pilots leaving by the hundreds, but even the ones going are mostly in the "I enjoyed flying whit you guys here" camp (and I have not met a single one leaving for JB in my 9 years here). Did not apply at JB, would prefer not to merge with anyone. At this point being a newhire at a legacy sounds better than being at 20% RS at NK.
04-13-2022, 08:12 PM
#416
Gets Weekends Off
Joined APC: Apr 2018
Posts: 201
So with the current SS going on, getting new management for NK sounds great, but JB is having the excact same issues. Also you guys seem a lot more hostile to us than F9 guys. Maybe JB is a great company to work for but i personally have not met a happy JB pilot. I know we have pilots leaving by the hundreds, but even the ones going are mostly in the "I enjoyed flying whit you guys here" camp (and I have not met a single one leaving for JB in my 9 years here). Did not apply at JB, would prefer not to merge with anyone. At this point being a newhire at a legacy sounds better than being at 20% RS at NK.
04-14-2022, 04:45 AM
#417
Layover Master
Joined APC: Jan 2013
Position: Seated
Posts: 4,312
Three years at JetBlue. Management is abysmal. 99% of pilots I've flown with are awesome. Most people are happy to be at work. Layovers are great, route structure is great. I bid long Caribbean and west coast layovers.
I applied to Spirit. JetBlue called first. Several friends at Spirit. They are generally happy. I have no negative feelings towards Spirit, nor does anyone I fly with in general.
I'm much happier with the JetBlue product (when we aren't in an IROP) and our clientele. I love the Mint product, I like being fed en route and drinking espresso.
I love that Spirit exists as a product as it allows more people access to air transportation. IF we acquire Spirit, it would be a shame for that product to disappear.
IF we acquire Spirit, I welcome its pilot group to ours and hope that we somehow have better management going forward.
JCBA first, ISL second. No matter what happens with the ISL I plan on getting screwed. Nothing I can do about it.
I'd leave for UAL or FDX, but they haven't called. Probably never will.
I applied to Spirit. JetBlue called first. Several friends at Spirit. They are generally happy. I have no negative feelings towards Spirit, nor does anyone I fly with in general.
I'm much happier with the JetBlue product (when we aren't in an IROP) and our clientele. I love the Mint product, I like being fed en route and drinking espresso.
I love that Spirit exists as a product as it allows more people access to air transportation. IF we acquire Spirit, it would be a shame for that product to disappear.
IF we acquire Spirit, I welcome its pilot group to ours and hope that we somehow have better management going forward.
JCBA first, ISL second. No matter what happens with the ISL I plan on getting screwed. Nothing I can do about it.
I'd leave for UAL or FDX, but they haven't called. Probably never will.
04-14-2022, 05:17 AM
#418
Gets Weekends Off
Joined APC: Jun 2016
Posts: 174
Spirit guy here. Also completely all aboard the B6 train. I interviewed at B6 before Spirit. They told me no for whatever reasons. Someone interviewing me maybe during logbook review said I was over qualified. Ha! As a New England/Boston guy I’d be thrilled to have this go through. Cautiously optimistic.
I do believe I am in the minority at NK though.
I do believe I am in the minority at NK though.
04-14-2022, 05:19 AM
#419
Gets Weekends Off
Joined APC: Mar 2012
Posts: 992
Three years at JetBlue. Management is abysmal. 99% of pilots I've flown with are awesome. Most people are happy to be at work. Layovers are great, route structure is great. I bid long Caribbean and west coast layovers.
I applied to Spirit. JetBlue called first. Several friends at Spirit. They are generally happy. I have no negative feelings towards Spirit, nor does anyone I fly with in general.
I'm much happier with the JetBlue product (when we aren't in an IROP) and our clientele. I love the Mint product, I like being fed en route and drinking espresso.
I love that Spirit exists as a product as it allows more people access to air transportation. IF we acquire Spirit, it would be a shame for that product to disappear.
IF we acquire Spirit, I welcome its pilot group to ours and hope that we somehow have better management going forward.
JCBA first, ISL second. No matter what happens with the ISL I plan on getting screwed. Nothing I can do about it.
I'd leave for UAL or FDX, but they haven't called. Probably never will.
I applied to Spirit. JetBlue called first. Several friends at Spirit. They are generally happy. I have no negative feelings towards Spirit, nor does anyone I fly with in general.
I'm much happier with the JetBlue product (when we aren't in an IROP) and our clientele. I love the Mint product, I like being fed en route and drinking espresso.
I love that Spirit exists as a product as it allows more people access to air transportation. IF we acquire Spirit, it would be a shame for that product to disappear.
IF we acquire Spirit, I welcome its pilot group to ours and hope that we somehow have better management going forward.
JCBA first, ISL second. No matter what happens with the ISL I plan on getting screwed. Nothing I can do about it.
I'd leave for UAL or FDX, but they haven't called. Probably never will.
Most JB pilots are generally happy, even if they think/know management can't run an airline to save their lives. Actually I think they can, but they're too cheap to staff it appropriately. Easter seating and all. I've jumpseated on NK tons of times. Great people. From the GAs to the FAs to the guys in row 0. The only think I'd say is that if this goes through, I'll be happy the product will remain JB. How do I say this......there is a segment of the population that should never be flying and the ultra low costs allow them to sneak past TSA and cause all kinds of issues. Greyhound and Amtrak are there for a reason. Hopefully this goes through. I think it would be good for both sides, SLI aside. Looking forward to having a drink with the first NK guy/girl I fly with.
04-14-2022, 05:23 AM
#420
Line Holder
Joined APC: Jan 2016
Position: A-320 FO
Posts: 34
Three years at JetBlue. Management is abysmal. 99% of pilots I've flown with are awesome. Most people are happy to be at work. Layovers are great, route structure is great. I bid long Caribbean and west coast layovers.
I applied to Spirit. JetBlue called first. Several friends at Spirit. They are generally happy. I have no negative feelings towards Spirit, nor does anyone I fly with in general.
I'm much happier with the JetBlue product (when we aren't in an IROP) and our clientele. I love the Mint product, I like being fed en route and drinking espresso.
I love that Spirit exists as a product as it allows more people access to air transportation. IF we acquire Spirit, it would be a shame for that product to disappear.
IF we acquire Spirit, I welcome its pilot group to ours and hope that we somehow have better management going forward.
JCBA first, ISL second. No matter what happens with the ISL I plan on getting screwed. Nothing I can do about it.
I'd leave for UAL or FDX, but they haven't called. Probably never will.
I applied to Spirit. JetBlue called first. Several friends at Spirit. They are generally happy. I have no negative feelings towards Spirit, nor does anyone I fly with in general.
I'm much happier with the JetBlue product (when we aren't in an IROP) and our clientele. I love the Mint product, I like being fed en route and drinking espresso.
I love that Spirit exists as a product as it allows more people access to air transportation. IF we acquire Spirit, it would be a shame for that product to disappear.
IF we acquire Spirit, I welcome its pilot group to ours and hope that we somehow have better management going forward.
JCBA first, ISL second. No matter what happens with the ISL I plan on getting screwed. Nothing I can do about it.
I'd leave for UAL or FDX, but they haven't called. Probably never will.
I echo all of this, minus going to UAL or FedEx (just not what I want). Also a three year B6 pilot that applied to Spirit and JetBlue called first.
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