Mesa Air Group Chapter 11 Info
10-05-2010, 08:06 AM
#1283
New Hire
Joined APC: Oct 2010
Posts: 1
Huge Mesa Exec Bonuses Approved
Judge has approved bonuses of $111,000 per quarter to the top 7 management positions. These do not include Ornstein and Lotz who will no doubt file a seperate motion to get even bigger bonuses.
They argue that the bonuses are needed to keep management there. My thinking is get them out and take someone who has a clue that will work for a lot less and just want to get their executive career started. If they are successful then it would look great for them to somewhere else and save Mesa $3,108,000 a year. Nobody at Mesa is worth $444,000 per year in bonuses alone let alone 7 of them.
Obviously this judge is a pushover, so Mesa should have no problem emerging. Even if they don't he will no doubt award the execs with huge golden parachutes and the pilots with a middle finger.
From www.nysb.uscourts.gov:
In Re: Mesa Air Group, Inc. Date Filed: 09/24/2010
case number: 10-10018-mg 190169_1093_opinion.pdf
Memorandum Opinion signed on 9/24/2010 Granting the Debtor's Motion For Authorization to Implement an Employee Incentive Program and Make Payments Thereunder.
They argue that the bonuses are needed to keep management there. My thinking is get them out and take someone who has a clue that will work for a lot less and just want to get their executive career started. If they are successful then it would look great for them to somewhere else and save Mesa $3,108,000 a year. Nobody at Mesa is worth $444,000 per year in bonuses alone let alone 7 of them.
Obviously this judge is a pushover, so Mesa should have no problem emerging. Even if they don't he will no doubt award the execs with huge golden parachutes and the pilots with a middle finger.
From www.nysb.uscourts.gov:
In Re: Mesa Air Group, Inc. Date Filed: 09/24/2010
case number: 10-10018-mg 190169_1093_opinion.pdf
Memorandum Opinion signed on 9/24/2010 Granting the Debtor's Motion For Authorization to Implement an Employee Incentive Program and Make Payments Thereunder.
10-11-2010, 12:52 PM
#1288
Gets Weekends Off
Joined APC: Feb 2009
Posts: 208
The last hearing was on the 5th, there is another one on the 19th. From the filings, it seems like the Unsecured Creditors Committee agreed, in lieu of filing an objection on Mesa's continued exclusivity period, to have a period of "co-exclusivity" where both parties can file a POR. Haven't heard anything from them, though.
10-11-2010, 01:20 PM
#1290
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,041
If I were a creditor I would object to the POR on the grounds of:
- The current management team needs to go.
- They don't need massive stock bonuses on their way out...
- The current management team needs to go.
- They don't need massive stock bonuses on their way out...
Last edited by rickair7777; 10-11-2010 at 01:31 PM.
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