likeitis

I don't believe a word of it. You do realize they are just repeating BB's words don't you? It's in the teamsters best interest to promote such things. More in the teamsters best interests is to get as many of the YX and F9 pilots on the property as soon as possible because anything short of a real mainline contract is an automatic no vote from 1100 pilots.

Joachim

You are wrong. Don't fabricate facts in the name of drama. We don't want or need that ****.

BB's words were: "it is not up to me"

Bear392

Hello everybody. The history of this deal was in the making long before the furloughs started. As someone on here stated, Midwest was not in desperate times. It had 170 million cash before the sale to TPG/Northwest. That is a lot of money for a company that size. When Delta became involved in the merger with Northwest, something started to change. Seabury was brought on property, not to lower cost, but gut the place for something to happen. Maybe RAH. The pay rates offered were 87 max for CA & 37 for FO, hmmmm. Same as RAH fo's, which of course they knew nobody would sign. The rumor was that the B717's were being taken by Boeing, however at a later date, one of the furloughed Midwest pilots landed a job transporting airplanes for Boeing and just so happens he is transporting a B717 to Mexico with a Boeing Rep. on board. Funny how things eventually come out, but the B717 was given back of free will, in fact Boeing wanted to even lower the lease rates, but Midwest/TPG/Seabury said NO. Boeing at the time had nowhere to put these things. The RAH deal was already made. They never had any intentions of training YX pilots on the 170, just stalling for the perfect time. Many other little nasty details left out, but Midwest was not a dead company, Many very smart people at TPG outbid Airtran and paid almost 1/2 Billion for this company, and are still involved now.

Bear392

Wouldn't it be nice for once if all of us stop screwing each other. Have you guys ever seen an electrical union or plumbers union come on a job and try to out bid another guys union work. It is just not done. If a non union guy comes along, they all stop working and go home. Why can't pilots and these unions do whats right. Take every body's list in it's whole, active and furloughed and integrate fairly by ratio in seat with temp fences. Do you really want to staple a 14 year YX CA with 15,000 hours who has been furloughed behind a 8 month RAH fo with 400 hours. Does that make good working moral and give RAH the respect of the industry. Give a model for future integration instead of future regulation because one group screwed another.

pjflyer

The only good integration I've seen in a while was NW/DL which was a merger, not a purchase. Just to be fair, if the tides were different and YX was buying RAH you would feel that 10-15 year CA's at RAH also should not be stapled, right? I have a sneaky feeling things would then be different. Both companies are represented by union's so the plumber comparison is not valid. No pilot did this to another pilot. Management did this to a pilot group. What would a company in the private sector that BOUGHT, not merged, do with it's current employees. Answer is whatever it wants to do with the bought employees. It could terminate all the employees and it would be just another day in the business world. We at RAH want the master seniority list, want to improve the contract, want to work together, and have not screwed anyone out of anything.

Mason32

Exceptionally good points. All Bedford has done is placed a Target on his airline(s) and he is now firmly in everybody's sights...

MD80

Dude, this is a merger.







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Item 2.01


On July 31, 2009, pursuant to the terms of the Agreement and Plan of Merger, dated as of June 23, 2009, among Republic Airways Holdings Inc. (the “Company”), RJET Acquisition, Inc. and Midwest Air Group, Inc. (“MAG”), as amended (the “Merger Agreement”), RJET Acquisition, Inc. merged with and into MAG (the “Merger”) with MAG continuing as the surviving corporation and becoming a wholly-owned subsidiary of the Company. Pursuant to the Merger Agreement, at the effective time of the Merger, the shares of MAG that were outstanding immediately prior to the effective time of the Merger were converted into the right to receive an aggregate amount in cash equal to $1.00. In connection with the closing of the Merger, the Company also consummated the transactions contemplated by the Investment Agreement, dated June 23, 2009 (the “Investment Agreement”), among TPG Midwest US V, LLC, TPG Midwest International V, LLC) (together, the “TPG Entities”) and the Company. Pursuant to the Investment Agreement, at the effective time of the Merger, the Company purchased from the TPG Entities their $31 million secured note from Midwest Airlines, Inc., a wholly-owned subsidiary of MAG, for approximately $6 million in cash and issued the TPG Entities a convertible note having a principal amount of $25 million and a five-year maturity and convertible by the TPG Entities in whole or in part, from time to time, prior to maturity into 2,500,000 shares of the Company’s common stock, subject to adjustment in certain circumstances.

The foregoing description of the terms set forth in the Merger Agreement and Investment Agreement are qualified in their entirety by reference to the text of the Merger Agreement and the Investment Agreement, respectively. A copy of the Merger Agreement was attached as Exhibit 10.62(f) and a copy of the Investment Agreement was attached as Exhibit 10.62(g) to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2009.

pjflyer

I stand corrected. The answer remains the same though. We integrate lists and try (even though it is impossible to make everyone happy) to create a great place to work for years to come. There are plenty of guys and gals with 10+ years at both companies. I could have stayed at Skyway and possibly worked at MidEx as so many others did, but I choose Republic a few years back. I know from experience both groups have great flight crew's that WILL work together. This is the only option.

Bear392

The plumber analogy might go something like this. I work for XYZ company and make XYZ per hours to fix toilets. You come a long with your company and say you will do the work for half price. You will use your van, but MY name on the side of your truck, use MY customers, MY call and service center, my reputation in the industry that I worked for 25 years to build. You say your boss made you do it so oh well. Do you see the relevance now.

When are WE going to stand up and do the right thing instead of making excuses of what would I do. That was my point, is it YOU against me to see who could screw each other more, or is it all of US to make aviation what it once was, a respectable place to make a living. When was the last time you walked through the terminal and most of the pilots looked at you with respect and said hello. Not bashing RAH, but what airline and what pilot group didn't screw somebody.

MD80

[/U]
I agree.

We just want you guys at Republic to understand who you are deal with in TPG. TPG/NWA paid $450 million for Midwest (4 times the Frontier deal) they have cried about money problems from day one, but ...

- TPG buys all new belt loaders and tugs
- TPG develops their own internet based recurrent training software
- TPG stops operating 100% paid off MD80. NWA is flying DC9!
- TPG stops operating $180,000 B717 leases and takes on $200,000+ E170 leases through Republic. You cannot grow an airline with B717.
- TPG adds a Delta code-share. Sharing Miles, Clubs and Internet Reservations
- TPG in the past bought and sold Continental
- TPG in the past bought and sold America West
- TPG owns Burger King, J Crew, Harrahs, ...

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Michael Boyd of Boyd Group Inc., a consulting firm in Evergreen, Colo., said TPG Capital's role bolstered the bid's credibility.
"They know the airline business," Boyd said about TPG Capital, which is based in Fort Worth, Texas.
TPG Capital, led by David Boderman, former financial adviser to Texas oil billionaire Robert Bass, has made several lucrative investments in the airline and aviation industries.
Those included a 1993 purchase of Continental Airlines. The firm, in partnership with Air Canada, brought Continental Airlines out of Chapter 11 bankruptcy proceedings and helped drive the turnaround of the airline, bringing expanded routes and more jobs. Continental Airlines is now the fifth-largest U.S. airline.
One year later, TPG Capital and Continental brought America West Airlines out of Chapter 11. In 2005, America West merged with US Airways and adopted that name. It is now the nation's sixth-largest airline

TPG said it would finance the Midwest purchase through its TPG Partners V fund, which has $15.3 billion in capital, plus contributions from one or more partners.

``This is a pimple on an elephant's back for TPG,'' John Collopy, research director at Briggs-Ficks Securities

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The story behind the TPG/NWA purchase of Midwest has not been revealed. Now TPG/Republic are in partnership in a new deal.