DMEarc

What date was it?

If you're talking about the 2011Q3 10Q then that is almost 60 days old.

My guess is they have less cash than you think.

MunkyButtr

One of the points the latest union email mentioned was the negotiating of the minimum quals for upgrades. Does anyone know what they're talking about? Are they lowering the minimum upgrade times even though they ready have hundres of fo's with enough time??

flapshalfspeed

My thinking would be that a company in financial distress (aka looking for ways to save money) would seek HIGHER mins for upgrade to lower insurance and training costs. Not sure who the heck even pays the insurance, or how it all works out, but I would suspect the whole 3407 thing would make an insurer want more money from anyone associated with Colgan, even on the 9e/XJ side of things.

On a side note, has anyone considered the sick irony of all of this?--Pinnacle Holdings fought tooth and nail in court and arbitration hearings for years to keep Colgan and 9e separate, and succesfully fought off the obvious notion that the whole shebang was a single carrier (and somehow convinced everyone that Corp is a "holding compny" not "an airline.")

After spending a lotta money to lobbyists and lawyers to fight off a forced merger of Colgan & 9e, now they're getting screwed financially precisely BECAUSE they continue to run duplicated everything...

If 9e, Inc. would've done the right thing from the get go, and simply merged Colgan with 9e the second they bought them (with 2-year fences and seatlocks on seat changes), they would be in a much, much better position to absorb XJ efficiently and with minimum duplication of costs.

Classic illustration of the fact that corporations screw up when they obsess over short-term returns, while employees' opinions on things are actually typically better for the company in the long-run.

newarkblows

All airlines are currently run for short term gain. They don't care about quality or performance. They want their bonus and they will jump ship as soon as things fall apart. It is the next CEO/cfo/coo 's problem. It is the epitome being of short sighted but it is what pays the bills for these shmucks. Management is not your friend!

CANAM

I thought there was a coming pilot shortage? Management should be offering huge bonus packages to their pilots to retain them, no?

Tom a Hawk

I think so. Blame Bloch

flyingreasemnky

Its in regards to the Q400. They are running into problems because the contract mins for upgrade are 2500/1000 but after 3407 the FAA and Colgan agreed to change it to 3250/1000 (unless you had time in type than they are 2750/1000). So Colgan and the insurance carrier aren't letting people upgrade unless they have the higher minimums.

MunkyButtr

Even though there are already plenty with those mins on property.... good stuff alpo

Skypilotsv1984

Just remember, it was fair and equitable...BARF

flapshalfspeed

Phildo conveniently left the company the last week of March (end of 1st Quarter).

As I've said before, "avoidable transfers" in Bankruptcy Court include payment agreements made with former directors within a one-year lookback of the filing date.

I don't see Pinnacle's board declaring Bankruptcy until the end of 1st Quarter, conveniently right after Trenary's severance agreement becomes solidly out of reach of a US Bankruptcy Trustee.

Frontier declared BK right after 1st Quarter as well. All the same players were involved--Menke, Seabury, Davis Polk & Wardell...my crystal ball says they'll file 1st or 2nd week of April whether the paycuts are voted in or not.

This assumes the current 9e board is still in bed with Trenary (and thus Delta/Anderson). I don't see Menke screwing Trenary out of his severance--it's bad form--you don't want to be the airline CEO that screwed another airline CEO out of his golden parachute, especially if you're gonna be looking for a new CEO job at another airline soon.

So a good test of whether 9e's board is loyal to Trenary and Delta will be whether they file bankruptcy before March 24th/25th 2012. Just sayin'.