Proxy Fight at UAL BOD

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03-08-2016, 07:36 AM

#11

BizPilot

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So I think their plan is to take the company private by loading up on a lot of debt. Economy is overdue for a downturn and when that happens UAL will end up in bankruptcy.

03-08-2016, 07:49 AM

#12

SKMarz

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Air rage! Hedge funds want to shake up United - Mar. 8, 2016

03-08-2016, 08:20 AM

#13

APC225

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Quote:

Originally Posted by BizPilot

So I think their plan is to take the company private by loading up on a lot of debt. Economy is overdue for a downturn and when that happens UAL will end up in bankruptcy.

That's "essential"!

"Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. It was coined by Joseph Schumpeter (1942), who considered it 'the essential fact about capitalism'.

03-08-2016, 08:34 AM

#14

UAL T38 Phlyer

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Quote:

Originally Posted by Flytolive

Bethune might need to change his name to Buffoon.

Bethune: I'm helping the interest of the shareholders

I didn't see it that way....I thought it was interesting and thought-provoking.

FYI: I've been told he was a 767 Capt, and liked to fly the 767-400. He was also notorious for chasing FAs.

03-08-2016, 08:42 AM

#15

cadetdrivr

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Quote:

Originally Posted by UAL T38 Phlyer

FYI: I've been told he was a 767 Capt, and liked to fly the 767-400.

He had a 767 type rating on his Commercial license so he occasionally flew delivery and ferry flights at CAL with a check airman along. Not too surprising....prior to CAL he was head of Boeing Commercial Aircraft.

Bethune was never a line pilot for any company and I'm gonna guess the lowest-time pilot with a 767 rating in the FAA database.

03-08-2016, 08:56 AM

#16

Lerxst

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Quote:

Originally Posted by cadetdrivr

He had a cool office, if you were into "50 Shades of FA's"... Did a tour downtown as a new hire and walked thru his lair. Nice understated desk with some sort of 757 plaque on the wall behind it. Then turn left and there was the couch, mirrored wall, and wet bar. Where the real business was attended to, maybe accompanied by soft lighting and Barry White.

03-08-2016, 09:09 AM

#17

Andy

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Quote:

Originally Posted by APC225

I'm not sure I disagree about a takeover attempt. May be part of the anti-establishment air in the country, but for sure they left Smisek in place for far too long, by about three years. And even when he left, he wasn't fired with prejudice. He was forced out by someone else. His departure was too little, too late. If this happens they deserve what they get. Their lackadaisical attitude towards his horrible leadership was irresponsible. Oscar's "I'm shocked, SHOCKED" that things were so bad is inexplicably naive for a member of the board--thus a new board may be in order.

It may be time for a different BOD, but no way in he!! should it be one led by Gordo. I watched him on CNBC stating that Smisek was fired by the BOD for no reason. The man's completely out of touch with reality. And it highlights one of Gordo's HUGE weaknesses - once he's hired someone, he'll never fire them ... no matter how incompetent the person proves to be. Any blind fool could see that FLIBS was the problem.

"How come they're (United) in fourth or fifth place", Gordo asked on the interview. FLIBS. Just ask any line employee.

I'm glad they put another 3 members on the BOD; I hope none of the hedgies' nominees (especially Gordo) gets appointed to the BOD. I used to have a lot of respect for Gordo. Now - not in the least.

03-08-2016, 09:16 AM

#18

SVA402

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How does this work now? This hedge fund nominates these people to the board but they have to get voted in by current board members, correct? So they can't really do a hostile takeover of the board?

03-08-2016, 09:22 AM

#19

Andy

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Quote:

Originally Posted by SVA402

How does this work now? This hedge fund nominates these people to the board but they have to get voted in by current board members, correct? So they can't really do a hostile takeover of the board?

It will be voted on by shareholders at the annual shareholders meeting. The last meeting was in June 2015 so the next one will probably be in June.

The hedgies likely chose Gordo as the face of this because he is recognizable and has 'street cred' in the airline business.

03-08-2016, 09:45 AM

#20

intrepidcv11

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Quote:

Originally Posted by UAL T38 Phlyer

I didn't see it that way....I thought it was interesting and thought-provoking.

FYI: I've been told he was a 767 Capt, and liked to fly the 767-400. He was also notorious for chasing FAs.

He didn't just chase. There's at least one little Gordo running around today due to collateral damage.