Chapter 11 Round 2?

[AP Tech]

It does happen to be an election year....politics could become involved if U tries to enter Chap 11 again........ :down:

 

[ktflyhome]

Just wondering if Kerry is on our Board....with all the "Flip Floppin" going on.

 

[jimntx]

You would think that the 90% of Bronner's headaches would also translate into lost opportunities for RSA because RSA leadership is spending all its time at US Airways. I wonder how long Bronner spends what seems like at least 33%+ of his time on 1% of his portfolio. At some point, it seems logocal to me, that it is more economical for RSA to just rid itself of this distraction from the other 99% of his investments.

I wouldn't worry about RSA if I were you. It's one of the best managed and successful of any of the government employee retirement systems. The only thing you have to worry about for them is if the Alabama Legislature finds a way to get its hand on the money (currently, the RSA is independent of the Legislature). The RSA has got a BIG pot of money, and the state is in a deficit situation as are many of the states these days.

 

[USA320Pilot]

Kiloromeo:

Kiloromeo said: "A prepackaged banktuptcy seems reasonable scenario since it means that Bronner is interested in pumping a few more bucks in...maybe GCAS too....the ATSB will be on board. RSA will maintain in control while being the DIP ...hence "with or without you"..statement. seems more likely than the unions willingly accepting the major transformation that will have to take place for survival... "

USA320Pilot comments: Your point is valid.

Respectfully,

USA320Pilot

 

[mweiss]

Just wondering if Kerry is on our Board....with all the "Flip Floppin" going on.

Sounds to me like someone's buying the Republican party line without actually looking to see if it's true...

 

[Fly]

At least we have a politician who actually SHOWED UP for the war. I don't care if Kerry got a splinter earning his purple hearts.....at least he was there fighting the enemy, not sitting in Texas with Jim and Jack. ff: <steps down>

 

[ktflyhome]

Sounds to me like someone's buying the Republican party line without actually looking to see if it's true...

Mweiss: I believe you are ASSuming an awful lot about my political stance. Show me the FACTS that am not reading or buying into anything. Integrity?????HAH.

 

[cavalier]

Both Kerry and Bush are ENEMIES of everyone who draws a paycheck.

Whether they are "Limosine Liberals" or part of the "Vast Right Wing Conspiracy" they can not by virtue of the large sums of money involved have our best interests at heart.

Look at your pay stub and see what YOUR government confiscates from YOUR earnings? This is the tyranny of the IRS, voted for and approved by YOU. Tony Soprano does what they do and it's extortion. The IRS does it and it's fine and dandy. In the US filling out a W-4 witholding form is a condition of employment. That's legal extortion.

Want to cure ALL of the country's ills in five years? Make 2 simple changes to the law and stand back

Change #1 - Repeal the federal withholding. Make every wage earner have to save up to pay their taxes on April 15th. Then they will see the waste and question the way money is spent and become more active.

Change #2 - Make Election Day April 16th and let the free market of ideas and involvement of individuals begin. Also watch the Feds quake in their boots as real "Government of the people, by the people, for the people" actually starts to happen.

This concludes my anti-goverment rant. We now return you to the regular "Dave is Evil, Bronner's an idiot" programming.

 

[Fly]

wait.....wait.....Are we now stating that if you serve in the military, that you are stupid? I find it absolutely unbelievable that Bush even has the nerve to bring up Kerry's military record...talk about ballsy. Kerry at least put his life on the line for his country.....only time Bush put his life on the line was trying to drive home from the party after winning the chugging contest.

 

[oldiebutgoody]

... Kerry at least put his life on the line for his country.....only time Bush put his life on the line was trying to drive home from the party after winning the chugging contest.

Gotta agree. Seems that's the BEST documented part of GW's military record (only because his DRIVING RECORD was involved)!

 

[ktflyhome]

AmericanForum.net has lots of political discussions going on.

 

[oldcrow]

Yep , Wall Street is watching ! Stock hit $3.40 , is back to $3.10 at this time . Thats a 30% jump so far today .

 

[funguy2]

I wouldn't worry about RSA if I were you. It's one of the best managed and successful of any of the government employee retirement systems. The only thing you have to worry about for them is if the Alabama Legislature finds a way to get its hand on the money (currently, the RSA is independent of the Legislature). The RSA has got a BIG pot of money, and the state is in a deficit situation as are many of the states these days.

I'm not "worried" about RSA. But its really this simple:

If I owned 100 apartment buildings, and 1 of them constantly demanded 33% of my attention because the super was always flighting with the landscapers and other people who "run" the building, and it was consistently losing money, and problems were constantly arising, I would simply sell that apartment building and focus on the other 99 buildings that seem to run themselves, and look for new opportunities elsewhere.

That is all I am saying about RSA. Unless Doc Bronner wants to be an "Airline Tycoon", I can't imagine that over time he doesn't focus on easier, more profitable ventures which have better returns for the folks who invest with RSA. If Lakefield can run the show without much help, then its no problem... But if Lakefield needs Bronner to keep stepping in like Seigel did, then Bronner would be better to cut his investment and focus on other better opportunities.

We'll see... my guess is that Lakefield will be able to run things without needing Bronner's direct help...

 

[funguy2]

A prepackaged banktuptcy seems reasonable scenario since it means that Bronner is interested in pumping a few more bucks in...maybe GCAS too....the ATSB will be on board. RSA will maintain in control while being the DIP ...hence "with or without you"..statement. seems more likely than the unions willingly accepting the major transformation that will have to take place for survival...

I really don't see what RSA/GECAS get out of a pre-packaged BK #2. What is the reward?

I do see this as costly and potentially risky. The risk is that the judge might think that you have the best plan for the company. What if TPG offers the court a better proposal along with a track record of airline turn-arounds... and makes a stong argument by saying RSA's turnaround plan landed the company back in court in under two years... A judge might listen to such logic. By going to BK, management loses control the the BK judge.

Also, I believe there is a "three strike" rule on corporate bankruptcies now... And this would be strike 2 for US Airways. I'm not exactly sure how this BK law works, as I've only read about it in passing. If anyone knows more, please share.

So I view this as high risk, high cost. I don't see what the reward would be, so it seems to risky to me, especially if it can be avoided.

 

[oldiebutgoody]

I really don't see what RSA/GECAS get out of a pre-packaged BK #2. What is the reward?

I do see this as costly and potentially risky. The risk is that the judge might think that you have the best plan for the company. What if TPG offers the court a better proposal along with a track record of airline turn-arounds... and makes a stong argument by saying RSA's turnaround plan landed the company back in court in under two years... A judge might listen to such logic. By going to BK, management loses control the the BK judge.

Also, I believe there is a "three strike" rule on corporate bankruptcies now... And this would be strike 2 for US Airways. I'm not exactly sure how this BK law works, as I've only read about it in passing. If anyone knows more, please share.

So I view this as high risk, high cost. I don't see what the reward would be, so it seems to risky to me, especially if it can be avoided.

I think we may have already seen your scenario in the last filing. Dave was essentially attempting to do a "prepackaged" deal, with TPG lined up as DIP. The only folks (probably) not on board at the time was labor, and apparently RSA. Then Dr. B stepped in at the last minute, apparently not happy with what RSA was going to get from this "deal". See how the tides turned?