I really have no idea if money has changed hands yet or not, though I expect it will before the arbitrator rules sometime in mid-November.
The 1st 3 planes didn't involve money changing hands (at least between US & Republic).
For the 10 flying at MDA that are "owned", I sorta suspect that US will want their money when they hand them over if not before. The agreement calls for the sale of all ten at the consummation of the agreement with US leasing them back until they're turned over at the rate of 3 per month.
And, of course, the 15 leased from GE won't entail money changing hands either, just the leases.
At the very least, Republic is talking like the deal is complete. This is from a press release that came out the day the judge approved the deal:
"These are the first of 28 Embraer 170 aircraft that Republic will acquire and operate under the US Airways Express brand."
And from a Republic SEC filing:
"Republic Airline, Inc. (“Airlineâ€), a wholly-owned subsidiary of Republic Airways Holdings Inc. (the “Companyâ€), entered into a fixed-fee Jet Service Agreement with US Airways, Inc. (“Airwaysâ€) as of September 2, 2005 (the “Agreementâ€). The term of the Agreement commenced on September 4, 2005, and subject to certain termination rights provided in the Agreement, will end on September 4, 2015. Pursuant to the terms of the Agreement, Airline will operate for Airways 28 EMB 170 aircraft. Three of these aircraft have been acquired by the Company and the remaining aircraft will be acquired by the Company from, or on behalf of, Airways pursuant to the terms of the previously disclosed Investment Agreement dated as of March 15, 2005 among Airways, the Company, US Airways Group, Inc. and Wexford Capital LLC."
Jim
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