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Bob Owens said:Well I dont know what you would expect the CEO to say.
Does anyone remember the ads that EAL was running with its CEO giving a speech to a hangar full of smiling scabs about how EAL was on its way back?
Within weeks EAL was liquidated.
What do you expect the creditors and the CEO to say? "Give us these massive concessions so we can screw you out of an extra year of your lives? Are the leasing companies agreeing to give away their equipement for cut rate prices till 2011? If you were GE wouldnt you play along with the companies attempts to screw their workers? It sure beats having the planes sitting in the desert costing money instead of generating income.
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USA320Pilot said:
When reading a periodical the best sources are key analysts like Merrill’s Michael Linnenberg, S&P’s Phil Baggaley, and Lehman’s Gary Chase. The only news reporters who truly have a handle on the inside information are Susan Carey of the Wall Street Journal, Michelline Maynard of the New York Times, Lynn Marek of Bloomberg News, and Dan Roberts of the Financial Times. I do not listen to anybody else because they are not informed, but the people listed above can directly speak with every industry CEO, if desired.
USA320Pilot said:The key is that the creditor's, who have seen the company's finances and business plan, support the airline. The analyst's have not.
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Its not confined to the airlines either. As I posted here over two years ago management has no fiduciary duty to employees, despite what they spew about "family, team etc".mweiss said:Tim, you are right on the money. And it is sad. But it has to happen that way, for numerous legal reasons. I got caught in one of those sorts of things before, and it doesn't feel good. Especially when the people you trusted were lying to your face for weeks. Even though they were legally required to do that, I still have trouble trusting them to this day.
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USA320Pilot said:In regard to the creditors supporting the company:
Analysts have said that if US Airways can survive the next few months and hang on until the busy spring and summer travel season, its long-term outlook will improve.
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USA320Pilot said:-- A division of Citigroup recently assumed the "at risk" portion of the loan guarantee from BOA.
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USA320Pilot said:-- Bombardier and Embraer have agreed to deliver and arrange financing on 3 CRJ-700s and 3 EMB-170s, respectively.
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USA320Pilot said:US Airways isn’t looking at selling assets, something it once studied, said Chris Chiames, senior vice president of corporate affairs.
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USA320Pilot said:Experts think US Airways is in danger but not yet a goner. Daniel Kasper, an airline economist for LECG LLC who has testified in U.S. Bankruptcy Court on behalf of US Airways management, said yesterday that "it’s a close ca;;, "But that the Cassandras (Cordle and Boyd for example) are going a bit overboard" in predicting the carrier’s demise.
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USA320Pilot said:I agree that Delta's announcement of SimpliFares will depress revenue, but it apparently has not scared off the ATSB who are reportedly close to announcing a new agreement with US Airways.
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Bob Owens said:supposedly "Employee owned" was bought out obviously there was some concern. The CEO threw a big party at some fancy digs across the street to ally their concerns and gave an impassioned speach about what a great future the company has planned right there in Westbury. Of course he got a huge positive reaction. He thanked them, walked out the door and was never seen again. Cashed his last check. Didnt even come back to take his family pictures off his desk!!
The company promptly closed the headquarters in Westbury and laid off thosands of "owners".
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U.S. Bankruptcy Judge Stephen Mitchell said that "at bottom, it is clear that the debtor's financial position is so precarious that even with the relief being sought, there will still be grave questions as to whether it can survive."