In light of listening to the conference call and reading Winkley's letter, I believe there is much change happening specifically to some of Eagle's bases (Envoy's bases). There was an announcement and subsequent discussion on the conference call regarding "re-banking" of some of the American System, particularly in MIA, DFW, and ORD. It was stated that the "re-banking" will take place initially this fall in MIA, followed by other bases excluding New York & LAX. The primary discussion on the call regarded "re-fleeting." There was much talk about "replacing" 50 seats into 76 seats, and exchanging such aircraft. This is very much inline with Winkley's letter.

Furthermore, it was stated that 25 E140's will be retired in 2014 in addition to 2 -100's (not Envoy's of course). NO MENTION of E145's. Total regional aircraft count currently 558 and will increase to 574 (not necessarily all in 2014). It was specifically said the 60 E-175's have NOT been allocated and that Envoy's pilots will be voting on a new contract in February.

Lastly, based on current Eagle contract, Eagle should be receiving their bonus based on financial results come March. I could not decipher the actual margin Eagle earned but overall combined carriers future margin is projected to be 6-8%. Based on that if Eagle's is inline, pilots would earn a minimum of 15% of pre-tax profit based on letter 13-05.

With that said, there was nothing earth shattering, but based on the letter and conference call, there is assured to be big changes in "re-fleeting" and "re-banking," which would occur to be taking place in MIA very soon, followed by DFW & ORD.