Originally Posted by
AAflyer
They were asked to take a 50% cut till the new year. Did they agree yet? This is not a slam on Sun Country employees, but it is pretty pathetic.
CEO says the cost of gas too expensive, employees subsidize the cost of gas with 50% pay cuts (Outstanding business model). CEO says we will be profitable shortly......
AA
Interesting. But not completely correct. The employees were asked to
defer 50% of their pay (with certain exceptions) until the end of the year, provided additional funding is not found. CEO is not taking any salary during this period.
This is to sever ties to the parent company and not be dependent upon it for additional funding/capital.
The last 2 months WERE profitable. Unless the flying public is scared away by all the misinformation that is rampant, he anticipates a profitable 1st qtr. Also, they are moving away from scheduled service and more into ACMI and charter flying.
The CEO is attempting to find any and all ways possible to generate enough revenue, independent of Petters, to keep the company alive in the short term. Most employees are behind this effort.
If people are going to talk, they need accurate information.
Originally Posted by
AirbusA320
Have you noticed only little operations ever get raided?
Again. More misinformation. Sun Country Airlines was not "raided". Petters Co. was. One facet of Petters Worldwide, which has as part of its holdings, Sun Country...along with other companies. The only connection is that Tom Petters holds all the voting shares of Sun Country and was providing financial support...which now Sun Country is trying to become financially independent of Petters Aviation.
FWIW, Petters Co. is hardly a "little operation". They were a major player, but evidently, a major player in a highly illegal fashion.
Originally Posted by
PaintCan
My guess is they are not saying anything and watch the stock sell off Monday morning that Petters owns.
There is no stock to sell. It is not publicly traded and is 100% privately held by Tom Petters.