Originally Posted by
Airsupport
no. look how quickly you got a new contract when OWNERSHIP changed hands. your safety campaign did nothing. it was the fact that uncle jerry went down there and said to settle this thing now.
no way in a million years does pinnacle want to file for bankruptcy.
1. uncle phil and his boys own a lot of stock, and they bought LOTS of it at 10 bucks a share.
2. the company bought back millions of stock at 14 bucks a share.
3. we have no real assets.
NONE and i repeat NONE of the people we owe money to want pinnacle to go into bankruptcy and they would not even ask for it. We have no assets for them to get there money out of us in bankruptcy court. there best bet is to just let the payments slide, like it said in the press release. this big debt that is due in 2010 is just a scam to scare people who dont understand what is going on. So lets say the day comes around and we dont have the money. what are the people that we owe money to going to do? force us into bk and liquidate? they would get 0 for that since we dont own anything. nope they will just let us make good size payment and renegotiate the rest of it. dont be fooled by the scare tactics.
Never said they'd actually file bankruptcy...just that they'd threaten it if we don't give concessions. They've now said in SEC filings and a conference call that the pilots would get a contract in 09. I think the reasons are multi-fold and in no way includes doing it because it's the right thing for the pilots. It may bring stock prices back up; it would look like a more stable company to possible customers; it would also make mgmt look good in the public's eye to say even in these economic times "we value our workers" and could potentially make the pilots look bad "greedy pilots union demand pay raise amid economic turmoil and layoffs at their own company"; also, when the 131mil is due, they COULD ask for concessions CLAIMING possible bankruptcy...no way we go bankrupt, but I don't put it past this team. Again why the timing...why now? Of all times, why now? I suppose they may be scared of the new NMB, but there's more behind it than that.