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Originally Posted by
Joachim
Again, the important thing is to work toghether and get you and the F9 guys off the street and in an airplane ASAP! We want you to benefit from this. Management would like nothing more that a split labor group they can play out against each other. Don't let that happen, work with us. Thats all we can do as labor groups.
I agree.
We just want you guys at Republic to understand who you are deal with in TPG. TPG/NWA paid $450 million for Midwest (4 times the Frontier deal) they have cried about money problems from day one, but ...
- TPG buys all new belt loaders and tugs
- TPG develops their own internet based recurrent training software
- TPG stops operating 100% paid off MD80. NWA is flying DC9!
- TPG stops operating $180,000 B717 leases and takes on $200,000+ E170 leases through Republic. You cannot grow an airline with B717.
- TPG adds a Delta code-share. Sharing Miles, Clubs and Internet Reservations
- TPG in the past bought and sold Continental
- TPG in the past bought and sold America West
- TPG owns Burger King, J Crew, Harrahs, ...
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Michael Boyd of Boyd Group Inc., a consulting firm in Evergreen, Colo., said TPG Capital's role bolstered the bid's credibility.
"They know the airline business," Boyd said about TPG Capital, which is based in Fort Worth, Texas.
TPG Capital, led by David Boderman, former financial adviser to Texas oil billionaire Robert Bass, has made several lucrative investments in the airline and aviation industries.
Those included a 1993 purchase of Continental Airlines. The firm, in partnership with Air Canada, brought Continental Airlines out of Chapter 11 bankruptcy proceedings and helped drive the turnaround of the airline, bringing expanded routes and more jobs. Continental Airlines is now the fifth-largest U.S. airline.
One year later, TPG Capital and Continental brought America West Airlines out of Chapter 11. In 2005, America West merged with US Airways and adopted that name. It is now the nation's sixth-largest airline
TPG said it would finance the Midwest purchase through its TPG Partners V fund, which has $15.3 billion in capital, plus contributions from one or more partners.
``This is a pimple on an elephant's back for TPG,'' John Collopy, research director at Briggs-Ficks Securities
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The story behind the TPG/NWA purchase of Midwest has not been revealed. Now TPG/Republic are in partnership in a new deal.