Morgan Stanley Conference
#1
Gets Weekends Off
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Joined APC: Mar 2015
Position: stake holder ir.delta.com
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Morgan Stanley Conference
Another virtual conference 4:30 p.m. ET on Thursday, September 17, 2020. That's the only business travel indicator I need. Probably the same information as Cowen but you never know. Sometimes they drop a nugget.
https://news.delta.com/delta-present...una-conference
https://news.delta.com/delta-present...una-conference
#3
Tickets were sold in packages of 6, with social distancing between. Most of the 15,000 fans were local. Preference for many were season ticket holders. Growing up in Kansas City, my next door neighbor had season tickets, from the first season until he passed away. He complained bitterly when the Chiefs moved to Arrowhead in 1972. Instead of having to drive 8 miles to old Municipal Stadium, built in 1923, he had to drive 11 miles to Arrowhead.
#4
Gets Weekends Off
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Joined APC: Mar 2015
Position: stake holder ir.delta.com
Posts: 10,027
Delta finally monetizes Sky Miles. This will be a topic for the conference. Analysts have been saying Delta should spin it off for years. They retain control as a subsidiary but borrowed against future earnings and the value of the program. With this move I would guess there is no interest in the CARES act government loan which must be requested by September 30.
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
#5
Delta finally monetizes Sky Miles. This will be a topic for the conference. Analysts have been saying Delta should spin it off for years. They retain control as a subsidiary but borrowed against future earnings and the value of the program. With this move I would guess there is no interest in the CARES act government loan which must be requested by September 30.
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
They are not taking the CARES loan from today’s 8-K filing:
“As previously disclosed, in April 2020, Delta entered into an agreement with the U.S. Department of the Treasury to receive $5.4 billion in emergency relief through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) payroll support program, which was paid in installments through July 2020.
The CARES Act also provides for up to $25 billion in secured loans to the airline industry. While Delta is eligible and entered into a non-binding letter of intent to the U.S. Department of the Treasury for $4.6 billion under the loan program, Delta has indicated it does not intend to participate in this program.”
#6
Gets Weekends Off
Joined APC: May 2010
Posts: 310
They are not taking the CARES loan from today’s 8-K filing:
“As previously disclosed, in April 2020, Delta entered into an agreement with the U.S. Department of the Treasury to receive $5.4 billion in emergency relief through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) payroll support program, which was paid in installments through July 2020.
The CARES Act also provides for up to $25 billion in secured loans to the airline industry. While Delta is eligible and entered into a non-binding letter of intent to the U.S. Department of the Treasury for $4.6 billion under the loan program, Delta has indicated it does not intend to participate in this program.”
“As previously disclosed, in April 2020, Delta entered into an agreement with the U.S. Department of the Treasury to receive $5.4 billion in emergency relief through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) payroll support program, which was paid in installments through July 2020.
The CARES Act also provides for up to $25 billion in secured loans to the airline industry. While Delta is eligible and entered into a non-binding letter of intent to the U.S. Department of the Treasury for $4.6 billion under the loan program, Delta has indicated it does not intend to participate in this program.”
#7
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Posts: 537
Maybe they found this disagreeable.
The terms of the loans will:
The terms of the loans will:
- Prohibit corporate stock buybacks for the duration of the loans plus one year.
- Prohibit dividend payments to shareholders for the duration of the loans plus one year. The Treasury Secretary may waive this provision under certain circumstances.
- Place limits on management compensation for the duration of the loans plus one year.
#8
Maybe they found this disagreeable.
The terms of the loans will:
The terms of the loans will:
- Prohibit corporate stock buybacks for the duration of the loans plus one year.
- Prohibit dividend payments to shareholders for the duration of the loans plus one year. The Treasury Secretary may waive this provision under certain circumstances.
- Place limits on management compensation for the duration of the loans plus one year.
#9
Bracing for Fallacies
Joined APC: Jul 2007
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#10
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Joined APC: Sep 2014
Posts: 654
Maybe they found this disagreeable.
The terms of the loans will:
The terms of the loans will:
- Prohibit corporate stock buybacks for the duration of the loans plus one year.
- Prohibit dividend payments to shareholders for the duration of the loans plus one year. The Treasury Secretary may waive this provision under certain circumstances.
- Place limits on management compensation for the duration of the loans plus one year.
Anyway, these seem like highly reasonable terms.
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