Update: ExpressJet SkyWest
#41
Second, the board just re-elected Ream for another round, no offence, but they know a little better than a 1 year f/o working for a company that has nothing to do with this.
Moving on, anytime you launch a new airline there are cost associated with it and everyone was on board with it, including the majority of the board.
It's all business, keeping the aircraft was a business decision, driven by a company culture you're unfamiliar with because you work for RAH. (You could've worked here, but you blew the interview, sorry pal, but everyone should know why you have such bad blood for XJT).
Duck, you and your speculation, saying how CAL does and doesn't want to work with us, where do you get your official word from brother? CAL did pull Even better, post the source of it all. My friend all you've done is speculate, like the investment brokers in wall street when they panic, like the boyd group two months after the facts come out, like the hedge fund guys that are in it for the short term.
Mr. George R. Bravante, Jr.
Chairman
ExpressJet Holdings, Inc.
700 North Sam Houston Parkway, Suite 200
Houston, TX 77067
Dear Jim and George:
We understand that SkyWest, Inc. (“SkyWest”) has delivered to you an offer to acquire ExpressJet Holdings, Inc. (“ExpressJet”). In connection with your consideration of such offer, we wanted to inform you of our understanding with SkyWest regarding a new capacity purchase agreement (“CPA”) and our intentions regarding our existing contractual relationship.
First, we confirm that we have negotiated a new CPA with SkyWest, which would become effective if SkyWest is successful in acquiring ExpressJet (which, in turn, is subject to due diligence, among other things), and that we would consent to the change of control that would occur upon such an acquisition.
Second, absent our entering into a new CPA with savings of the magnitude we have negotiated with SkyWest, we currently expect to deliver to ExpressJet on June 28, 2008, a notice to withdraw 51 of the existing 205 Covered Aircraft from the current CPA, beginning in December 2009. Further, although we have the right to terminate the existing CPA at any time, we currently anticipate we will not extend the term of the current CPA (which we must do, if at all, by December 31, 2008), and thus the current CPA would simply expire in accordance with its terms beginning on December 31, 2010, with the expectation that all aircraft would be removed from the current CPA by the end of 2012.
We hope this information is helpful to you.
Sincerely,
Jeffrey J. Misner
Executive Vice-President and Chief Financial Officer
Continental Airlines, Inc.
Chairman
ExpressJet Holdings, Inc.
700 North Sam Houston Parkway, Suite 200
Houston, TX 77067
Dear Jim and George:
We understand that SkyWest, Inc. (“SkyWest”) has delivered to you an offer to acquire ExpressJet Holdings, Inc. (“ExpressJet”). In connection with your consideration of such offer, we wanted to inform you of our understanding with SkyWest regarding a new capacity purchase agreement (“CPA”) and our intentions regarding our existing contractual relationship.
First, we confirm that we have negotiated a new CPA with SkyWest, which would become effective if SkyWest is successful in acquiring ExpressJet (which, in turn, is subject to due diligence, among other things), and that we would consent to the change of control that would occur upon such an acquisition.
Second, absent our entering into a new CPA with savings of the magnitude we have negotiated with SkyWest, we currently expect to deliver to ExpressJet on June 28, 2008, a notice to withdraw 51 of the existing 205 Covered Aircraft from the current CPA, beginning in December 2009. Further, although we have the right to terminate the existing CPA at any time, we currently anticipate we will not extend the term of the current CPA (which we must do, if at all, by December 31, 2008), and thus the current CPA would simply expire in accordance with its terms beginning on December 31, 2010, with the expectation that all aircraft would be removed from the current CPA by the end of 2012.
We hope this information is helpful to you.
Sincerely,
Jeffrey J. Misner
Executive Vice-President and Chief Financial Officer
Continental Airlines, Inc.
My friend you come on here as if you knew the inner workings of our company, you don't, all you know is what you read on the internet. Get educated and form your own opinion, instead of trying to feed us the day to day yahoo finance forums.
Last edited by ToiletDuck; 05-31-2008 at 08:49 PM.
#42
Misner is officially retiring, and the skywest deal is dead in the water for now. Is that the best you can do? I rest my case.
(And yes, I know who you are, I know you interviewed, aviation is a small world, particularly where you went to flight school........)
(And yes, I know who you are, I know you interviewed, aviation is a small world, particularly where you went to flight school........)
#43
Nothing additional would be required for someone who's mind isn't clouded on the subject. Secondly like I said before I never to this day have interviewed at XJT. Aviation is indeed a small world but you must have me confused with someone else. Whatever you think you know of me is inaccurate. I only interviewed at two places. SKYW and RAH. SKYW wanted 121 and previous jet time guys. RAH didn't and hired me. I took it for the Houston base but ended up taking the ERJ as it gave me about 2 months more seniority. Looking back it was a smart move as I'm much closer to upgrade. While I wasn't hired at SKYW I still think very highly of that company as well. I'd never base my opinions of a company on if I was hired or not. I'm many things but I'm not shallow and I'm not a liar. I never interviewed at XJT. The best thing you could do is not make this personal. Nothing good can come of it.
Last edited by ToiletDuck; 05-31-2008 at 09:07 PM.
#44
#45
Banned
Joined APC: Jan 2006
Position: A-320
Posts: 6,929
upgrade upgrade upgrade.....................Where is that going to get you when the majors furlough in the fall?????????? Its going to get you in line with thousand's of other more qualified pilots then yourselves................
The pay bump is great, the experience is even better but Upgrades change. Im sick of everyone dogging on XJT because we were dealt a very sh*tty hand by CAL. We are working out the issues and we will come out of this, unfortunately we will have some bruises. I have met people that could do more for me then 1,000hrs of PIC would anyway Hindsight is 20/20 the top regional of today will be the struggling one a year from now, nobody is immune. Stop pointing fingers and focus on working on a great contract when your time comes, because like this current downturn YOU NEVER KNOW HOW LONG YO3+U WILL BE AT THE REGIONAL LEVEL.
I think SkyWest was made to look like the bad guy in this whole thing when in reality they were just the brokers. Brad Rich (sp), and Jerry Atkin spoke with us not as our superiors, but as our equals. They were very respectful and and gave us all the information we asked for. I don't agree with the deal that was on the table, but they are management, that is there job, running an airline that costs as little as possible and offers the greatest value to the shareholders. Its just business.
The pay bump is great, the experience is even better but Upgrades change. Im sick of everyone dogging on XJT because we were dealt a very sh*tty hand by CAL. We are working out the issues and we will come out of this, unfortunately we will have some bruises. I have met people that could do more for me then 1,000hrs of PIC would anyway Hindsight is 20/20 the top regional of today will be the struggling one a year from now, nobody is immune. Stop pointing fingers and focus on working on a great contract when your time comes, because like this current downturn YOU NEVER KNOW HOW LONG YO3+U WILL BE AT THE REGIONAL LEVEL.
I think SkyWest was made to look like the bad guy in this whole thing when in reality they were just the brokers. Brad Rich (sp), and Jerry Atkin spoke with us not as our superiors, but as our equals. They were very respectful and and gave us all the information we asked for. I don't agree with the deal that was on the table, but they are management, that is there job, running an airline that costs as little as possible and offers the greatest value to the shareholders. Its just business.
Last edited by JoeyMeatballs; 06-01-2008 at 05:46 AM.
#46
Line Holder
Joined APC: Nov 2006
Posts: 90
I think SkyWest was made to look like the bad guy in this whole thing when in reality they were just the brokers. Brad Rich (sp), and Jerry Atkin spoke with us not as our superiors, but as our equals. They were very respectful and and gave us all the information we asked for. I don't agree with the deal that was on the table, but they are management, that is there job, running an airline that costs as little as possible and offers the greatest value to the shareholders. Its just business.
And thanks for having the balls to do what was best for your pilot group (and ours, as well)--I hope things either pick up for you or SKW comes back with a much better offer.
#47
I think SkyWest was made to look like the bad guy in this whole thing when in reality they were just the brokers. Brad Rich (sp), and Jerry Atkin spoke with us not as our superiors, but as our equals. They were very respectful and and gave us all the information we asked for. I don't agree with the deal that was on the table, but they are management, that is there job, running an airline that costs as little as possible and offers the greatest value to the shareholders. Its just business.
Hear, Hear !!! That is one heck of a change in attitude; maybe there is hope for continued rational thinking.
#48
Banned
Joined APC: Jan 2006
Position: A-320
Posts: 6,929
haah yeah, like I said I didn't like the deal, but I can't expect them to make everyone happy there job is to run an airline. They were very cordial and whenever our people needed something, they responded back within minutes, it was nice.
#49
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