Blue horseshoe loves Bluestar Airliines
02-13-2024 | 04:46 AM
#12
SDQ Base Chief
Joined: Mar 2006
Posts: 6,089
Likes: 48
From: 320 CA
I was wondering that as well. Maybe because JB owns and has more unleveraged assets compared to NK that is mainly leases and future order book positions (I don’t think the future order books can directly be sold from NK to someone else without Airbus having a say)
02-13-2024 | 04:54 AM
#13
Line Holder
Joined: Oct 2016
Posts: 200
Likes: 59
He will pressure management to sell unencumbered assets. Aside from the mess he caused at TWA, I think and I could be wrong, but I think he has a history of doing just that.
02-13-2024 | 05:02 AM
#14
SDQ Base Chief
Joined: Mar 2006
Posts: 6,089
Likes: 48
From: 320 CA
Icahn can even leverage assets like slots to raise cash to pay dividends to JBLU shareholders (his own pocket). Then when he’s done leveraging everything he sells his stake and JBLU flounders under the debt load, eventually going into BK to shed those obligations and likely losing some of those assets in the process.
02-13-2024 | 05:03 AM
#15
Line Holder
Joined: Oct 2016
Posts: 200
Likes: 59
Yes. I’d say we are pretty much screwed.
02-13-2024 | 05:30 AM
#16
Line Holder
Joined: Jan 2008
Posts: 427
Likes: 27
From: A320 CA
Forgive my ignorance, but is he only a threat if he gets offered a board seat? I don't know much about large stake investing, but what power does he have as a sole shareholder? Is this something you can do on your own or do you need help from the ELT?
I assume he doesnt have power until he has a seat at the table, which I think must be voted on?
I assume he doesnt have power until he has a seat at the table, which I think must be voted on?
02-13-2024 | 05:42 AM
#19
Banned
Joined: Jul 2023
Posts: 633
Likes: 32
02-13-2024 | 05:43 AM
#20
Line Holder
Joined: Sep 2015
Posts: 311
Likes: 13
I'm sure Icahn would be fine with JetBlue and Spirit getting together. Shortly after he took TWA private, he then had TWA acquire Ozark in 1986. The combined Airline was then slowly bled to death by Icahn with a Bankruptcy filing just a few years later. I'm sorry that you guys are going through this, hopefully it ends better for you guys than it did for TWA.
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