Republic buying compass?
11-15-2007 | 08:22 AM
#21
Che Guevara
Joined: Aug 2005
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How does RAH own $91M of Comair?
Why would RAH want a bunch of old CRJs that aren't compatible with their current fleet outside of the 20ish CRJs flying for CAL?
Besides, the one thing RAH pilots have is a great scope clause and senior members of the pilot group vividly remember the Republic Airlines 1 struggle during the 2003 negotiations.
Why would RAH want a bunch of old CRJs that aren't compatible with their current fleet outside of the 20ish CRJs flying for CAL?
Besides, the one thing RAH pilots have is a great scope clause and senior members of the pilot group vividly remember the Republic Airlines 1 struggle during the 2003 negotiations.
On March 13, Republic had said its Chautauqua Airlines and Shuttle America operating units obtained the $91 million pre-petition claim in exchange for Delta's surrender of warrants on about 3.4 million Republic shares.
© Reuters 2007. All Rights Reserved. | Learn more about Reuters
Republic Airways to purchase 2 Million shares for $41 Million
Mon Mar 19, 2007 4:39PM EDT
March 19 (Reuters) - Airline holding company Republic Airways Holdings Inc. (RJET.O: Quote, Profile, Research) said it would purchase 2 million of its common shares from WexAir LLC, a former majority shareholder, for $41 million.
The shares will be purchased at $20.50 a share and the transaction will be completed on or before March 21, the company said in a statement.
(Reporting by Anant Vijay Kala in Bangalore
© Reuters 2007. All Rights Reserved. | Learn more about Reuters
Republic Airways to purchase 2 Million shares for $41 Million
Mon Mar 19, 2007 4:39PM EDT
March 19 (Reuters) - Airline holding company Republic Airways Holdings Inc. (RJET.O: Quote, Profile, Research) said it would purchase 2 million of its common shares from WexAir LLC, a former majority shareholder, for $41 million.
The shares will be purchased at $20.50 a share and the transaction will be completed on or before March 21, the company said in a statement.
(Reporting by Anant Vijay Kala in Bangalore
Follow the money. RAH buys back stock from Wexford to the tune of 41 mil. Then an unnamed company/person buys the Delta debt for 44 mil a couple of weeks later (read Wexford). Now Wexford has a 91 mil debt credit to use against Delta comming out of bankruptcy and Delta has said that Comair might be on the block.
If RAH bought Comair they would fall under the RAH CBA and scope. If Wexford buys Comair they are a seperate company (controlled by the same people). They tried the same thing with CHQ and Shuttle before they were forced to merge.
If RAH bought Comair they would fall under the RAH CBA and scope. If Wexford buys Comair they are a seperate company (controlled by the same people). They tried the same thing with CHQ and Shuttle before they were forced to merge.
Last edited by ToiletDuck; 11-15-2007 at 08:29 AM.
11-15-2007 | 08:39 AM
#22
Doing One Pilot's Job
Joined: Sep 2005
Posts: 7,883
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That's right, because it doesn't. At least not directly...
It doesn't make financial sense to me (admittedly not an accountant) for RAH to purchase Comair. Why buy a company with a largely bitter, militant pilot group that has a mostly old, dissimilar fleet from your own? Of course the CHQ CRJs could be shifted to Comair for DCI flying and CHQ/DCI 145s could be shifted to CAL...but that'd create a shiatstorm of untold magnitude across the board.
If I'm not mistaken, Wexford has or is in the process of divesting itself of RAH shares. That certainly doesn't mean they wouldn't provide $$$ for a future deal, however...
11-15-2007 | 08:45 AM
#23
Che Guevara
Joined: Aug 2005
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Same thing China is doing to the US which is another reason the dollar has been diving down. There are a multitude of reasons why it's benificial to own buy them. It has nothing to do with the pilot group. Nothing at all. RAH could simply purchase comair then fire them all if they wanted to. It's happened before. Or they could purchase a ticket for the pilot group to help with staffing issues on the boat load of 170/175s they'll be getting in. That's happened before too.
11-15-2007 | 08:56 AM
#25
Gets Weekends Off
Joined: Jun 2006
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From: ERJ FO
There's no such thing as a fact on this board. Everything that gets put up here is a giant friggin' rumor. If I bet on half the stuff I read here, I'd be dirt poor. This is a great place to come to complain about everyone else's company but you're own.
11-15-2007 | 09:25 AM
#26
Doing One Pilot's Job
Joined: Sep 2005
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Originally Posted by ToiletDuck
RAH could simply purchase comair then fire them all if they wanted to. It's happened before.
I'm done with you...
11-15-2007 | 09:39 AM
#27
Che Guevara
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Or how uneducated you are on the subject. Perhaps you should read about what happened to the Shuttle guys when they were purchased. Not saying it would happen as the industry would have to be on one horrible last leg for it to get there just saying the pilot group of another airline isn't a hurdle for management. Glad you're done. Get's old posting facts like the company stake in another company and somehow you still manage to try and argue it lol.
11-15-2007 | 09:52 AM
#28
Doing One Pilot's Job
Joined: Sep 2005
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Originally Posted by ToiletDuck
Get's old posting facts like the company stake in another company and somehow you still manage to try and argue it lol.
1. Shuttle guys didn't get FIRED. I was much closer to RAH at the time of that integration than you were, believe me.
2. You still haven't made the connection between RAH's BK stake in Delta and owning $91m of Comair. None of the "facts" you have posted support such an assertion, nor do any of the SEC releases I have read over that time say anything about RAH assuming Comair's debt.
Here is the 8-K RJET filed on 14 March:
Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March 13, 2007, Chautauqua Airlines, Inc. ("Chautauqua") and Shuttle America Corporation ("Shuttle America"), wholly owned subsidiaries of Republic Airways Holdings Inc. (the "Company") have amended their fixed-fee agreements with Delta Air Lines. The amendments provide for early removal of all 15 E135 aircraft between September 2008 and April 2009 at a rate of 2 aircraft per month, and an approximate 3% reduction in the reimbursement rates on Chautauqua's 24 fifty seat E145 aircraft and Shuttle America's 16 seventy seat E170 aircraft for the remaining term of the agreements. In return for these concessions, the Company and Delta have agreed to a negotiated pre-petition claim in the amount of $91 million, and Delta will surrender all of its warrants on approximately 3.4 million shares of the Company's common stock.
Item 1.01 Entry into a Material Definitive Agreement.
On March 13, 2007, Chautauqua Airlines, Inc. ("Chautauqua") and Shuttle America Corporation ("Shuttle America"), wholly owned subsidiaries of Republic Airways Holdings Inc. (the "Company") have amended their fixed-fee agreements with Delta Air Lines. The amendments provide for early removal of all 15 E135 aircraft between September 2008 and April 2009 at a rate of 2 aircraft per month, and an approximate 3% reduction in the reimbursement rates on Chautauqua's 24 fifty seat E145 aircraft and Shuttle America's 16 seventy seat E170 aircraft for the remaining term of the agreements. In return for these concessions, the Company and Delta have agreed to a negotiated pre-petition claim in the amount of $91 million, and Delta will surrender all of its warrants on approximately 3.4 million shares of the Company's common stock.
As Stark would say, SEEEEEEEEEEEEEEEEEEEEYAAAAAAAAAA
11-15-2007 | 11:57 AM
#29
Gets Weekends Off
Joined: Jul 2007
Posts: 299
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From: ERJ CA
edit:
I promise PROMISE I will behave. YAH BAYBE!!! YA!!! So naughty!!! OH BEHAVE!
11-15-2007 | 12:14 PM
#30
Gets Weekends Off
Joined: Jun 2006
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From: ERJ FO
Or how uneducated you are on the subject. Perhaps you should read about what happened to the Shuttle guys when they were purchased. Not saying it would happen as the industry would have to be on one horrible last leg for it to get there just saying the pilot group of another airline isn't a hurdle for management. Glad you're done. Get's old posting facts like the company stake in another company and somehow you still manage to try and argue it lol.
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