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Airline Pilot Central Forums (https://www.airlinepilotforums.com/)
-   Regional (https://www.airlinepilotforums.com/regional/)
-   -   JO does it again... (and Mesa recall rumor) (https://www.airlinepilotforums.com/regional/35457-jo-does-again-mesa-recall-rumor.html)

Purpleanga 01-07-2009 06:01 PM
It's just amazing the attitudes in this thread. If this was a thread about Skywest or Horizon or something there would be congratulations for the company and well wishes of guys coming back from furlough. Instead it's met with disbelief and disappointment. What is it about Mesa that sucks so much?

H46Bubba 01-07-2009 06:03 PM
Originally Posted by Purpleanga (Post 533081)
It's just amazing the attitudes in this thread. If this was a thread about Skywest or Horizon or something there would be congratulations for the company and well wishes of guys coming back from furlough. Instead it's met with disbelief and disappointment. What is it about Mesa that sucks so much?
Jerry Ornstein and his band of merry men.

hslightnin 01-07-2009 06:08 PM
Originally Posted by DENpilot (Post 532914)
Also, with the displacement run, I have heard from a source in the recruiting dept. they are thinking of recalling upwards of 20 furloughs for an ERJ/dash class.
CP said we are loosing 5-8 ERJ's and closing CVG
and since the ERJ is staffed like OJ likes(less then needed) and with PBS + the loss of those birds does not mesh with bringing people back.
Just dont get your hopes up.

TurboFan 01-07-2009 06:23 PM
I've seen this coming since it came out that these bonds were due.

Lots of disappointed Mesa bashers out there tonight.

rickair7777 01-07-2009 06:23 PM
Originally Posted by DENpilot (Post 532957)
Actually, I believe in the paperwork I received as a shareholder, it said that in the terms of the bonds, the company is allowed to issue stock in lieu of cash. It also says it in the DEF14A filing on November 22.

Keep in mind, that this is also based on the bondholders exercising their right to sell it back to the company.
True, they can pay with stock. However...

A reasonable stock issue is one thing, but issuing TEN times the amount of your stock currently on the street, which is valued in pennies, sounds outright fraudulent.

If I were the bondholder, I don't think I'd accept money printed by JO... :p

freezingflyboy 01-07-2009 06:50 PM
Originally Posted by Lowlevel (Post 533076)
The Company, founded by Larry and Janie Risley in New Mexico in 1982, has approximately 4200 employees and was awarded Regional Airline of the Year by Air Transport World magazine in 1992 and 2005. Mesa is a member of the Regional Airline Association and Regional Aviation Partners.

I guess someone hid the fact that Freedom Airlines is a Mesa Company when ATW magazine was looking for a Regional of the Year (2005).
That's why I chuckle a little bit every time I see one of those stupid "Regional Airline of the Year" stickers on the side of a Shupublicah airplane. It's like the Grammy of industry awards. They'll give those things to anyone:rolleyes:

Cactusone 01-07-2009 07:04 PM
Originally Posted by OscarOscar (Post 532989)
SEC Filing on November 24th. You are correct and at ~$.25/share it's going to take 378M shares to pay the bondholders.

OO.
The quote "not worth the paper it's printed on" comes to mind since copies at Staples cost $.30 a page.

waflyboy 01-08-2009 11:46 AM
Originally Posted by H46Bubba (Post 533083)
Jerry Ornstein and his band of merry men.
Is this a Freudian slip or a play on words?

OscarOscar 01-08-2009 12:05 PM
Originally Posted by gtechpilot (Post 532993)
Ok, they have 75 million shares out now - they are planning on issuing 825 million new shares - how would this not devalue the stock to around $.04 per share?
I tried to cut and paste the entire table published in the SEC filing, but at $.10/share JOe is going to need more than the 900M shares. However, the bondholders may not even demand payment if it means accepting the shares. Either way JOe wins.






eP.

DeltaPaySoon 01-08-2009 12:53 PM
Originally Posted by rickair7777 (Post 533104)
True, they can pay with stock. However...

A reasonable stock issue is one thing, but issuing TEN times the amount of your stock currently on the street, which is valued in pennies, sounds outright fraudulent.

If I were the bondholder, I don't think I'd accept money printed by JO... :p
The bottom line is that they still have to have investors to buy these worthless stocks. I seriously doubt that they'll find enough capital with the disclosures he has to include. Even with another public offering, if one comes, he'll have to generate a ton of capital to generate any capitalized position to secure, well........anything. Credit, equipment, flying, etc.

Good things happen to good people and JO is NOT good people.


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