Uh Oh. Mesa just cancelled the note agrmnt
02-11-2009, 01:24 PM
#91
Gets Weekends Off
Joined APC: Jan 2008
Position: R U Serious?
Posts: 260
You did take a paycut!
In buying power that is, with inflation at about 3-4% per year since the contract was up (2years) that would be 6-8% paycut that yall took! You must have been one of the 418, because everyone I ask is part of the 400.
Additionally, are you getting block or better yet??? Ooopsy, finally, agreeing to this check in crap was probably the biggest concession yall took, pbs be damned if you get the right language it works fine.
In buying power that is, with inflation at about 3-4% per year since the contract was up (2years) that would be 6-8% paycut that yall took! You must have been one of the 418, because everyone I ask is part of the 400.
Additionally, are you getting block or better yet??? Ooopsy, finally, agreeing to this check in crap was probably the biggest concession yall took, pbs be damned if you get the right language it works fine.
02-11-2009, 01:29 PM
#92
*********
Joined APC: Dec 2007
Posts: 1,068
Originally Posted by powrful1
You did take a paycut!
In buying power that is, with inflation at about 3-4% per year since the contract was up (2years) that would be 6-8% paycut that yall took! You must have been one of the 418, because everyone I ask is part of the 400.
Additionally, are you getting block or better yet??? Ooopsy, finally, agreeing to this check in crap was probably the biggest concession yall took, pbs be damned if you get the right language it works fine.
In buying power that is, with inflation at about 3-4% per year since the contract was up (2years) that would be 6-8% paycut that yall took! You must have been one of the 418, because everyone I ask is part of the 400.
Additionally, are you getting block or better yet??? Ooopsy, finally, agreeing to this check in crap was probably the biggest concession yall took, pbs be damned if you get the right language it works fine.
I am one of the 400 and carry my vote receipt with me during all trips/commuting. Next time you see someone who claims they voted no, ask them to see this piece of paper.
We have been getting paid block or better since December. I examine each paycheck, and the numbers add up to reflect what I have flown.
No one is checking in yet. I see this as a enormous pain in the ass.
Last edited by paxhauler85; 02-11-2009 at 06:24 PM.
02-11-2009, 02:05 PM
#93
Gets Weekends Off
Joined APC: Nov 2008
Position: I AM NOT A KAPTAIN, i keep the right seat, nice and toasty
Posts: 120
Originally Posted by paxhauler85
You missed my point. We did not see a decrease in our pay rates.
I am one of the 400 and carry my vote receipt with me during all trips/commuting. Next time you see someone who claims they voted no, ask them to see this piece of paper.
We have been getting paid block or better since December. I examine each paycheck, and the number add up to reflect what I have flown.
No one is checking in yet. I see this as a enormous pain in the ass.
I am one of the 400 and carry my vote receipt with me during all trips/commuting. Next time you see someone who claims they voted no, ask them to see this piece of paper.
We have been getting paid block or better since December. I examine each paycheck, and the number add up to reflect what I have flown.
No one is checking in yet. I see this as a enormous pain in the ass.
Your buying power has decreased with the new contract. The 418 achieved nothing but a few months stay of execution.
02-11-2009, 03:03 PM
#94
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 39,304
Originally Posted by powrful1
You did take a paycut!
In buying power that is, with inflation at about 3-4% per year since the contract was up (2years) that would be 6-8% paycut that yall took! You must have been one of the 418, because everyone I ask is part of the 400.
Additionally, are you getting block or better yet??? Ooopsy, finally, agreeing to this check in crap was probably the biggest concession yall took, pbs be damned if you get the right language it works fine.
In buying power that is, with inflation at about 3-4% per year since the contract was up (2years) that would be 6-8% paycut that yall took! You must have been one of the 418, because everyone I ask is part of the 400.
Additionally, are you getting block or better yet??? Ooopsy, finally, agreeing to this check in crap was probably the biggest concession yall took, pbs be damned if you get the right language it works fine.
02-11-2009, 03:38 PM
#95
Gets Weekends Off
Joined APC: Nov 2005
Posts: 2,512
News coming fast and changing fast! Just came out an hour ago. Looks like they reached another agreement with some of the bond holders.
Mesa Air Group Announces Completion of Transactions with Certain Holders of Senior Convertible Notes due 2023 and the Results of its Tender Offer for its Senior Convertible Notes due 2024
PHOENIX, Feb. 11 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. (Nasdaq: MESA) announced it completed transactions with certain of the holders of its Senior Convertible Notes due 2023 (the "2023 Notes") resulting in the exchange of $21,271,250 in aggregate face amount of the 2023 Notes for the following consideration: (i) $878,269 in cash, (ii) 8,430,458 shares of the Company's common stock, no par value (the "Common Stock"), and (iii) $983,937 in aggregate principal amount of the Company's new 8% senior unsecured notes due 2012 (the "2012 Notes"). The issuance of the Common Stock and 2012 Notes in the exchange is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) and Section 4(2) thereof. As of the date of this report, approximately $12,656,280 million (at today's value) in aggregate principal amount at maturity of the 2023 Notes remains outstanding.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990210/LAW065)
Also on February 11, 2009, the Company announced the results of its tender offer to up to $120.3 million in aggregate face amount of its Senior Convertible Notes due 2024 (the "2024 Notes"). The tender offer expired at 11:59 p.m., New York City time, on February 10, 2009. Pursuant to the terms of the offer, $13,224,000 in aggregate face amount of 2024 Notes, or approximately 11% of the 2024 Notes, were validly tendered and not withdrawn. The Company accepted all of the tendered 2024 Notes, and in exchange therefor, issued 64,665,360 shares of Common Stock and paid a nominal amount of cash in lieu of fractional shares of Common Stock. The issuance of the Common Stock in the tender offer is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) and Section 4(2) thereof.
The Company also announced its intent to immediately resume discussions with certain holders of its Senior Convertible Notes due 2024 (holding $104,030,000 million in aggregate face amount) to enter into agreements with such holders imminently on terms substantially equivalent to the previously announced rescinded agreements. No assurance can be given that the Company will be able enter into mutually acceptable agreements with such note holders. If such discussions prove unsuccessful, the Company intends to permit such holders to put their notes to the Company on the same economic terms as previously provided for under the terms of the Indenture governing such notes, including at the same pricing for the notes tendered on or before February 10, 2009.
This press release contains various forward-looking statements that are based on management's beliefs, as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, projected or expected.
Mesa Air Group Announces Completion of Transactions with Certain Holders of Senior Convertible Notes due 2023 and the Results of its Tender Offer for its Senior Convertible Notes due 2024
PHOENIX, Feb. 11 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. (Nasdaq: MESA) announced it completed transactions with certain of the holders of its Senior Convertible Notes due 2023 (the "2023 Notes") resulting in the exchange of $21,271,250 in aggregate face amount of the 2023 Notes for the following consideration: (i) $878,269 in cash, (ii) 8,430,458 shares of the Company's common stock, no par value (the "Common Stock"), and (iii) $983,937 in aggregate principal amount of the Company's new 8% senior unsecured notes due 2012 (the "2012 Notes"). The issuance of the Common Stock and 2012 Notes in the exchange is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) and Section 4(2) thereof. As of the date of this report, approximately $12,656,280 million (at today's value) in aggregate principal amount at maturity of the 2023 Notes remains outstanding.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990210/LAW065)
Also on February 11, 2009, the Company announced the results of its tender offer to up to $120.3 million in aggregate face amount of its Senior Convertible Notes due 2024 (the "2024 Notes"). The tender offer expired at 11:59 p.m., New York City time, on February 10, 2009. Pursuant to the terms of the offer, $13,224,000 in aggregate face amount of 2024 Notes, or approximately 11% of the 2024 Notes, were validly tendered and not withdrawn. The Company accepted all of the tendered 2024 Notes, and in exchange therefor, issued 64,665,360 shares of Common Stock and paid a nominal amount of cash in lieu of fractional shares of Common Stock. The issuance of the Common Stock in the tender offer is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 3(a)(9) and Section 4(2) thereof.
The Company also announced its intent to immediately resume discussions with certain holders of its Senior Convertible Notes due 2024 (holding $104,030,000 million in aggregate face amount) to enter into agreements with such holders imminently on terms substantially equivalent to the previously announced rescinded agreements. No assurance can be given that the Company will be able enter into mutually acceptable agreements with such note holders. If such discussions prove unsuccessful, the Company intends to permit such holders to put their notes to the Company on the same economic terms as previously provided for under the terms of the Indenture governing such notes, including at the same pricing for the notes tendered on or before February 10, 2009.
This press release contains various forward-looking statements that are based on management's beliefs, as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, projected or expected.
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