Why PinColaba Won't Declare BK til after May
12-20-2011 | 08:47 AM
#21
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12-20-2011 | 08:54 AM
#22
Doing One Pilot's Job
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Shy, you might want to read what you bolded again.
Then again.
Then a fourth time.
Maybe then you'll see what the 10-Q statements you bolded actually say, and not what you THINK they say.
One time adjustment that MIGHT be as high as 18-20M. Annual rate adjustment starting March 2012 that MIGHT be as high as 14-17M. While those aren't firm numbers and ultimate payments may not be as high as PNCL "estimated", absolutely nowhere does it say Delta can renig on those agreements.
I don't have any skin in the PNCL game, but what's your objective spreading FUD?
Then again.
Then a fourth time.
Maybe then you'll see what the 10-Q statements you bolded actually say, and not what you THINK they say.
One time adjustment that MIGHT be as high as 18-20M. Annual rate adjustment starting March 2012 that MIGHT be as high as 14-17M. While those aren't firm numbers and ultimate payments may not be as high as PNCL "estimated", absolutely nowhere does it say Delta can renig on those agreements.
I don't have any skin in the PNCL game, but what's your objective spreading FUD?
12-20-2011 | 01:01 PM
#23
Gets Weekends Off
Joined: Dec 2005
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Shy, you might want to read what you bolded again.
Then again.
Then a fourth time.
Maybe then you'll see what the 10-Q statements you bolded actually say, and not what you THINK they say.
One time adjustment that MIGHT be as high as 18-20M. Annual rate adjustment starting March 2012 that MIGHT be as high as 14-17M. While those aren't firm numbers and ultimate payments may not be as high as PNCL "estimated", absolutely nowhere does it say Delta can renig on those agreements.
I don't have any skin in the PNCL game, but what's your objective spreading FUD?
Then again.
Then a fourth time.
Maybe then you'll see what the 10-Q statements you bolded actually say, and not what you THINK they say.
One time adjustment that MIGHT be as high as 18-20M. Annual rate adjustment starting March 2012 that MIGHT be as high as 14-17M. While those aren't firm numbers and ultimate payments may not be as high as PNCL "estimated", absolutely nowhere does it say Delta can renig on those agreements.
I don't have any skin in the PNCL game, but what's your objective spreading FUD?
Delta can reneg on them, too. Pinnacle and Delta agreed on rates for the aircraft we lease from them a while ago. Now, Menke is fighting tooth and nail on an agreement that as far as Delta is concerned, was already agreed upon. Now they're looking for a change.
12-21-2011 | 03:33 PM
#24
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Just to play Devil's Advocate (a role I feel myself being drug into on these boards regarding this matter)-- Funny how the above mentioned analyst only began following Pinnacle the day he released this article.
The company is obviously waging a PR campaign to spread fear amongst the pilots and at Daddy Delta. If they can successfully get training and pay concessions from the pilots, and if they can successfully get things squared away with Delta, their "house is burning down" campaign will have paid off.
On another note--do you guys honestly think the consultants they hired to develop BK/liquidity improvement plans are going to finish their work before Xmas, get a bankruptcy filing in, and enter Chapter 11 before New Year's? I highly doubt it--that's a pretty tight timeline, even for a mid-sized company.
My best guess: if they do declare BK, it won't be until March at the earliest, if at all.
At the end of the day, we owe all of this to our collective greed as a society--many of us Americans have shot ourselves in the foot looking out for the guy in the mirror so many times via concessions, voting for candidates based on what's best for us and not the whole country, and buying so much crap we don't need that we force ourselves into working for employers we would've otherwise walked away from years ago.
Either way...good luck to all of us whatever happens...
The company is obviously waging a PR campaign to spread fear amongst the pilots and at Daddy Delta. If they can successfully get training and pay concessions from the pilots, and if they can successfully get things squared away with Delta, their "house is burning down" campaign will have paid off.
On another note--do you guys honestly think the consultants they hired to develop BK/liquidity improvement plans are going to finish their work before Xmas, get a bankruptcy filing in, and enter Chapter 11 before New Year's? I highly doubt it--that's a pretty tight timeline, even for a mid-sized company.
My best guess: if they do declare BK, it won't be until March at the earliest, if at all.
At the end of the day, we owe all of this to our collective greed as a society--many of us Americans have shot ourselves in the foot looking out for the guy in the mirror so many times via concessions, voting for candidates based on what's best for us and not the whole country, and buying so much crap we don't need that we force ourselves into working for employers we would've otherwise walked away from years ago.
Either way...good luck to all of us whatever happens...
Sidenote: is our ASA with Delta published and can it be accessed by anyone?
12-21-2011 | 10:56 PM
#25
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Seabury Group: Wage Slashers:
Seabury Group | Wage Slasher
Excerpt:
"Better than that, he has exploited the downturn to extract unprecedented concessions, especially from pilots. Within a month of taking over last March, Siegel was able to persuade union leaders that, on its then-current course, the airline would run through $1 billion in cash within 12 months and probably find no lender willing to provide more. "The unions were shocked," says John Luth, a financial adviser to the airline. "No one had put it in these terms before."
04-03-2012 | 03:23 PM
#28
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"The Former Officer Agreements. The Debtor hereby seek to reject the Consulting Agreement (the “Trenary Agreement”) dated March 10, 2011
between Pinnacle Holdings and Philip H. Trenary (“Trenary”) and the Release Agreement (the “Shockey Agreement” and together with the Trenary Agreement, the “Former Officer Agreements”) dated October 19, 2011 between Pinnacle Holdings and Douglas W. Shockey (“Shockey”), in each case effective as of the Petition Date.
Pursuant to the Officer Agreements, the Debtors pay Trenary for consulting services and Shockey for non-revocation of a release signed concurrently with the Shockey Agreement. The Debtors are eager to use these chapter 11 proceedings to maximize value for all stakeholders and emerge as stronger businesses. After analyzing the Officer Agreements, the Debtors have determined, in the sound exercise of their business judgment, that rejecting the Former Officer Agreements would benefit the Debtors’ estates by allowing the Debtors to avoid accruing ongoing payment obligations under the Former Officer Agreements, which provide no ongoing benefit to the Debtors’ estates.
The Debtors estimate that the total savings from rejecting the Officer Agreements will exceed $1,500,000."
04-03-2012 | 08:25 PM
#30
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He can easily keep any money that was actually paid prior to April 2nd, 2011. If he had somehow seen this coming, and if he were really smart he would've sold off his forward-looking payments to a third party annuity provider such as AIG (but he must not have or that third party's name would be on the docket--not Phil himself).
Anyone know what the disbursement schedule for his payments was?
Anyone know what the disbursement schedule for his payments was?
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