PNCL Files Chapter 11
04-02-2012 | 04:07 AM
#91
Line Holder
Joined: Oct 2010
Posts: 1,499
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reading the faqs on the company site, thank god for the jcba and the language brought over from the measaba and old pcl contracts. if you didnt notice, all fas, mechanics etc will have to reapply for any vacancies at pinnacle and start over as new hires. no moving expenses, no furlough protections, year one pay etc. once the colgan cert is done, any remaining non pilot furlough will be terminated. this is going to suck for us all. we thought 11-09 was a mess. enjoy the 250k menke.
04-02-2012 | 04:08 AM
#92
Gets Weekends Off
Joined: Mar 2007
Posts: 500
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Guys, not that what I say will help anything, but as a Comair guy who is about to be on the street, I have been impressed by other airlines trying to help out guys who are about to be furloughed. Thankfully, your pilot group hasn't burned many bridges, and airlines will be there to help the furloughs.
04-02-2012 | 04:20 AM
#93
Gets Weekends Off
Joined: Jan 2012
Posts: 416
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From: I'm Buying
3rd...This is gonna suck...any idea's on were to look next? Everything I can find about going anywhere else reads "stay away!". When I do a little research I can't find one regional that doesn't look like their going to be up ******* creek within 3yrs. Any thoughts?
04-02-2012 | 04:25 AM
#94
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Joined: Sep 2009
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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
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
12-11343 Doc 19 Filed 04/02/12 Entered 04/02/12 00:35:52 Main Document
Pg 4 of 20
Pg 4 of 20
5
Douglas W. Shockey (“
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
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.
04-02-2012 | 05:01 AM
#96
Thread Starter
ULTP-Ultra Low Tier Pilot
Joined: Dec 2007
Posts: 3,228
Likes: 0
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
12-11343 Doc 19 Filed 04/02/12 Entered 04/02/12 00:35:52 Main Document
Pg 4 of 20
5
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.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
12-11343 Doc 19 Filed 04/02/12 Entered 04/02/12 00:35:52 Main Document
Pg 4 of 20
5
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
Oh, and I cant believe that these morons actually registered the domain name http://www.pinnaclerestructuring.com/
04-02-2012 | 05:08 AM
#97
Thread Starter
ULTP-Ultra Low Tier Pilot
Joined: Dec 2007
Posts: 3,228
Likes: 0
Good thing I am off today, could not imagine going into work. Good luck trying to get fuel from an FBO vendor since the company just told them all that they are not going to be paid their previous balance.Better top off at the hub before going out.
04-02-2012 | 05:24 AM
#98
Gets Weekends Off
Joined: Oct 2008
Posts: 1,258
Likes: 0
Ok... I just have to say that this is going to SUCK for all the pilots here. And, in all honesty, more so for the Pinnacle/Mesaba guys that could potentially be furloughed because of Colgan Air ceasing operations. But I acknowledge that the Pinnacle 900s are being parked too. Doesn't change what's already happened and what is going to happen.
All I can say is best of luck to all of us, and if anyone needs a letter of rec feel free to PM me. Stay safe out there!!
All I can say is best of luck to all of us, and if anyone needs a letter of rec feel free to PM me. Stay safe out there!!
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