Delta to Pinnacle: Concessions or shutdown
01-15-2013 | 06:59 AM
#382
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Joined: Dec 2007
Posts: 6,208
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So lets recap.
1. Pinnacle chooses to self finance 900's and underbid flying to gain regional market share. #FAIL
2. Pinnacle buys Colgan and Mesaba with money loaned from Delta with an interest rate of 12-13 cents on the dollar. #FAIL
3. Pinnacle files Chapter 11 and then accepts DIP financing from Delta with another ridiculous interest rate because Pinnacle barely has cash on hand to run its day to day operations #FAIL
4. Once again it falls on PILOTS to fall on the sword for management's failures. They overwhelmingly vote in a TA that cuts pay, cuts QOL, furloughs more than half of the group, and takes responsibility for Pinnacles bad business....while their CEO took a HUGE pay raise last year. #FAIL FAIL FAIL FAIL
1. Pinnacle chooses to self finance 900's and underbid flying to gain regional market share. #FAIL
2. Pinnacle buys Colgan and Mesaba with money loaned from Delta with an interest rate of 12-13 cents on the dollar. #FAIL
3. Pinnacle files Chapter 11 and then accepts DIP financing from Delta with another ridiculous interest rate because Pinnacle barely has cash on hand to run its day to day operations #FAIL
4. Once again it falls on PILOTS to fall on the sword for management's failures. They overwhelmingly vote in a TA that cuts pay, cuts QOL, furloughs more than half of the group, and takes responsibility for Pinnacles bad business....while their CEO took a HUGE pay raise last year. #FAIL FAIL FAIL FAIL
I mean, P. Tenary was the mastermind of all this and conveniently jumped off with the golden parachute before the ish hit the fan
01-15-2013 | 07:01 AM
#383
Gets Weekends Off
Joined: Oct 2009
Posts: 248
Likes: 0
From: On The Jumpseat
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