Alabama Retirement Head Threatens Liquidation

Aug 29, 2002
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www.usaviation.com
well boys and girls..I think the Fat Lady just hit a high note.
 

gilbertguy

Senior
Aug 29, 2002
368
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[blockquote]
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On 12/6/2002 10:11:20 PM willnotworkforfree wrote:

well boys and girls..I think the Fat Lady just hit a high note.
 

diogenes

Veteran
Aug 22, 2002
2,515
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Ahhh, the new heavy shows its face.

At U it's not good cop/bad cop. It's bad cop/worse cop.
 

AOG-N-IT

Veteran
Aug 19, 2002
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www.usaviation.com
As Chris Matthews says...."This is Hardball" Lets see whom blinks first?

I still say that the Unions are taking the right approach , Don't offer to concede a damn thing!! Until the "Upper Crust" shows thier willingness to take it...as good as they seem to be giving it.

I realize that many have no interest in conceding anything....because by doing so , It's a known fact that they will be conceding not only pay and benefits...it will likely be thier jobs/entire job classification.

These are indeed bad times for all of us.....and I would not begin to tell another work group how to act..or what to think in this instance. I for one , will be braced for crash either way.
 

ForkTime2002

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Nov 27, 2002
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www.usaviation.com
Mr. Bronner said that without concessions, "we'll pull the D.I.P. financing and they're gone."[BR][BR][BR]If they do not comply, Mr. Bronner said in the interview, the airline would go out of business and be liquidated in bankruptcy court. "What's their alternative?" he asked rhetorically. "If they don't want to do this, we'll Chapter 7 it."[BR][BR][BR][FONT size=3]"[FONT face="Times New Roman"][STRONG]Employee Friendly" with a Southern twist."Y'all pay up or we's fixin to liquidate yoo."[BR][BR][/STRONG]Bronner also wants to sit on the board himself.god help us.[BR][BR][BR][/FONT][/FONT]
 

deelmakur

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Aug 26, 2002
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It's instructive that these boys make threats directly to the employee group, completely ignoring management. They also aren't very gracious about having rolled management for the extra 2 Board seats (and effective control). A lot of bravado for guys who are supposed to be friendly. Allies or occupiers? It's unlikely that they would have begun this process without their own group of advisors, probably present and former airline execs. When Dave put the joint in play, trying to give Bonderman a sweetheart deal, he took the ultimate risk.....giving other guys the same idea....and they don't always have the same agenda. You have to look both ways when you cross the road. Stay tuned.
 

deelmakur

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Aug 26, 2002
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They walked. They were in a preferred position, yet declined to increase their offer. That kind of deal shop rarely opens with its best offer. The decision not to compete must have been based on new analysis, once they had a better chance to look inside. Much like the way the stuff on the stable floor attracts flies, RSA showed up. Its the risk you take when you let everyone know you can be had cheap. At that point you hope your preferred partner doesn't blink. This one apparently did.
 

DCAflyer

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Aug 27, 2002
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Well then Mr. Bonner can explain to his fiduciaries not only why he lost the money he already sunk into U (and the aircraft leases) and why he failed to complete the transaction to bring U out of bankruptcy, but also why the retirement system is suddenly hit with a class action suit on behalf of 45,000 U employees, aircraft manufacturers, lessors and other creditors.

But for his actions, the TPG DIP financing would have gone through. He blocked that financing in bad faith if he does not complete the transaction.

I don't think he'll block further funding unless U is in immediate emminent danger of folding. He can't and he knows it. His fiduciaries have too much on the line with not only the post-filing fundings, but also the leases that his fiduciaries owned prior to U filing.

DCAflyer
 
Aug 20, 2002
167
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I don't understand.....what or where is that company from texas who origanally wanted to invest money in us? when did this alabama retirement folks start running us, where's dave? this all seems very weird...
 

delldude

Veteran
Oct 29, 2002
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Downrange
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[P]
[BLOCKQUOTE][BR]----------------[BR]On 12/7/2002 8:33:59 AM autofixer wrote:
[P]So what does RSA have invested in U up to this point? Is it around $200 million (the price of 4 A330s)? If so, what is their incentive to run the airline? How much of the company's liabilites have been "wiped clean" by the judge? Is it feasable to fragment the airline at this point? Is RSA positioning the airline to be a feeder for the "new and improved" UAL? [BR][BR]My point in all of these questions is, we do not know squat! To me it looks like we have came to a point where the road forks three or four different ways. We (U) don't know where we are going (we just want to keep walking--stay in business). There are "lions and tigers and bears" waiting on each of the "long and winding roads" ahead, thus, our prospects for emerging from this trip without being tatered and shredded are slim at best. [/P]----------------[/BLOCKQUOTE]
[P][/P][STRONG]bend over here it comes again[/STRONG]
 

gilbertguy

Senior
Aug 29, 2002
368
0
[blockquote]
----------------
On 12/7/2002 8:36:21 AM DCAflyer wrote:

Well then Mr. Bonner can explain to his fiduciaries not only why he lost the money he already sunk into U (and the aircraft leases) and why he failed to complete the transaction to bring U out of bankruptcy, but also why the retirement system is suddenly hit with a class action suit on behalf of 45,000 U employees, aircraft manufacturers, lessors and other creditors.

But for his actions, the TPG DIP financing would have gone through. He blocked that financing in bad faith if he does not complete the transaction.

I don't think he'll block further funding unless U is in immediate emminent danger of folding. He can't and he knows it. His fiduciaries have too much on the line with not only the post-filing fundings, but also the leases that his fiduciaries owned prior to U filing.

DCAflyer

DC....is it possible that its just the aircraft or properties that RSA want in the form of a/c leasing/property management and not the airline/employees?