In Response To Chip

[USA320Pilot]

Bear96:

None of my posts have been predictions, but instead information I have obtained from informed sources.

For example, the "AA carve out" of the previous merger attempt was not a prediction. It was me informing readers that a deal was being negotiated between AA, UA, & US to meet some of the Justice antitrust objections.

Did the deal proceed? No, but my point was informing readers of the discussions and then it became public knowledge.

In regard to United securing a "conditional commitment" for exit financing, let's remember that this will be the funds for the federal loan guarantee and the must be used to repay up to $1.5 billion in DIP financing. The portion of the exit financing arranged with J.P. Morgan and Citigroup will be used to pay the same lenders back there DIP financing.

Regards,

Chip

 

[funguy2]

Did the deal proceed? No, but my point was informing readers of the discussions and then it became public knowledge.

Whether or not the deal proceeds is immaterial.

You give out information prior to public, official announcement by US Airways. By doing so, you give yourself and others ability in this case to buy low, before the public announcement, and sell high after the public announcement. It is a known fact that stock price movement is common with merger announcements. This is a violation of SEC regs.

Martha Stewart is in trouble because Sam Waskal told her that a drug approval by the FDA was about to be denied. This material information caused Martha to sell her stock on knowledge she should not have had. She was able to make a decision based on information that she had, but all shareholders did not.

Whether or not the deal goes through is not the issue. Manipulation of the stock price is. Routinely giving out inside information is illegal.

Again, who should be announcing things for US Airways, Crystal City or a line pilot?

P.S. Its funny how this did not end up in the thread where it was being discussed.

 

[767jetz]

let's remember that this will be the funds for the federal loan guarantee and the must be used to repay up to $1.5 billion in DIP financing. The portion of the exit financing arranged with J.P. Morgan and Citigroup will be used to pay the same lenders back there DIP financing.

Chip,

Why do you keep posting lies like this? You have been corrected on may occassions on this single topic alone, by me and others, yet you STILL try to spread your misinformation.

Then you claim to publicly admit when you are wrong. What a crock!

For the HUNDRETH TIME, UA only accessed about half of it's DIP money, and has already payed some of it back out of it's operating PROFITS. Remember that word, "PROFITS?" Something USAir still hasn't seen.

UA only needs to repay about $700 Million in DIP money.

Please stop misrepresenting this number. It's obvious you want people to think that most of the loan $ will be used up paying back previous loans. This is catagorically false information, and you know it.

AFTER UA repays the DIP money, it will still have about 1.3 Billion left over from the loan, in addition to over $2 Billion cash UA already has. (And that number is improving every day.)

Let me restate that for the chronically dense... when UA emerges, After it pays back the DIP it will have about $3.5 - 4.0 BILLION in cash!

Chip, you have sunk to a new low, going from negative spin to outright lying.

By the way, did you see the news about UA's incentive pay program to reward it's hard working loyal employees? Doesn't sound like a company getting ready screw it's employees out of their pensions, or looking to put more burden on the employees now, does it?

 

[Fly]

767jetz Posted on Dec 18 2003, 02:58 AM

By the way, did you see the news about UA's incentive pay program to reward it's hard working loyal employees? Doesn't sound like a company getting ready screw it's employees out of their pensions, or looking to put more burden on the employees now, does it?

Yahooooo! I got that letter from the company today!! Wow, they are even going to give incentives to lowly flight attendants such as myself B)

 

[USA320Pilot]

767jetz:

Chip responds: 767jetz, everything in my lat post was dead on accurate and I take great exception to your mischaracetization. I said United had to pay up to$1.5 billion in DIP financing and the amount of money they have obtained has not been made public knowledge. My comment is dead on accurate and yours is a misrepresentation of the facts.

Furthermore, why do you continue to "shoot the messenger" regarding your insolvent company? Why don't you just go over to the virtually inactive United board and discuss your thoughts?

767jets said: "By the way, did you see the news about UA's incentive pay program to reward it's hard working loyal employees? Doesn't sound like a company getting ready screw it's employees out of their pensions, or looking to put more burden on the employees now, does it? "

Chip comments: What purpose does this comment have on the US Airways board? But, since you started the comparison again, in regard to pensions, I understand from ALPA R&I the legislative solution to the underfunding problem will likely fail and any congressional move will not save either the US Airways or the United DB plans. Therefore, what's going to happen with your lovefest with Tilton if he seeks to terminate the DB plans, per ATSB demands?

In regard to profit sharing, the US Airways employees have received stock and profit sharing. Which plan between our two companies is more lucrative for employees?

Furthermore, since you started this comparison, can you tell us what are the current pilot "duty rigs" and how much do you get paid for deadheading? By the way, I was just wondering, what is it like to fly four-day trips and only receive 17 hours pay on the B767?

767jetz, I am tired of your ranting and uninformed posts. It's clear you do not have a clue to what's truly happening, but you will find out in due time.

Respectfully,

Chip

 

[Doc]

And Chip I am curious as to how the news about UA lining up $2B in financing may have changed your ICT/UCT/CCT/DCT/whatever theory of UA selling assets to U to raise cash?

I know in another thread you (predictably) focused on the problems UA still faces in actually getting the cash, instead of the ramifications of the news proving your other theories to be full of holes.

But I am wondering if that at least indicates to you that maybe, just maybe (even a little teensy bit), UA is not really focused on selling assets to U to raise cash at the moment, after all?

And don't you think right now U should be focusing its resources on combating the SWA PHL threat, instead of salivating after purchasing UA assets that don't even appear to be for sale?

I know it is more fun to dream about a new hub somewhere out West or pretty new long-haul aircraft and layovers than it is to talk about slogging it out with WN in the low-fare domestic market but... reality bites sometimes.

I don’t mean to jump in but UAL hasn’t lined up anything until your pension issue is resolved and some other things, but you do have two banks interested but that doesn’t mean anything. kind of like refinancing and getting the ok until the guy shows up to do the appraisal and you live in a shoe……………..

 

[Fly]

Relax Francis!

We ARE coming out and it warms my heart to know that it sickens yours.

 

[767jetz]

Chip, what can I say... How about LIAR, LIAR, PANTS ON FIRE!

Saying "up to $1.5 Billion" is a mischaraterization, because yout very well that UA never accessed the full amount available. It HAS been publicly stated a long time ago, and you have been reminded on several occasions. Therfore you are the one trying to mischaracterize things.

As for profit sharing, UA has that as well as stock options when we emerge. So I would say that our compensation of all 3 combined is better than yours without the incentive pay. (By the way, don't you have to make a profit before you get profit sharing?)

IF tilton must replace the DB plan with a DC plan, most of the pilots at UA (remember, our piot grooup is much younger than yours) will probably not be devestated. Personally, with 25 more years to go before retirement, I don't think I'll ever see a DB plan anyway. So if they want to increase my B plan in exchange for my A plan, so be it. The "love fest" won't end while UA is back on top of the industry.

As for the rest of your garbage, you once again demonstrate YOUR misinformation. WTF, over? At UA the pilots get paid 100% of dead head time. I don't know where you get the idea that a 4 day trip is 17 hours. I am still getting 85 hour lines with 15 days off on average.

Get real Chip. You are still dead wrong, and it's humorous how you won't ever admit it.

 

[USA320Pilot]

767jetz:

I'm not going to debate the issues with you, but my information is factual. Maybe you should take the blinders off because I understand it’s far from certain that United will emerge.

The J.P. Morgan and Citigroup exit financing is conditional and requires a loan guarantee. The loan guarantee application is incomplete without key obstacles completed such as the NPC credit card processing replacement plan, a solution to the huge pension problem, possibly up to 174 EETCs with up to 100 financiers yet to be re-negotiated, UCT airport municipal bond litigation, the antitrust investigation/possible lawsuit, and the Dulles mess.

Do you think that Fitch will provide a recommendation that Untied will obtain a 7% profit margin in 7 years will these application holes?

Just like when I said that United barely made its DIP financing, which you disputed, even though Duane Woerth and United’s bankruptcy attorney confirmed it.

Regardless, I'm tired of you coming over to the US Airways board and only "shooting the messenger." You never post anything of value to US Airways and its employees, therefore, doesn't it make sense for you to go play in your own sandbox, even though there are just a couple of posts per day?

By the way, consolidation is coming for United (unless it liquidates), I understand it could occur after United emerges from bankruptcy so the court and creditors committee will not have a decision in United's fate. But, that could change too, just like Mike Boyd recently told the Pittsburgh Post-Gazette.

Respectfully,

Chip

 

[firstamendment]

767jetz Posted on Dec 18 2003, 02:58 AM

Yahooooo! I got that letter from the company today!! Wow, they are even going to give incentives to lowly flight attendants such as myself B)

Fly

This is why you guys will be around next year and we may not. Our management team wouldn't understand the concept or reasoning of incentives if it bit them on the nose. I 100% give up on this management team. I no longer care if we survive or not. Honestly, who among the best of us enjoys constant threats? Please don't anyone give me the "why wait" routine. It's not about the job because as soon as a better opportunity comes along, I'm out of this hell hole.

 

[Fly]

Chip Munn Posted on Dec 18 2003, 04:03 PM

Regardless, I'm tired of you coming over to the US Airways board and only "shooting the messenger."

No one has done that....yet. Now where did we leave that darn "shooter"? You're sounding more and more desperate Chip.

______________________________________

shooter - (n) a weapon used to stop the spread of false information

 

[Cosmo]

I said United had to pay up to$1.5 billion in DIP financing and the amount of money they have obtained has not been made public knowledge. My comment is dead on accurate and yours is a misrepresentation of the facts.

Chip:

This is yet another in your continuing series of incorrect statements regarding United and its financial results. As of September 30, 2003, United's outstanding DIP loan balance was $727 million (and IIRC it never exceeded $800 million). You will find this number on page 10 (in a paragraph titled "DIP Financing") of United's third quarter 2003 SEC Form 10-Q which you can read here. Is that location "public" enough for you? Since you claim to know so much about United's situation, I'm surprised that you would make such an uninformed statement.

So, in reality, your comment quoted in bold above is "dead on" WRONG!

And as Fly noted, your comments do indeed seem to have taken on a tone of greater desperation lately. Perhaps this is due to the increasingly divergent paths the two carriers are taking at the moment -- United slowly but steadily fixing itself (albeit with several hurdles still remaining before it can emerge from Chapter 11) while US Airways appears to be more and more disfunctional (see a number of other threads on this board, don't just take my word for it) and possibly headed towards Chapter 11, Part Deux. Something to make you go "hmmm".

 

[usfliboi]

COSMO GROW UP! Get another therory other than chips wrong !!!!!!! Lifes too short man

 

[Cosmo]

COSMO GROW UP! Get another therory other than chips wrong !!!!!!! Lifes too short man

Hey, pal, it's not a theory, IT'S THE TRUTH! Chip plays fast and loose with the facts, refuses to admit when he's wrong, claims to be unbiased when he obviously is not (at least where United is concerned), and relies on "secret" sources for his unsupported pet UCT/ICT theories that fall apart when exposed to logical analysis. And if you weren't such an obsequious apologist for Chip, you'd see that -- as most of the other readers of these boards do.

Besides, I'm having fun. And if it bothers you (or Chip) that I enjoy pointing out Chip's errors and inconsistencies, too bad! But thanks for being concerned about my life.

 

[737nCH11]

UMMMMMM......Now that we've made Chip mad his posts are turning into rants. All I can say is...BWAAAAHHHAAAAAHHAAAAAAAAAA!!!!!!!!