Northstar (usa)- Imp (ns)

[Biggles]

After a couple attempts of taking over Vector Aerospace in the sense of becoming primary shareholders, it appears that the wheels are in motion for it to be made official. Is there any truth to this and/or is anyone in the know?

 

[Vertical Mag]

Hey Biggles!

Yes, it looks like the wheels are turning. I'm hearing from good sources that we are about to see a takeover of Vector by Ken Rowe at IMP and Northstar Aerospace. It supposedly has enough shares to install its own board.

Also saw an interesting article in the National Post this weekend. It says senior executives at Vector Aerospace, Mark Dobbin, chairman and chief executive, Paul Conway, president and chief operating officer, and Max Parsons, chief financial officer, were to be paid $35 million! The company doesn't have enough money to pay them!

Apparently ACRO was one of the only companies within Vector to actually be doing well financially, but overall Vector's other fixed wing companies were not.

Here's the link to the story in the National Post.

http://www.nationalpost.com/search/story.a...B2-8A5DD71ECC9F

 

[Biggles]

Thanks Mike, that confirms exactly what I heard and have been hearing since late spring (in the tentative "hostile take-over" threat days). My my, gimme 35 mil (heck just the one or two) and I'd be quite happy - hehe The board fellas are definitely no fools, tiny or not !

 

[widgeon]

isn't this what they call a poison pill ?.
Where will a white knight come from to save the Codson ?.

Will we see Rudy P at the the helm ?.

 

[407 Driver]

Rudi P ?? Wasn't he the captain of the Titanic?

 

[Elvis]

You are correct 407 ,Rudy was at Bell.

:elvis: :elvis:

 

[widgeon]

Too funny Elvis.

 

[407 Driver]

....Even I have to admit, that was a GOOD comeback ! That was many years ago Pall-a-dino was selling for Bell, I was hoping to make the reference to the sinking of CHW, and to a very short lived career at E-USA, but Ya got me !!!! 😀

 

[chuckles]

When did Mr. P leave EC USA? Any news on where he ended up?

 

[widgeon]

Mr Paganini (a fair fiddler so I am told) took the helm around sept 2002 . Olivier F who went down about the same time is now running the MHP proposal in Ottawa. I have no doubt that Rudy will re surface some time soon .any Paladina is a pal of mine.

 

[407 Driver]

Mr Palladina was at American Eurocopter from September 2000 until October 2002.

 

[N1]

Perhaps the activities of the board and management of Vector Aerospace will be a poison pill for their own careers and prospects, as opposed to those of the PUBLIC company they were elected and/or hired to manage.

It may prove unlikely that the shareholders, or others in the aviation field, will forget what is happening here, in a very public arena?

What future for them within the business environment? Very slim, some might speculate.

The hopes of any type of Board or Corporate position within the aerospace industry must be reducing by the hour, for the institutional investor is slow to forget if he concieves himself to be shafted. A listing on the NYSE of course, might put paid to any potential to be hired by a related company?

And the shareholders? I don't think they will take it lying down. In fact, in light of recent corporate scandals, these people may have taken a corporate suicide pill of their own!

The future. Board controlled by solid and well known business figures.

Massive shake up throughtout the company.

If your title includes any management function, you might want to ensure your resume is current and in circulation. People coming in are fresh and solid.

Oh, and the proxy vote was mailed out last week. Any bets that there will be a single shareholder that will support the current board and management (other than a shareholder that is both)?

Should get even more interesting yet! :wacko:

 

[N1]

A suicide pill indeed!

Vector Aerospace Corporation - Press Release
Thursday November 27, 8:38 pm ET


TORONTO, Nov. 27 /CNW/ - Vector Aerospace Corporation ("Vector") today announced that it has terminated the employment of its Chief Executive Officer, Mark Dobbin, its Chief Operating Officer, Paul Conway, and its Chief Financial Officer, Max Parsons, effective immediately.

The Board of Vector, by a majority, determined that terminating the employment contracts of the three senior executives named is in the best interest of the Corporation. Terminating the contracts in the normal course relieves the Corporation of the substantial financial cost that could arise in the event that "change of control" provisions were triggered as a result of a new Board being elected at the Special Meeting of Shareholders scheduled for November 28, 2003.

Having been unable, despite ongoing efforts over three months, to reach a mutually acceptable resolution of issues pertaining to management compensation claims the Board concluded that further efforts would not be fruitful or in the interests of Vector shareholders.

The majority of the Board, based on advice received, is also of the view that the so-called "forbearance agreements" between Vector and the three executives of the Corporation would be found to be null and void and do not constitute a basis to increase the amount otherwise payable under the termination provisions of the employment agreements with the three executives concerned.

Terminating the contracts of the executives concerned will substantially reduce the potential financial exposure that would result from a change of control situation which could approximate up to $24,000,000, an amount at least $10,000,000 in excess of payments due under normal termination benefits, other than through a change of control. Standard termination benefits include normal severance as well as pension and other benefits specified in the employment contracts between the individual executives and the Corporation.

In reaching its decision, the majority of the Board carefully considered management claims relating to change of control, the circumstances pertaining to the "forbearance agreements," the financial situation of the Corporation, the prospect that a majority of shareholders would wish to elect the alternate slate of candidates proposed to replace the current Board and the fact that a change of control could occur without any premium being offered to other Vector shareholders.

The Board is satisfied that terminating the employment of its executive management will not be unduly disruptive to the Corporation, particularly in light of the plans of the new and incoming Board of Directors to put in place a new executive management team.

As the Board expects that the Shareholder meeting scheduled for November 28, 2003 would result in the election of a new Board, it has also determined that it is in the best interest of Vector to proceed with an orderly transition of the Vector Board.