Junebug172:
Lemme guess, you are a 2005 hire, got awarded a decent seniority and are grasping for more. What cracks me up is punks like you who think you deserve this!
How long do you think your airline would have lasted without this merger? You guys seem to forget quickly that Parker was quoted as saying that AWA was dying and needed this to survive. How you junior folks just don't get it!
Hey MORON, because without us, you were TOAST!
Now shut up and get back to your local fbo!
FROM ALPA NATIONAL WEBBOARDS:
Eric,
Longevity/Seniority, in a nutshell, is all you have. Hopefully, ALPA will make some steps to protect you in the future- when those (23) Y.O., soft eyed, bubble gum chewing, ALPA "Affiliated" guys become "wholly owned" and want their relative position in front of you. Or, for that matter another merger. Good luck.
Don't get me wrong, I believe we will find workable solutions and move forward.
But, for the mixed up, "AWA,We bought you bunch." Re-read the SEC filing: "US Airways Group has entered into agreements with new equity investors which have agreed to contribute a total of $565 million in equity to the reorganized US Airways Group."
AWA couldn't buy Doug an airline, or even the assests of an airline. AWA was indeed burning cash and was headed for Chapter 11. They had been there before, and absent a change, it was going to be, "here come's the Judge all over again."
Oh, and if you would have bought "AAA" that would have constituted a "change of control" triggering (age 50) PBGC benefits for 75% of our list. That did not happen!
For the "liquidation" crowd. Sorry, we wern't going anywhere. We've made too many short time (undeserving) CEO's millionaire's. Need proof? Just go ask your own.
Agreement to Merge with Subsidiary of U.S. Airways Group
On May 19, 2005, US Airways Group, Holdings and Merger Sub, a wholly owned subsidiary of US Airways Group, entered into the Merger Agreement. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Holdings, with Holdings continuing as the surviving corporation. The merger is expected to create the first full-service
airline with the consumer-friendly pricing structure of a low-fare carrier.
In the merger, holders of Holdings Class A common stock will receive 0.5362 of a share of new US Airways Group common stock for each share of Holdings Class A common stock they own, and holders of Holdings Class B common stock will receive 0.4125 of a share of new US Airways Group common stock for each share of Holdings Class B common stock they own, on the terms specified in the Merger Agreement.
The merger is one of a series of transactions that require the approval of the United States Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, in the pending bankruptcy proceeding of US Airways Group and its domestic subsidiaries. The other transactions
that must be approved by the bankruptcy court, as part of a comprehensive plan of reorganization of US Airways Group and its domestic subsidiaries, include receipt by US Airways Group of new equity financing concurrently with the merger. US Airways Group has entered into agreements with new equity investors which have agreed to contribute a total of $565 million in equity to the reorganized US Airways Group,
subject to a variety of conditions, including confirmation of the plan of reorganization and completion of the merger. The merger is a key component of the plan of reorganization and is also conditioned upon, among other things, the receipt of at least $375 million from these equity investors. The plan of reorganization contemplates the cancellation of existing US Airways Group common stock and the issuance of new shares of reorganized US Airways Group upon emergence from the bankruptcy proceedings and in connection with the merger. On June 30, 2005, US Airways Group filed the plan of reorganization and its related disclosure statement with the Bankruptcy Court.
Assuming that US Airways Group receives $565 million in equity financing at the effective time of the merger, we expect that former America West Holdings stockholders will hold approximately 37% of new US Airways Group common stock outstanding immediately following the merger. Certain former US Airways Group creditors and new equity investors as a group will hold approximately 11% and 52%, respectively, of new US Airways Group common stock outstanding immediately following the merger. In each case, those percentages are subject to dilution as a result of any additional equity issuances, including as a result of the proposed rights offering discussed below, and are subject to certain assumptions concerning the likely exchange of certain convertible debt and securities that are dilutive at the per share purchase price paid by the equity investors for new US Airways Group common stock shortly after the merger.
The merger cannot be completed unless Holdings’ stockholders adopt the merger agreement and approve the merger. The obligations of Holdings and US Airways Group to complete the merger are also subject to the satisfaction or waiver of several other conditions, including clearance from regulatory agencies. On June 23, 2005, the U.S. Department of Justice notified Holdings and US Airways that the Department has
completed its review of the proposed merger of the two airlines and that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 will expire without a formal request from the Department for additional information.
Source AMERICA WEST AIRLINES INC filed this Form 10-Q on 07/21/05.
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