Can anybody confirm this statement in regards to potential new outside investors? If true, do you believe anybody really cares what UAL ALPA says?
The June 13, 2005 issue of Crain's Chicago Business included an article entitled
"Buyers are Eyeing UAL: Outside Equity Players Likely to Enter Picture." The
article stated that the Creditors' Committee of United's bankruptcy case
"clearly indicated that there are outside investors interested in taking a run"
at United. The article went on to say: "A top official with a key United union
confirmed late Friday that two investor groups had notified him in recent weeks
that they are preparing competing reorganization plans for the airline." The
"top official" is not connected to ALPA.
In response to the Crain's article and the growing speculation it has created,
MEC Chairman Captain Mark Bathurst has issued the following statement:
"I am sure that many of you have read reports that equity firms or airline
managers like Gerry Greenwald or Gordon Bethune may be interested in gaining
control of United through the bankruptcy process. I am not aware of any serious
plan for a change of ownership or management as the bankruptcy process comes to
a close. Our professional advisors have confirmed that these media reports are
speculation at this point and that there is no credible competing plan to take
United out of bankruptcy.
"Your MEC is closely monitoring this situation through our ongoing work with the
Company's restructuring team, our representation on the Board of Directors and
our position on the Creditors' Committee. It is important to remember that the
Bankruptcy Exit Agreement gives the pilot group substantial rights with respect
to any change in ownership or management, including the right to terminate the
entire agreement. We will vigilantly protect the long-term interests of this
pilot group over the final few months of the bankruptcy, and we will not
hesitate to exercise our rights to keep individuals and/or groups who would
undoubtedly attempt to inflict further harm on this pilot group from gaining
control of our airline." Exit Agreement gives the pilot group substantial rights
with respect to any change in ownership or management, including the right to
terminate the entire agreement. We will vigilantly protect the long-term
interests of this pilot group over the final few months of the bankruptcy, and
we will not hesitate to exercise our rights to keep individuals and/or groups
who would undoubtedly attempt to inflict further harm on this pilot group from
gaining control of our airline."
The June 13, 2005 issue of Crain's Chicago Business included an article entitled
"Buyers are Eyeing UAL: Outside Equity Players Likely to Enter Picture." The
article stated that the Creditors' Committee of United's bankruptcy case
"clearly indicated that there are outside investors interested in taking a run"
at United. The article went on to say: "A top official with a key United union
confirmed late Friday that two investor groups had notified him in recent weeks
that they are preparing competing reorganization plans for the airline." The
"top official" is not connected to ALPA.
In response to the Crain's article and the growing speculation it has created,
MEC Chairman Captain Mark Bathurst has issued the following statement:
"I am sure that many of you have read reports that equity firms or airline
managers like Gerry Greenwald or Gordon Bethune may be interested in gaining
control of United through the bankruptcy process. I am not aware of any serious
plan for a change of ownership or management as the bankruptcy process comes to
a close. Our professional advisors have confirmed that these media reports are
speculation at this point and that there is no credible competing plan to take
United out of bankruptcy.
"Your MEC is closely monitoring this situation through our ongoing work with the
Company's restructuring team, our representation on the Board of Directors and
our position on the Creditors' Committee. It is important to remember that the
Bankruptcy Exit Agreement gives the pilot group substantial rights with respect
to any change in ownership or management, including the right to terminate the
entire agreement. We will vigilantly protect the long-term interests of this
pilot group over the final few months of the bankruptcy, and we will not
hesitate to exercise our rights to keep individuals and/or groups who would
undoubtedly attempt to inflict further harm on this pilot group from gaining
control of our airline." Exit Agreement gives the pilot group substantial rights
with respect to any change in ownership or management, including the right to
terminate the entire agreement. We will vigilantly protect the long-term
interests of this pilot group over the final few months of the bankruptcy, and
we will not hesitate to exercise our rights to keep individuals and/or groups
who would undoubtedly attempt to inflict further harm on this pilot group from
gaining control of our airline."
