US supports Bethune appointment

[michael707767]

If it was true the deal is a "nonstarter," DL would simply file the pre-merger notification and allow the DOJ to stomp it out immediately, putting a rest to the potential plan filed by US.

actually not true. Part of filing pre merger notification would be to open up the books to Parker and US for due dilligence. Being convinced the merger will not go through, why would you open up your books to the competition? No need to show them your strategic plans just to have them use it against you when the merger fails.

 

[Gilding the Lily]

actually not true. Part of filing pre merger notification would be to open up the books to Parker and US for due dilligence. Being convinced the merger will not go through, why would you open up your books to the competition? No need to show them your strategic plans just to have them use it against you when the merger fails.

You are right... I am getting ahead of myself. In my mind, I think the creditors are eventually going to force DL to do many things that management is uncomfortable with. I think this is evidenced by the creditors getting Bethune (if approved). Obviously, my opinion is subject to disagreement; but I think that the creditors will sit on the plan for days, letting the exclusivity time period toll. Then, US will have an opportunity to file an official plan, allowing the creditors to really compare and contrast the two plans. This will give the creditors more leverage than DL would have ever wanted.

 

[NYCDelta]

Straight from US:

In a related development, the Financial Times reports that Delta’s official Creditors Committee will name former Continental Chairman Gordon Bethune as an adviser to evaluate the competing claims for Delta. Our view? Mr. Bethune brings a great deal of experience, credibility and independence to the process. We believe the committee will be well-served by his leadership and decisiveness, and we’re confident that Mr. Bethune and the committee will ultimately recognize the value the “New Deltaâ€￾ will create.

Hope Gordo can get an answer quickly the suspense is mindboggling. :wacko:

According to a Houston newspaper, Mr. Bethune stated: "They were looking for some industry knowledge to make sure they are thorough in their review of all the proposals," Bethune says.

All personal feelings aside, I'm hopeful Gordon will look at the impact to ALL shareholders (creditors, communities, employees, and customers). If he were to look at everything and feels a merger is in our best interest-I would probably change my opinion.

 

[BoeingBoy]

Things seem to be moving along. The court has set Feb 7 as the date for the hearing on DL's POR ("or as soon thereafter as counsel may be heard"). DL will also ask that Feb 1 be set as the voting record date.

Jim

 

[Smitty]

Things seem to be moving along. The court has set Feb 7 as the date for the hearing on DL's POR ("or as soon thereafter as counsel may be heard"). DL will also ask that Feb 1 be set as the voting record date.

Jim

Lets just hope that Bethune can persuade the creditors to accept that plan before mid-april.

 

[flyingcat]

Lets just hope that Bethune can persuade the creditors to accept that plan before mid-april.

I don't think the creditors want things to be stretched out any further than necessary. They are waiting for the recommendation and DL upper mgmt will find out if it will be time to start faxing resumes or go on a victory tour.

 

[Gilding the Lily]

Today, the Official Creditor's Committee filed a notice to the court stating that no parties to the DL bankruptcy have objected to the appointment of Bethune, even after the subsequent disclosures of potential conflicts-of-interest. The Judge officially entered an order approving of Bethune's retention. Now the committee can start an official review under his advisement.