US supports Bethune appointment

[hp_fa]

Bonderman of Texas Pacific Group and Bethune are friends. Bonderman hired Bethune to run CAL. Of course TPG has stock in AWA and still does.

I thought TPG liquidated their AWA holdings when the merger went through.

 

[Nor'Easta]

Anybody want to bet Gordon will be Delta's next CEO?

I will take that bet and raise you 100! Then it makes you wonder, if he will try to merge DL/CO???

 

[brokenwrench]

If the US bid begins to gain any momentum with the creditor commitee I would not be surprised.

I think the Delta BOD (along with the employee's) would throw there support behind a DL/CO merger with ole Gordy at the helm.

CO managment has demonstrated that they value there employees and are willing to not only say, they will pay market rates but ACTUALLY DO, pay market rates.

 

[BoeingBoy]

I thought TPG liquidated their AWA holdings when the merger went through.

You are correct except on the timing (and only a little there). I think they sold their stake this past Spring/Summer.

Jim

 

[757inthebarrel]

Bonderman of Texas Pacific Group and Bethune are friends. Bonderman hired Bethune to run CAL. Of course TPG has stock in AWA and still does. The judge ruled in the company's favor. They were all sweating bullets for fraud and insider trading for a while. Parker was soon promoted from CFO to CEO. Bethune quit CAL afer the lawsuit. I wonder why Schifter quit last month. He too is a TPG partner. Bueller?

Of course US approves of Bethune to "help" DAL. Bonderman probably has speed dial set for Bethune! Insider information again? I don't know. You would think they learned their lesson!

Lawsuit background: On June 10, 2002, in the Ninth Court, a law suit was argued: plaintiff: Employer-Teamster Joint Council Pension Trust Fund vs AWA, CAL, TPG, etc. The file is too large to attach here.

Very interesting to read how management doesn't really care about the employee, only how much stock they get and how much they can cash out. Period. Then they are on to the next deal/buyout. The employee if left holding an empty bag, the robber barons took it all, pensions, benefits, stock options, careers, you name it. If it has any value to them, they will take it.

Bethune will be the CEO of the "New Delta" sans Grinstein.

They have pretty much fleeced the American worker. They are going over seas now. Quantas is next, RyanAir...

I think you are right that Bethune may take over for Grinstein. Jerry has stated he will retire when DL exits BK in the spring. I wouldn't be surprised to see the creditors make Bethune's hiring a requirement to support the DL standalone plan.

I don't think Bethune and Bonderman are friends though. The had a long running pissing contest and Bethune agreed to leave if Bonderman left the board. Bethune thinks he took one for the team to save CO from Bonderman.

 

[NYCDelta]

I think you are right that Bethune may take over for Grinstein. Jerry has stated he will retire when DL exits BK in the spring. I wouldn't be surprised to see the creditors make Bethune's hiring a requirement to support the DL standalone plan.

Plus, Bethune is friends with Whitehurst, COO. If consolidation really is that important to the industry, I'd like to see DL and CO. CO was 1st and we were 2nd in the latest JD Powers awards. Our fleets are similar, and EWR would be a nice alternative to JFK. I think we'd keep CVG, SLC, IAH, LAX, ATL and probably dump CLE.
Plus, our friends over at US (many of them really are my friends) could hook up with NWA or UAL, both of which would be a much better fit for them. And, we'll all be happy, right?? :unsure:

 

[delta777]

Wowie jeepers, US Airways supports the Creditors appointing Bethune!!!! Who the hell asked Doogie for his opinion, and since when does the board have to run it by his twisted ass anyhow? Oh the nerve of this 'tard. Hey Doogie, if i want any lip from you i'll spread your legs.

Uh, yeah,,,,like US Air had a choice, had they not supported the move the creditors would have simply told them to piss off, like their support means jack. Doogie is an even bigger suck-up than i thought. Too bad Bethune and Whitehurst are friends.

Ding dong the deal is dead, the deal is dead!!!

 

[bigbusdrvr]

Wowie jeepers, US Airways supports the Creditors appointing Bethune!!!! Who the hell asked Doogie for his opinion, and since when does the board have to run it by his twisted ass anyhow? Oh the nerve of this 'tard. Hey Doogie, if i want any lip from you i'll spread your legs.

Uh, yeah,,,,like US Air had a choice, had they not supported the move the creditors would have simply told them to piss off, like their support means jack. Doogie is an even bigger suck-up than i thought. Too bad Bethune and Whitehurst are friends.

Ding dong the deal is dead, the deal is dead!!!

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Looks like someone got into the eggnog! Why dont you wait till you sober up before posting....

 

[delta777]

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Looks like someone got into the eggnog! Why dont you wait till you sober up before posting....

I'm not worthy, dariencc's boyfriend comes to his defense!!!

You are about as smart as your rubber bow tie and two left shoes suggest, Bozo. Now, go curl back up in your corner, and continue chewing on your toenails.

Next

 

[deltawatch]

Wowie jeepers, US Airways supports the Creditors appointing Bethune!!!! Who the hell asked Doogie for his opinion, and since when does the board have to run it by his twisted ass anyhow? Oh the nerve of this 'tard. Hey Doogie, if i want any lip from you i'll spread your legs.

Uh, yeah,,,,like US Air had a choice, had they not supported the move the creditors would have simply told them to piss off, like their support means jack. Doogie is an even bigger suck-up than i thought. Too bad Bethune and Whitehurst are friends.

Ding dong the deal is dead, the deal is dead!!!

When we take over I hope IM your boss ..... !

 

[wings396]

I figured that SWA had some type of program in place today, but they didn't jump on the bandwagon until years after the others did. When I worked the CTR for PI in the late 70's, there was no FF program, and repeat customers were the norm. Although the Green Stamp craze was popular in it's day, it has pretty much faded away since. I tend to shop and buy from places that provide service along with a good product. Any Gimmicks that they may or may not have are not a determining factor for me. I have found that many places that do provide them, have sub-par service, and tend to run the gimmick wagon in order to get customers back.

 

[Gilding the Lily]

I don't think Bethune will be able to accomplish much with his so-called "advising;" but there is one thing I think he can accomplish: Help certain creditors put pressure on DL to file pre-merger notification forms with the government.

This does not mean that DL would seriously consider the merger; but it would initiate an in-depth official review of the potential merger. This, of course, means that the so-called "murky" anti-trust issues could be cleared up in the several weeks following the filings and, thus, would give a clear view of what divestitures would be required to get the deal done.

As you have noticed in my past postings, I disagree with DL's characterization of the deal being severely "anticompetitive." While it is true that the two carriers compete in many routes, the notion that antitrust problems make the deal a "nonstarter" is ridiculous.

If it is a non-starter, then it begs the question: What is the harm in filing the pre-merger notification forms? If it was a non-starter then why not file the per-merger forms and have the DOJ kill the merger right from the start? That would put to rest all the merger talk with US right? To me, it is apparent that the potential merger is not a "nonstarter" as DL would suggest. So, to clear up the matter, DL should file the per-merger forms now... isn't it in the best interest of the creditors to at least know what they are dealing with?

 

[flyhigh]

Bethune and Bonderman are far from friends and Bethune and Whitehurst have no connection personally. Whitehurst admires CO a lot and sees that as the necessary path for DL, but only knows the CO execs through transactional discussions etc.

 

[metopower]

I don't think Bethune will be able to accomplish much with his so-called "advising;" but there is one thing I think he can accomplish: Help certain creditors put pressure on DL to file pre-merger notification forms with the government.

This does not mean that DL would seriously consider the merger; but it would initiate an in-depth official review of the potential merger. This, of course, means that the so-called "murky" anti-trust issues could be cleared up in the several weeks following the filings and, thus, would give a clear view of what divestitures would be required to get the deal done.

As you have noticed in my past postings, I disagree with DL's characterization of the deal being severely "anticompetitive." While it is true that the two carriers compete in many routes, the notion that antitrust problems make the deal a "nonstarter" is ridiculous.

If it is a non-starter, then it begs the question: What is the harm in filing the pre-merger notification forms? If it was a non-starter then why not file the per-merger forms and have the DOJ kill the merger right from the start? That would put to rest all the merger talk with US right? To me, it is apparent that the potential merger is not a "nonstarter" as DL would suggest. So, to clear up the matter, DL should file the per-merger forms now... isn't it in the best interest of the creditors to at least know what they are dealing with?

You seem to be very well informed..much like a320. As someone new to the industry... I would think that if I were part of the aproved creditors board that I would be very proactive. I would not allow Delta management much of a leash. In other words I would be on the phone with them every step of the way.Advising daily and not much of their plan would be unknown to me. If I were Delta I would just run the clock out on d.p. and let him spin in the wind. The unaproved creditors can only make noise and hope that someone on the approved board agrees with them.If I were on the approved board then I would say very little...that way Delta mangement is force out of bk early and I get my money.If I were Delta I would not do anything that could have an uncontroled out come like a goverment board ie Justice Department. But I am new to all this.

 

[Gilding the Lily]

If I were Delta I would not do anything that could have an uncontroled out come like a goverment board ie Justice Department. But I am new to all this.

That is my point exactly. DL has stated that the merger is a "nonstarter" because of antitrust issues. Yes, it is obvious that there are "issues"... but there are not enough issues to characterize it as a complete "nonstarter."

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. But, DL has not done this, nor will it do this unless it is severely pressured by DL creditors. Thus, I take this to mean that DL believes, in its heart of hearts, that characterizing it as a "nonstarter" is inaccurate.

Sure, characterize it as "improbable" or "not prudent," but characterizing it as a "nonstarter" is a bit of a stretch.