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Krusecom website? Did they remove the investor realtions tab or am not seeing it?
http://www.krusecom.com/About.php
wish i had more powder
im excited to see this unfold as well. bought a small position 2 weeks ago. keeping an eye on it
did anything come from the hearing yesterday? seems like this thing just stalled
Late last week, MAG management filed its plan of reorganization and a related disclosure statement. Your MEC is reserving judgment on this plan until we have had the opportunity to review it thoroughly with our professional advisors, including ALPA staff, outside legal counsel and subject matter experts. If you are interested in reading the 74-page document, please click “here” to download it directly.
In reviewing this plan, keep in mind that MAG has now filed a plan of reorganization during its exclusive period, and under the current exclusivity order, MAG has the exclusive right through December 22, 2010 to solicit votes on its plan if the court approves the adequacy of information in its disclosure statement. The company may well modify its plan and disclosure statement up until the hearing on October 26, to consider the adequacy of the disclosure statement. Revisions to a plan and disclosure statement during this period are not unusual in large bankruptcy restructurings such as the one occurring at MAG, including in reaction to complaints or formal objections from third parties requesting that additional information be provided. Typically, companies will file a plan with the court and thereby begin the process toward reorganization by allowing creditors the opportunity to provide feedback before the plan is finalized.
This communication is obviously not a disclosure statement or a substitute for the disclosure statement. However, to recap the plan briefly MAG’s current reorganization plan contains the following key elements:
• Labor Agreements Assumed
o MAG will assume the ALPA contract in its entirety. This means that the company is not asking for any changes, concessionary or otherwise, to our pilot contract. The company also plans to assume the AFA contract. This also means that all pending and outstanding grievances will be processed per the collective bargaining agreement and paid in full to the extent upheld in arbitration. (Keep in mind that ALPA filed a Section 6 notice earlier this month indicating that we wish to commence meetings under the Railway Labor Act to negotiate changes in our contract. We anticipate meeting with management shortly to formalize a protocol agreement for such negotiations and establish meeting dates and locations.)
• Independent Board of Directors
o The reorganized company will include a nine-member Board of Directors. Six of these members will be appointed by the Creditors’ Committee, and the other three members will be appointed by MAG management. This is a significant change to the company’s current structure. ALPA, like every member of the Creditors’ Committee, is involved in the selection process for the new Board of Directors.
• Ownership
o Ownership of the reorganized company is divided up into three groups:
§ 80 percent will be distributed to various creditors, including Bombardier and Embraer entities and various other credit institutions (foreign creditors may receive warrants for the purchase of stock to buy stock rather than stock)
§ 10 percent will be owned by US Airways; and
§ 10 percent will be owned by MAG management.
• US Airways Codeshare
o As you know, MAG and US Airways have been in discussions to extend MAG’s existing agreement beyond 2013; however, there has been no announcement that the parties have reached an agreement at this time. MAG’s plan states that negotiations were continuing at the time of the filing.
On October 26, the bankruptcy court will review MAG’s written disclosure statement. This is essentially a detailed cover letter or SEC-like document about the plan and MAG; it provides information on what led to the company filing for bankruptcy protection, the value of its assets, present condition of the company, future business prospects, an overview of the reorganization plan, and more. Once the company’s disclosure statement is approved by the court (which requires a finding of whether the information is adequate, not whether the plan can or should be confirmed), impaired creditors (i.e., creditors who will not be paid in full) will receive copies of it and the plan of reorganization so that they may vote on whether to approve MAG’s plan. If any other plan is submitted or if exclusivity is terminated at some point, the court will go through the same process of reviewing the disclosure statement for that plan and sending the information to the creditors for review. A hearing is tentatively scheduled for early December for the court to review and determine whether to approve (technically called “confirm”) management’s plan of reorganization for MAG.
GOOD READ TO UPDATE. ALWAYS DO YOUR OWN DD.
This is awesome. It's like they found money they didn't know they had. Right? This has to change that stupid POR that came out. ;). Imo
i like the way you think. ill jump on that train since my birthday is oct 15th. haha
im not worried either, but not what i expected after yesterdays news
yeah ive been holding for some time now and been adding the .06's and .07's. :)
nice uptick on the ask this morning
yeah this board sure went quiet. everyone pulled the emergency cable and slide out. HAHA im still holding my lottery ticket. You cant win without one.
This is the latest info i received from my friend that is a pilot for Mesa. Any thoughts?
"The lastest rumors I am hearing is that we will get the US contract extended. Lot of rumors that we may buy PSA or Piedmont which are two wholly owned regional airlines owned by US.
Rumors that skywest wants to buy us as well. They just bought Expressjet.
They did extend the dateline to file our exit plan until Dec 19."
just a thought! could Comair be trimming the fat to gear up for a sale? would it benefit MESA to buy them out or merge?
#8 :)
HERE IS THE NEWS FROM COMAIR.
--------------------------------------------------------------------------------
September 1, 2010
TO: Comair Team
FROM: President John Bendoraitis
RE: Ongoing Transformation of Comair
In our business, the only thing we can count on for sure is change; this year has been no exception. Through the
first eight months of the year, we have seen significant change across the airline industry, with consolidation
occurring at the mainline and regional level, including the sale of Compass and Mesaba to Trans States and
Pinnacle, respectively, the purchase of ExpressJet by SkyWest and the bankruptcy filing of Mesa.
Comair has not been involved in these transactions, leading some of you to ask about our future. Absent any action
on our part to change our current direction, our future will remain in question. We have been in that undesirable
position too long, and it’s time to dramatically change course.
Our need to change is significant, and the scope of change will be difficult but necessary. Our current cost structure
- which remains approximately 20 percent higher than our peers on a cost-per-block-hour basis - does not enable
us to be competitive in the current industry environment. To secure our future, we need to demonstrate our ability
to operate as a standalone entity. We must be able to earn a profit while reducing our operating costs to what the
market is willing to pay for our services.
In the coming months, we will focus on addressing our main challenges - our aging fleet, high overhead costs and
uncompetitive crew costs - by transforming Comair in three key areas:
? Retaining our important CRJ-700 and CRJ-900 fleets while accelerating the reduction of our aging, less
efficient 50-seat fleet, in keeping with Delta’s plans for its regional operations. Reductions will be timed to
avoid upcoming costly maintenance events and engine overhauls on aircraft leaving the fleet, resulting in a
savings of approximately $110 million over the next four years;
? Aligning staffing levels - including our leadership structure - with what is needed to support a smaller
operation; and
? Working with our unions to secure long-term competitive agreements.
Fleet Reductions
For some time, Delta leaders have been open about their desire to reduce the Delta network’s use of the Delta
Connection 50-seat fleet, made up of older, less-efficient aircraft. Comair’s 50-seat fleet reductions will be
staggered over 2011 and 2012, as determined by a combination of lease return deadlines and upcoming
Maintenance schedules.
As we know from experience, the number of aircraft in our fleet fluctuates based on market demand, scheduling
decisions made by our mainline partner and other factors. While these factors make it difficult to predict exact
numbers, here is what we know at this time: By the end of this year, as planned, we will have 65 50-seat aircraft in
our fleet. Starting in January of next year, we will reduce our 50-seat fleet by 49 aircraft to a total of 16 airplanes:
We will retire 19 by the end of 2011 and 30 in 2012. We will retain our CRJ-700s (15) and 900s (13), and by the
end of 2012, expect to operate a fleet of 44 aircraft.
Staffing Adjustments
With such a significant change in fleet size, we must also re-align our staffing over the next two years to support
the new, smaller size of the airline. All departments and areas will be impacted, with the number of reductions
varying by department. By the end of 2012, staffing will be commensurate with what is needed to run a 44-aircraft
operation.
Timing will vary by department. In operational areas (for crew and Maintenance team members, for example) and
in some support areas, the timing and number of reductions will be closely tied to the reduction of the fleet. Based
on what we know today, we expect the first round of crew furloughs to occur in the second quarter of 2011. At the
same time, we will continue to evaluate our crew and Maintenance bases and anticipate the need to make changes
to ensure we are best aligned to support the operation. Comair leaders are committed to providing team members
timely information to make informed decisions regarding their careers, and as decisions are made, we will
communicate that information.
In other administrative areas, we expect staffing reductions to occur over the next four to 16 months. Notifications
in some departments will begin as soon as this month with some employees leaving the organization by the end of
the year. Other positions will be retained over a longer period of time. Department leaders continue to work through
the staffing specifics in their areas and will be meeting face-to-face with employees wherever possible to share
details.
We have continued to downsize our officer and director ranks over the past two years. As with all staffing, we will
continue to adjust these groups to ensure we have the right people in the best positions to lead the company given
our current direction. Some of these changes have already been communicated, and we will share additional
information as decisions are made.
Comair is committed to easing the transition for employees leaving the company. Employees who are furloughed
will follow the terms of their collective bargaining agreements, which include provisions that provide for these
situations. In addition, Comair leaders will be meeting with union leaders in the coming days to explore their
interest in offering voluntary exit packages for contract employees, and we will communicate additional details as
decisions are made. For merit employees, we will offer severance packages that include financial and career
assistance. We will offer voluntary exit packages for scale employees.
Competitive Union Agreements
In the coming weeks, we will also begin negotiations with all three of our unions: the Air Line Pilots Association
(ALPA), International Association of Machinists (IAM) and International Brotherhood of Teamsters (IBT).
Securing new, competitive agreements with these groups is critical to our success, and I look forward to sitting
down with our union leaders to reach common ground.
Beyond the significant changes outlined above, we will continue exploring every opportunity to decrease costs,
including options for moving out of our headquarters building, which was designed for a much larger workforce
than what we have today. We will remain headquartered in Northern Kentucky but will be evaluating more
appropriately sized office facilities near the airport.
The result of these changes is that, over the next two years, Comair will become a much more cost-competitive and
smaller company, both in terms of our fleet and the staff necessary to support that fleet. The changes we are
undertaking are based on economics and are not a reflection on the people of Comair and the good work we have
done and continue to do. Instead, the need to reduce our aging 50-seat aircraft is more indicative of what is
happening in the regional industry as a whole, with a move toward newer, larger-gauge aircraft. And while it may
seem premature to talk about changes that will occur in 2011 and 2012, you have proven that you are a tremendous
group of professionals capable of handling the challenges ahead of us, and you deserve information that may
potentially impact your career.
Many current employees have seen reductions in previous years, and while these are not pleasant or easy decisions
to make, they are necessary to keep us viable. The Comair team has consistently demonstrated our ability to run a
safe airline and deliver a great product while providing excellent customer service and operational reliability. Even
with these latest developments, we must remain focused on these key areas.
The other Comair leaders and I will host our next series of town hall meetings the week of September 13, and I look
forward to meeting with many of you face-to-face and talking about the upcoming changes and the important work
ahead of us.
im all in as well. there is tremendous upside in this if they are able to secure some deals
good volume today! something coming?
i was on this damn computer daily and watched it open to close! It had played around the 13 dollar mark and then saw a slight pullback so i sold! It had finally paid off!!!
Hopefully we will see the same thing here with QSGIQ. HDOGTX and crew have really provided us with some good information. Everyone must do their own further dd and invest at their own risk!
If you dont play you cant win!:)
Like i mentioned before, i was also in PPC with a cost basis of .39 cents. Ended up selling at $12.00. My best investment ever! Looking for the same here. Although rare in BK Cases no risk, no reward! Thank you for all your hard work!!!!
So is this looking to be dead duck to many? My frined,a pilot for MESA, has always said that he never really liked working there but doesnt have much of a choice being a new pilot and needing to log flight hours. Im in for the long haul waiting for the announcement of the extension with US Airways. Theres no point in selling at .03. As always this is my own opinion do your own dd, but man it sure has been quiet around here!
im all in as well
it had such a good run, the rally is over. we need more buying to make it move. This news they mentioned by ends week needs to have some substance to it!
yup people are waiting for the "news"
lets see what happens after lunch
i think that whoever is in is already in. everyone is just waiting to see the next move. I was in PPC at a cost basis of .39 and it came out of BK nice and smooth.
If this is on the same path as others have suggested, HOLD ON! Its going to be a fun ride.
BTW thanks for all your dd!
screen shot?
i had it in for .10 this morning and got filled at .09
quiet before the storm?
yeah i had it in at .10 from last night and it forced thru at .09
well looks like all we can do is sit and wait. im all or none at this point with a cost basis of .048. You dont lose unless you sell right? :)
Yeah he is hanging in there as well, Was demoted from captain 7 months ago but trying to wait it out since he's been there for a while.
A friend of mine that has been a pilot with MESA since 04
I heard that the extension with US Airways is contingent on MAG buying Piedmont Airlines from US Airways first. Anyone else heard of this?
any idea why this stock is going backwards?
always quiet before the storm. get your popcorn ready!
yes i did add more at that price. My orginial buy was at .046 and added more at .054 so my cost basis is .049
yes i did add more at that price. My orginial buy was at .046 and added more at .054 so my cost basis is .049
thank you, and im sorry if it cam across that way. i dont post much as you can see but i have been holding close to 50k shares in mesa since the 4's. Im in it to win it just like yall. look forward to the flight! :)
I saw that. So, I figured I would ask him since he is a captain for Mesa and see what he would say. I was simply trying to say that indeed he knew about the same "rumor" in Charlotte where he is based out of. Nothing more or nothing less, just making a statement.
Im just telling you what he said. By no means am i trying to create a rumor. Take it easy and dont be so qucik to bash!