Airline Stocks Higher on US Air Strength

[Space Wrangler]

September 02, 2004 3:52 PM ET


NEW YORK (AP) - Airline stocks moved higher Thursday after US Airways shares rose more than 15 percent on hopes the company is close to a deal with its pilots union that might help stave off bankruptcy.

The Air Line Pilots Association said in a statement it received a contract counter-proposal from US Airways Group Inc. management that could be the basis of a tentative agreement. The airline is asking pilots for a cheaper contract so it might cut millions in costs, thereby helping the company evade Chapter 11.

Shares of US Airways were up 33 cents at $2.47 in trade on the Nasdaq. Meanwhile, many of its rivals saw stock gains as the Amex Airline Index increased 2 percent to $47.19 points.

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My point in making this post is that the market and, therefore, analysts apparently think -- despite all of the doom and gloom found on this board -- that something good is happening; the stock is up to $2.75 today from the mid $1.90s just a few days ago. I still remain optimistic, even though Tiberi has his head buried in the sand.

 

[Space Wrangler]

US Airways Names James Schear Restructuring VP

Furthermore, I don't think a guy like this (he's obviously no idiot) is going to leave a nice, comfortable government job unless someone with a bit of inside knowledge (Lakefield, et al.) were to effectively convince him that UAIR is going to be around for a while.


Thursday September 2, 3:10 pm ET

ARLINGTON, Va., Sept. 2 /PRNewswire-FirstCall/ -- US Airways announced today that James P. Schear will return to the company in a new role as vice president of restructuring, effective immediately.

Schear will report directly to US Airways President and Chief Executive Officer Bruce R. Lakefield. He will handle the company's organizational re- engineering responsibilities and priorities as identified by the senior management team. He also will work with members of management, employee task forces, advisors and partners to ensure that the company operates as efficiently as possible, and assist in transforming the processes and programs that follow best practices and new industry efficiencies.


"Jim is a man with a wide range of credentials and experience, both in the private sector and in government. He is a natural leader and has in-depth knowledge of US Airways, and will be a great asset to our management team," said Lakefield.

Schear joins US Airways from the FAA's Air Traffic Organization, where he was vice president of safety, responsible for safety direction and assurance in all facets of the National Airspace System and international leadership of the FAA's global safety efforts.

He also was deputy for aviation operations for the Transportation Security Administration. In that role, he was responsible for an operational chain of 159 Federal Security Directors, and managed over 60,000 employees at 440 airports.

Schear started his aviation career with Pacific Southwest Airlines in 1975, which was merged into US Airways in 1988. At US Airways, he served in a variety of management functions, including manager of flight operations and director of business planning -- flight operations. He is type-rated on the Electra, MD-80, DC-9, BAe-146, B-737, B-757 and B-767. Additionally, he was a check pilot and FAA designated examiner on the B-757 and B-767 aircraft.

A career Naval aviator, Schear served 37 years combined in the U.S. Navy and Naval Reserve. He flew the P-3 both on active and reserve duty, retiring as a rear admiral in 2000. Schear is a U.S. Naval Academy graduate and holds a degree in engineering. He lives in Annapolis, Md., with his wife and four children.

 

[dlredline]

Thursday September 2, 3:10 pm ET

ARLINGTON, Va., Sept. 2 /PRNewswire-FirstCall/ -- US Airways announced today that James P. Schear will return to the company in a new role as vice president of restructuring, effective immediately...

This is truly welcomed news during troubled times at USAirways. Jim enjoys a sterling reputation with the pilots.

 

[Space Wrangler]

Very glad to read that comment. I was just about to ask if anyone has any insight about this guy.

 

[NZCHooverboy]

Good Guy

I met Admiral Schear several times while an active duty pilot in reserve squadrons. He is very personable and highly regarded. I think it is good news for you US folks.

 

[DorkProp]

Why should he hesitate coming to US Air? If the job doesn't work out. the BOD will just reward him anyway with a nice severance package.

 

[halfmoon]

september 6th and still no agreement!

this could get interesting