Lear... Were just going to have to agree to disagree.. I'm all for the merger, and yes, when we buy Midex, you will see changes overnight, with midex being completly gone in 6 months.. And "WHEN" we buy Midex, upgrade times will drop.. You can quote me on that when it happens as well... Get ready to start sending your resume out on May 16th, because if we don't have the shares tindered to start the merger, it will be very, very close, enough that everyone will see its just a matter of time at that point. So, from the sounds of what your saying, your upgrade will stagnate 2-3 years and your gonna get screwed.. Better send your resume to SWA... But then again, weren't you the one who that had to eat his words about predicting this merger when AAI made the second offer?? The only way this merger won't happen now is if Timmey uses the poison pill, and still it will only delay the buyout..
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Airtran to buy Air Midwest
- Thread starter wembadios
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Lear70
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Yup. :beer:
I will... and will happily buy the beers if I'm wrong. When we resume CA upgrades in the fall, I expect it to drop back from the 3 1/2 years we're currently working towards to about 2 1/2-3 years, but then I expect upgrades to steadily work their way back up to 3 1/2-4 years by the end of '08, assuming no Midwest acquisition.
Of course, I may look like Nostradumbass, but that's OK if I'm wrong, 'cause it means I'll be upgrading sooner.
Dude, my resumes are already out. Kit Darby said it best (and is one of the few good things I've taken from all that money spent over the years): "The best time to look for your NEXT job is while you are at your CURRENT job."
That said, I have no intentions of leaving if things stay status quo on upgrades and we get a good contract. I believe AirTran can be the next Southwest (with Business Class, assigned seating, and XM Satellite radio - HOO RAH!!), and hope I will be around to see it.
But if things go south, it's FedEx, UPS, or ABX, or international ex-pat flying, and hasta la vista, baby!
Along with a bunch of other people. I don't exactly remember you saying in advance that they'd up the offer, either, but we'll see if your predictions going forward are right.
Like I said, I'd be happy to be wrong. But experience (and industry merger / acquisition history) has taught me otherwise...
p.s. I let my SWA app lapse a while back. This is my last domestic pax airline. If it won't work here, I'm going freight or going international.
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Lear70
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SWA/FO
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No one asked me. No one ever asks me for anything. I'm just stating my opinion. I say "good", "good for you", good luck.
imp:
737 Pylt
Um....Floats anyone??
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He suffers from a major case of cranial rectalitis!
He can't help it!:laugh: :laugh:
737
Uppercrust
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Did most of the Capt fly it out of an outfit in South Florida??
RIDETHELIGHTING
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737 Pylt
Um....Floats anyone??
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CitationLover
Aw, Nuts!
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Shame on you for calling us old
But you'r right we have a big % above age 50, we even have some F/O's retiring soon as f/o's.
On another note, today one of our MAIN shareholders (Heartland) announced the dumping of 50% of their Midwest shares, not good news for Midwest, Heartland is one of the local long time stock holders of Midwest.
here is the article:
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Posted on May 10, 2007 | Permalink
Midwest defense hits bumpy skies
Midwest Air Group Inc.’s effort to stave off a hostile $389 million takeover offer from rival AirTran Holdings Inc. was dealt a potential blow Thursday when hometown (and believed to be sympathetic) shareholder Heartland Advisors Inc. disclosed it has halved its stake in the Oak Creek, Wis.-based airline.
Heartland in a filing Thursday with the Securities and Exchange Commission said it now owns 592,100 shares of Midwest, or 2.4% of the float, down from 1.2 million, or 4.99%, at year’s end.
The investor gave no reason for the sale, but it could not come at a worse time for Midwest. AirTran has nominated a slate of directors to be considered at Midwest’s June 14 annual meeting, and it has asked shareholders to tender their shares in favor of a deal by May 16 in order to force management into talks. Midwest’s reluctance to engage in talks has enraged some shareholders including Octavian Advisors LP, owner of 5.97% of Midwest shares.
Though Heartland has offered no public comment on the proposed deal, Midwest advocates have insisted to reporters that the airline’s local owners would beat back any effort to force it into a deal. If nothing else, a source supporting AirTran’s effort said Thursday, the sale means shares once held by a long-term backer of Midwest are now most likely in the hands of new holders more interested in turning a quick profit — meaning Midwest’s challenge just grew that much more difficult. —Lou Whiteman
See Heartland's SEC filing
See story from thedeal.com
See related story from thedeal.com
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Will see what will happen on the 16th, it will be very intersting to see the amount of shares tenderd.
so with this if AAI gets all of them, they're up to what 10% with 3 days left.....
looking forward to being a "seasoned" midex/aai pilot.
one thing to consider with midex birds is not only are they flying less than industry average, but they're also running (by design) at 80-85% capacity. if the takeover doesn't go down, i would expect a signature service change to occur with a two class config. this would "expand" the airline with no fleet addition overnight.
Citation... Watch what happens on the 16th.. Institutional investors own just over 50% of Midex.. You can bet they are going to sell for $15 a share.. Institutional investors are there to make money. This is a goldmine for them, they either make a ton of money, or lose a ton of money when the deal tanks and midex goes back to $7 a share.. This is the main reason this deal will go through.. Institutional investors have been buying up stock like crazy (Octavia for instance), and now Heartland is dumping stocks... This takeover will go through.. Timmey and his clan may use the poison pill, but that will just prolong the inevitable.. Investors will vote in a pro takeover board and eventually it will go through... Id say old Joe and Bob played this one out just about perfect....... And just remember.. The call sign in "Citrus" not Citation... haha just kidding..
Ty Webb
Hostage to Fortune
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Same as before . . . . . living in his parent's basement.
He had just lost his 'puter priviledges for a while, after they noticed all of the time he was spending on the gay porn sites . . . . not that there's anything wrong with that . .
.
CitationLover
Aw, Nuts!
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i understand, but why not say yes now and further drive the price up. also who will BUY the stock on the 16th?
obviously, goldman sachs feels the company can still get MORE from the deal. institutional investors perhaps would feel the same. considering its only a $70 million dollar cash offer with a 58% equity stake.
Uppercrust
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On leave but Airtran's management contract negotiation team rehired me to get back on here and give Ty Webb and the gang some sh!T. :laugh: Just kidding, congrats on coming out of BK!
Uppercrust
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Same as before . . . . . living in his parent's basement.
He had just lost his 'puter priviledges for a while, after they noticed all of the time he was spending on the gay porn sites . . . . not that there's anything wrong with that . .
.
Better than acting out your gay fantasies for real during your SFO layovers Ty Boy. BTW, rumor has it you guys are going to take a pay cut!
Citation.. Many investors have already told AAI that they plan on tindering thier shares. However, AAI doesn't have to divolge who and how many until the 16th, when the offer expires. In other words, not much will happen as far as tindering on the 16th, thats just the day AAI has to file with the SEC how many shares have been tindered. AAI will extend thier offer for another month at that point.. During the last offer, AAI said about 7% of the total shares had been tindered to AAI.. I'm gonna say on the 16th your gonna see 40%+ tindered to AAI. Possibly enough to get more than 50%...
CitationLover
Aw, Nuts!
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so i guess the reporters who report this for a living must have missed it.....
anyways it will soon be over.
CitationLover
Aw, Nuts!
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they are the ones saying AAI only has 7% of the stock committed. but then again they said "dewey defeats truman".
DougCorp-9
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It is a "TENDER OFFER" not a TINDER OFFER". Whut colige did u go too?
FlyFastLiveSlow
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Ummmmm.....no
75M
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That pretty much sums it up...
Seriously, it'll be expensive, more complicated than it's being given credit for and we'll have to integrate something like thirty seven airplanes worth of employees for a net gain of 25 airplanes. That is a recipe for a lot of unhappy people on both sides and that will make AAI a less pleasant place to be.
I sympathize for te AAI FOs who will have their upgrade time lengthened, but if we're going to buy Midwest, we need to bring their people on board and treat them right from day one.
Remember, it was our management's idea to buy Midwest, through no fault of the employees of Midwest Airlines. Nobody at AAI can look into a crystal ball and declare that "Midwest was going out of business anyway so they're lucky to have jobs". It shouldn't work that way. If the deal goes through we should respect what Midwest is bringing to the table, ie, 25(ish) 717s, gates and slots at DCA, LGA and operations at MKE and MCI.
Since I don't think that this industry has demonstrated (in recent acquistions) that level of mutal respect and unionism among employees, I'm afraid that any integration would be unfair to the airline being acquired and the seeds of discontent would be sown.
I think it would be more beneficial to the existing employees of AAI and more cost effective to grow in-house than to acquire another carrier which will inevitably mean reduntant infrastructure stagnation and the probable downsizing of certain departments.
And if we're looking for a place to grow independently, Indianapolis sounds like a great place to start...but TV9 would probably prefer STL.
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