Found the powerpoint version of AirTran's Investors Presentation. Since neither of these companies is in bankruptcy, this is going to have to be accepted by Midwest to happen.
Not really a huge difference here between BR and non-BR since they've bypassed the BOD.
We're pitching our offer directly to the shareholders who, obviously, are in it for the money. There will always be some who want to keep it private, even if they lose money either in opportunity costs or if the company doesn't expand and the stock doesn't perform as hoped, but the majority of the shareholders own stock to make money off of it.
In Bankruptcy, you have the same issue. The creditors make the decisions, and the only thing they're interested in is maximum return on investment, i.e. which option will pay them back the most.
That's why you hear a lot about DAL's BOD trying to tell the creditors that a stand-alone DAL emerged from BR will be worth more than a UAir/DAL combination.
They're both up to the people with the money, not the management of the respective airlines. They've already said no and now they're being bypassed.
That's why I'm worried that the Midwest deal is highly likely since the stock premium is good and will only get better once the discovery/analysis phase swings into high gear,,, I guarantee you AAI will sweeten the deal if given half a chance, and I'm not talking about choc chip cookies.
