And now for something completely different: DAL+CAL

[Jetjockey]

1. Cool! I'll be "Golden Share"...you be "Golden Shower". Deal?

2. Newest mortal sin: Having first-hand knowledge in the face of relentless ignorance. I'll save you place in Hades.

3. You don't anoint around here! The General does! And since he's soon to be my coffee-fetching walk-around doer, I predict a Knighthood for me soon.

4. Methinks thou dost protest too much. Kinda hurts a bit when you think about it, huh?

Easy Occam, wasn't meant to be a jab. You're grumpier than those sky hags that work the back of your bus!

 

[Schwanker]

Delta and CAL have been in contact about a merger for over a year, along with UAL, this is not a secret. And schwank, geshields is correct, NWA can only stop a buyout of CAL, not the other way around, so really NWA has very little to say about it.

SteelerMan / calfo / geshields -

2 Questions:

1. Are you guys the same person?

and next....

2. If you're not the same person, how are you all equally ignorant on what the "golden share" really refers to?

and OOPS....lets make that 3 questions....

Do you even bother looking at FACTS before posting?

Curious minds want to know as you all spout the same BS without any relevance to facts.

Schwanker

 

[Occam's Razor]

Easy Occam, wasn't meant to be a jab.

Silly me! This means what then?

I'm convinced Occam sleeps with a copy of the "golden share" language under his pillow.

You're grumpier than those sky hags that work the back of your bus!

And 40 years younger.

 

[Occam's Razor]

That's not what CAL's CEO and President said to their employees concerning NWA's involvement and the golden share, but I'm sure you know more than they do.

Well, then! Far be it from me to suggest that your management might not be telling you the whole truth.

Those wascally wabbitts!

 

[catIIIc]

This from the 4th QTR conference call

Ray Neidl - Caylon Securities
Okay, great. Thanks for clarifying that. The other thing is, Larry, if you could just clarify for us the golden bullet that Northwest has. When officially does that terminate? What state does the Delta-Northwest negotiations for merger have to go to before that bullet is terminated, which leaves you free to pursue your own course?
Larry Kellner
Ray, the golden share, we have a couple of options, it does not terminate, we actually just have the right to repurchase it for I believe six months going forward from there so that the trigger would be definitive documents. It is not the confirmation of the merger we need it to be definitive documents and they would have had to announce the definitive deal before we have the right to redeem the golden share.
Ray Neidl - Caylon Securities
And what cost would that be to Continental to redeem it?
Larry Kellner
A hundred dollars.

 

[DTW320]

Also from the call:

Operator
Thank you, our next question comes from Liz Fedor from Minneapolis Star Tribune. Liz, please go ahead.
Liz Fedor - Minneapolis Star Tribune
Good morning. I am sitting just a few miles away from where I know that golden share is sitting in a safe and so if you would like to elaborate anymore on how you feel that place with the consolidation realignment, I would be interested in that. But in particular Mr. Kellner, you indicated earlier in the call you said we are following developments closely. We believe that our competitive position continues to improve, so I am not getting a signal that you are eager to jump into this consolidation game right now. There are others who have laid out very specifically what their principles of consolidation are.
Could you say, is it your preference to remain a stand alone carrier that you will only get in this consolidation game if it starts to unfold? If you could elaborate on any of those issues.
Larry Kellner

Let me just try to answer that and hearing your question and clarifying what I have said for you. We do believe we are very well positioned today and I think we have been pretty clear that we believe our path as an independent carrier if the industry remains as it is puts us in a good position. However, we know that things may change. The golden share does add some complexity to our situation and so if Northwest were to be merging with someone and that golden share was not in play that would change the nature of some of the restrictions on us and would also have changed the fact that the interest would be changing. So you have two facts coming together at once.
We need to look at what was happening, where that was and what we thought that meant for us for the future. I think in analyzing those facts before we would be able to comment beyond that. There are so many scenarios and I want to be careful not to speculate but at the same time those who I am talking, my co-workers or were talking to investors or talking to media, it is clear we are paying attention to it and we are going to do what we think is in the best long term interest of our stakeholders.
But any speculation on individual situation is difficult. But clearly in the case of Northwest, were they to be involved in a transaction and where the golden share then become redeemable because that would change our circumstances and we need to address that change condition and at that point, address what specifics we then knew and how we are going to respond to them.
Liz Fedor - Minneapolis Star Tribune
Have you had any conversations with any one representing Northwest, regarding the golden share in recent weeks, whether it is a representative or a Northwest executive?
Larry Kellner

The lawyers are waiving me off there, so I am just going to leave that question as a question.
Liz Fedor - Minneapolis Star Tribune
Would they prefer to answer the question?
Larry Kellner
No, I think they prefer we do not comment.

 

[Furloughed80]

The "golden share" is non-transferable. When NWA merges with another carrier it becomes redeemable for $100. This would occur when the stock transaction takes place or even earlier. Here is the .pdf file explaining it.

http://www.continental.com/web/en-U...docs/continental_certofcorb_2003_03_04_01.pdf