Berkshire Letter to Shareholders

[FoxJet]

Congrads NJW...

I can't even imagine how your husband must feel about you putting this on a public message board.

Every single time you write anything you embarrass the heck out of him, but this takes it to a whole new level and sets a new standard.

For the first time ever, I actually feel sorry for a union official. :blush:​

I gotta agree with the embarrassed part but he is no union official....

 

[jppt2000]

For over three years I've said that "industry leading contracts" never are successful when they are so out of whack with the rest of the industry. It didn't happen in 121 and it sure as heck won't happen in the fractional world. I predicted two layoffs before the contract would be opened, and the first one was voluntary, the second one wasn't. The contract will be opened at some point soon, and the numbers will be coming back to reality.

And you are 100% right, none of this is magical, it just cycles with the industry. Unions never learn from their mistakes. The few "successful" contracts out there are heavily based on profit sharing as they should be so they remain fluid within the industry. NJ contract isn't like that, and the only way to fix it is to open it back up again.

CRJ, sorry about what's happened to you and your family.
Remember our union didn't help forecast pilot hiring needs.
PS, don't let B19 infect you with his Herpes-genital warts, STD like anti-union sentiments.

 

[gunfyter]

Buffett said the change has brought results. NetJets is now "solidly profitable," he said in this year's letter, and Sokol has been whittling the company's once-burdensome debt load down.It was down to $1.4 billion by year-end and Sokol expects to trim an additional $300 million in debt by the end of 2010, he told the Columbus Dispatch last month.


​

This guy is a Magician!


Or maybe he has been reading the Waste Management Reports the pilots and union have been sending in for over 10 years!


On Management pay:

There has been a lot in the news about Wall Street bonuses. How much is a guy worth who can eliminate $800 Million in company debt in less than 18 months on the job? Cutting the total debt load by over 40%!



Bet 19 can't do that.... He wastes his time harassing workers on a message board.

​

 

[HazMat]

gun agreed if the guy pulls it off he can right his own check.

 

[gutshotdraw]

If this is Mr. S' audition to be the name in the envelope, I'd say even Simon would send him to Omaha.

 

[gutshotdraw]

Bet 19 can't do that.... He wastes his time harassing workers on a message board.

​

And this is the funniest and most true thing I have read on here in months. Thanks Gun...

 

[imacdog]

"Imacdog, you and I are on the same page. While general statements/observations are acceptable, publicly re-hashing, in detail, an old issue that has been resolved is not appropriate nor productive."

So it is appropriate, and productive, to trash the former management who built the company, hired you or your relative, agreed to the union contract, put a roof over your head, etc.? Seems a little unfair and unappreciative, especially with almost 1,000 of your co-workers on the street. Hate to hear what you may have to say if you were one of the thousand. My guess is your view of current management would be quite different.

Hard to believe that you can't come up one example that supports your views.

I am one of the furloughed pilots. I also have no obligation to provide you with anything. If you're a NJA employee, you already know.

 

[LAZYB]

There you go. I would say these decisions were foolish, not necessarily extravagant. On the other hand, the manufacturers were throwing a/c at NetJets to get sales up and the company made a bunch selling them off in shares. The problem it seems is that they forgot to get enough money to operate them for the owners. Once the music stopped and no new owners appeared to buy shares, the party came to a screeching halt.

The number of certificates has always been a head scratcher, but I would guess there were some business reasons. Initially, they were just managing the Gulfstreams in the program for Gulfstream. Perhaps this was the rationale for that structure? Liability concerns may be behind the separate (third party a/c) management company set up.

Well someone had a "plan".

It just wasn't written down or clear to others...


.

 

[ArtVandalay]

No business degree Art ...

Yet I understand the report and how we can be solidly profitable from reading the report....

fair enough but there's no way a company goes from that much debt into the black in less than 3 months. I think my point was that they are just politicking.

 

[gunfyter]

fair enough but there's no way a company goes from that much debt into the black in less than 3 months. I think my point was that they are just politicking.

Art,

I think it means they will be in the black (make a profit) for the current fiscal year... not that the debt will all be eliminated.