Cargo 360

[ABXbooger]

Heard Cargo 360 is shutting down, that true?

 

[C-141/C-5]

C360's investors bought Southern Air then they created a holding group called Southeren Air Holdings which bought C360 (C360&SA). C360's management team had no say on this aquisiton or merger since they lost about 85% of ownership to Oak Hill Capital during the startup period. SA's mangement team was left in charge to run the new company. All C360 pilots and FE's were given the option to stay or go over to SA. I think only 6 pilots went over with about 15 FEs.
Oak Hill Capital was the investment group who owned C360 and now SA. They made quick cash in this deal by depreciating all assets and tax write offs.
My opinion...Oak Hill saw a way to make quick money, so they took it and have no intentions of running an airline. This is obvious by how they handeled the SA acuisition. The 400's that were to be given to C360 in Jan are no longer going to SA and the 777s that were going to C360 will also not be going to SA(in my opinion). In 5 years when all the classics are parked Oak Hill makes more money(in my opinion).
This is a very cynical post, but in my best opinion this is what is happening.

 

[dutch747]

C360's investors bought Southern Air then they created a holding group called Southeren Air Holdings which bought C360 (C360&SA). C360's management team had no say on this aquisiton or merger since they lost about 85% of ownership to Oak Hill Capital during the startup period. SA's mangement team was left in charge to run the new company. All C360 pilots and FE's were given the option to stay or go over to SA. I think only 6 pilots went over with about 15 FEs.
Oak Hill Capital was the investment group who owned C360 and now SA. They made quick cash in this deal by depreciating all assets and tax write offs.
My opinion...Oak Hill saw a way to make quick money, so they took it and have no intentions of running an airline. This is obvious by how they handeled the SA acuisition. The 400's that were to be given to C360 in Jan are no longer going to SA and the 777s that were going to C360 will also not be going to SA(in my opinion). In 5 years when all the classics are parked Oak Hill makes more money(in my opinion).
This is a very cynical post, but in my best opinion this is what is happening.

Very cynical yes, but I think your observation is "spot on" laddy.

 

[cr7driver]

Ever wonder why there aren't any laws that prevent this type of thing. Basically the employees of these two carriers were played so that a bogus company could come in make out big while the employees are left holding the bag. Reminds me of the whole Lorenzo and K. Ichan mentality. A$$holes!

 

[airgator]

Welcome to America, the land of private equity firms.

 

[freightdogfred]

Welcome to America, the land of private equity firms.

True, but also the land of two girls kissing in the bed.

 

[Rouge Warrior]

It's like the movie Wall Street come to life.