Champion Air?

[NuGuy]

Which brings the question of how do you fire an owner.

I assume this was a question...

Not hard at all if the "owner" is not the majority stockholder. It just takes the majority stockholder OR a coalition of stockholders that is a majority to say "you're fired".

You're still a stockholder, but not an employee. Big difference.

Lots of family run businesses that sell stock, even closely held, get scammed in this way. Once your a minority stockholder, you can really get d!cked.

A common way of doing the "owner" in is to gain a majority in the stock (50%+1 will do) with a few other people. Then make a backroom deal with a bigger corporation to sell out at a significant discount in the stock price, but make it back up with an outragous "consulting agreement" that basically pays the participants $500,000/yr to play golf. The orginial owner, who may even have %50-1 gets the shaft.

If you have a family business, even closely held, it is critical to have buy/sell agreements, and to retain voting rights on any stock sold.

FYI

Nu

 

[Thedude]

Actually it was more of a rhetorical question and a underhanded-backhanded comment on the NWA and Champion realtionship with each other. There is no stock involved in Champion and there are no voting shares.
Like i said before, the sell or transfer, whatever you want to call it was mearly a ruse on paper. Champion still falls under the umbrella of NWA when it comes to fuel, hull insurance, hull leases and anything expensive. Beleive me I know (knew), I worked there for almost six years, up until last month.

 

[Lear70]

I assume this was a question...

Not hard at all if the "owner" is not the majority stockholder. It just takes the majority stockholder OR a coalition of stockholders that is a majority to say "you're fired".

You're still a stockholder, but not an employee. Big difference.

Lots of family run businesses that sell stock, even closely held, get scammed in this way. Once your a minority stockholder, you can really get d!cked.

A common way of doing the "owner" in is to gain a majority in the stock (50%+1 will do) with a few other people. Then make a backroom deal with a bigger corporation to sell out at a significant discount in the stock price, but make it back up with an outragous "consulting agreement" that basically pays the participants $500,000/yr to play golf. The orginial owner, who may even have %50-1 gets the shaft.

If you have a family business, even closely held, it is critical to have buy/sell agreements, and to retain voting rights on any stock sold.

FYI

Nu

That was very well-said; haven't seen that kind of business understanding on the board in a while. Well-done.

 

[AdlerDriver]

Oh yeah, and that 727 experience has REALLY helped both you AND me get better jobs... The only reason I got the job I have now is because I had EFIS/FMS Lear experience, not anything to do with my 727 time.

It's a dying aircraft. If you want to move up in the world, find a job you can get to the left seat of a turbine aircraft quickly - I don't think Champion's it.

It would make new hire school at Fedex easier.

 

[jackbo]

Looking for some info on the company and the interview process. Thanks!

if you want to work there, go get yourself a DWI. pretty much the only way to get an interview and assure you will have something in common with most of the pilot group.

 

[CCP1338]

Eh...wrong . Try 121 Supplemental



Not exaclty true. It was an owner financed sell. The story goes...Five member of upper managment supposedly purchased the company but in the last two years..3 of those management members have been fired. Which brings the question of how do you fire an owner. This was just a shift on paper to get around something in the NWA contract and I think it was a scope issue. Meanwhile NWA still calls the shots on what Champion will do and what markets they will try to enter.

As far as what life is like there...do a SERACH and read some of my old post.

As far as the interview process goes..I think they are just doing a "get to know you" type of interview and maybe some selected technical questions. If the interview is running like it did for the last new hire class, there will NO sim and a small sales pitch to get you to come to work there.

DFW is closing as a base come the end of the year and several guys are looking for other jobs as a result.

Champion isnt legally affected by the NWA bankruptcy, because of the above move.

By the way, dont believe all "piglet" says! aka TheDude.

 

[CCP1338]

if you want to work there, go get yourself a DWI. pretty much the only way to get an interview and assure you will have something in common with most of the pilot group.

Oh really now? And how would you know?