Colgan only sold for $20mil??!!

[funnyman12]

Anyone else think it is a bit strange of the selling price? Curious if Colgan might have bidded very low for the Continental and United flying and built up a bit of debt. Any thoughts?

 

[340SAM]

Colgan still own hangers and airplanes from there own holding companys.

Plus when you turn 300 grand into 20 million you probably up some debt.

 

[pa31350pilot]

Hey Chris.....

Good luck with this thing. Hope it works out for you guys. If not, Verne always needs someone to fly the navajos!!!!!!!


Mike

 

[chperplt]

Colgan is being sued by a number of people and companies. This is probably a forced sale to keep the airline flying.

 

[ts770]

Colgan is being sued by a number of people and companies. This is probably a forced sale to keep the airline flying.

hadn't heard about the lawsuits. But I'm at IAH and we never hear squat. Can't say I'm surprised though.

 

[BirdCatcher]

hadn't heard about the lawsuits. But I'm at IAH and we never hear squat. Can't say I'm surprised though.

20 million in cash, and Pinnacle picks up all the Colgan's debt. Plus other incentives.

 

[chperplt]

20 million in cash, and Pinnacle picks up all the Colgan's debt. Plus other incentives.

Not quite... Read the entire thing

 

[suupah]

definately seems really low. considering they did 190 mil in revenues last year. i have to think that their margins are 5-10 percent meaning 8-19 mil in profit off one year.

I think that they saw a big problem arising with the agin airframes and the lack of new recruits it was going to be hard to go the next five years without rising the costs above profitability. the only other option is to go into massive debt and buy new aircraft which i am sure they don't want to do.


who knows

 

[340SAM]

Who Cares

 

[suupah]

Who Cares

thanks for your thoughts

 

[340SAM]

Im just saying who cares what PNL paid where all airplanes included. When I was there some airplanes were registered to mj colgan corp.. They bought the stock of Colgan Air Inc. I also read Senator is going to consult for 3 years. Seems to me that consult is a nice way of saying collect a fat check for 3 years and do nothing.

Good Luck to the whole pilot group

From a Colgan former pilot that actually like working there

 

[Way2Broke]

Wow I can't believe this buy out is not the talk of FI. I just found out today and I read what seems like everything.