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Comair IPO

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comrcap

Well-known member
Joined
Feb 23, 2003
Posts
124
You heard it here first. Comair will be spun off in a partial IPO AKA COEX. DAL will use proceeds for debt reduction and use shares as capital with the likes of GECAS and EMBRAER for A/C deposits. EMB 190 is the likely target along with CRJ 705. This will happen post BK at DAL as Scope will fade, as it should. COMR shall rise again! And this boat anchor called DAL will be separated from our truly excellent balance sheet. Buy COMR on dips as it will trade in a violent manner with an upside bias. Also bring back Chuck in marketing! He ran circles around his peers!
 
comrcap said:
You heard it here first. Comair will be spun off in a partial IPO AKA COEX. DAL will use proceeds for debt reduction and use shares as capital with the likes of GECAS and EMBRAER for A/C deposits. EMB 190 is the likely target along with CRJ 705. This will happen post BK at DAL as Scope will fade, as it should. COMR shall rise again! And this boat anchor called DAL will be separated from our truly excellent balance sheet. Buy COMR on dips as it will trade in a violent manner with an upside bias. Also bring back Chuck in marketing! He ran circles around his peers!

Really? That's not what Grinstein said at Incommand two weeks ago. Something more like up to 100 of your RJs may be parked since GE has been ramming them down our throat due to their financing agreement. He also said he may add first class on some of your CR7s. That sounds more plausible. Then maybe Mesa will buy what is left. I bet those DL managers are still thinking about that strike of yours. Tootles.


Bye Bye--General Lee
 
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I agree about Chuck...but the rest is just a pipe dream. Comair will never be completely independent of Delta, and an IPO is an absolute best case scenario. More likely, we will be bought by several investors, one being Mesa.

If Comair had its own stock, it would never do as well as it did. Those types of prorate agreements with mainline carriers are a thing of the distant past.

No credibile evidence of your claim.
 
Dang! That was a quick response General! Do you morons actually believe everything you hear from MGMT!? This is not a "I heard it from so and so" statement. DAL is still paying lease payments on DOJETS collecting dust! When you BOZO'S go BK, the Judge and Creditors will call the shots and I believe this is the likely outcome for Comair. It is the BEST way to MAXIMIZE the value of Comair to the benefit of DAL. Whereas ASA's sale is a fart in the wind to reduce DAL debt, the IPO of COMR is more like an ANNUITY. The more they grow COMR the more the value of the remaining shares that DAL retains. You do know that one of the first things CAL did with the proceeds of the IPO of COEX was to fund the pension of the mainline pilots?
 
comrcap said:
The more they grow COMR the more the value of the remaining shares that DAL retains. You do know that one of the first things CAL did with the proceeds of the IPO of COEX was to fund the pension of the mainline pilots?

I don't agree with the General's take, but your's is just as extreme, just on the other end of the scale. You have to make one major distinction betweein Coex and us; Continental was not in bankruptcy when they IPO'd Coex. That meant they were able to get a much better price than we'd ever get, even though it wasn't that great.

Comair is worth about 500-700 million to Delta. If an investor provides financing worth $501-$701 million, it takes precidence over Comair. Delta will not get $500 million out of a Comair IPO either. The only way they'll realize that is if they sell us to financing firms with agreements intact.
 
bvt1151 said:
Comair is worth about 500-700 million to Delta. If an investor provides financing worth $501-$701 million, it takes precidence over Comair. Delta will not get $500 million out of a Comair IPO either. The only way they'll realize that is if they sell us to financing firms with agreements intact.

And, just like ASA, you aren't worth anything without a long term agreement from a major to provide lift. Without that all you are is a company with a bunch of RJ's that no one wants. You have made money, as has ASA, from your fee for departure agreement with DAL, which is how they paid both before and after you were bought. Want to try it alone? Maybe you had better take a good long look at ACA before you jump off that cliff.
 
General Lee said:
Really? That's not what Grinstein said at Incommand two weeks ago. Something more like up to 100 of your RJs may be parked since GE has been ramming them down our throat due to their financing agreement. He also said he may add first class on some of your CR7s. That sounds more plausible. Then maybe Mesa will buy what is left. I bet those DL managers are still thinking about that strike of yours. Tootles.


Bye Bye--General Lee

Yeah I bet those same managers are kicking themselves in the butt for paying you 30% more than they had to for years!!! Don't be so giddy at someones pending future. It just might not work out the way you wish! The road to recovery is one step at a time. You might want to consider that an IPO would be in YOUR best interest also!
 
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And part of the MESA deal is that the DOJET deal is void in BK. And as far as an IPO, whatever COMR realizes, holding back shares is a way of maximizing value. Consider this. These are the same boneheads that lifted their fuel hedges BEFORE they used their fuel. This contradicts the fundamental tenents of commodity hedging. And that is, Lift the hedge when you buy/sell the product. They tried to "leg out of their hedge" and got caught in the switches. DAL risk MGMT took it in the shorts.
 

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