Evergreen For Sale

[SpeedBird]

I've heard a good rumor that Del Smith is in the process of selling his company to a group of outside investors. The deal is supposed to close at the end of this month with Del sticking around to lead the transition for at least another year.

 

[furloughfodder]

Maybe Atlas will buy them so they can destroy another good company.

 

[Whale Rider]

Maybe Atlas will buy them so they can destroy another good company.

Hahahaha! Now that's funny!!!:laugh:

 

[Rick1128]

The only way Del is leaving the company is by being carried out the front door feet first.

 

[SpeedBird]

I've had the opportunity to get to know Del pretty well over the last few months (he's one mean Hearts card player) and I would agree with your sentiment that he'd only leave Evergreen in a pine box, but with his advancing age and his son Michael (the heir-apparent to Evergreen) deceased, he has apparently decided to sell his beloved company in order for it survive intact after his departure. One of the company presidents told me that none of the senior management members own any stock in the company and that Del's second wife would inherit just about all of the stock upon his death (a small portion would also go to his disinterested younger son).

Like I said, consider this a good rumor for now, but don't be surprised if a press release comes out in the not too distant future confirming it.

 

[Whale Rider]

I've had the opportunity to get to know Del pretty well over the last few months (he's one mean Hearts card player) and I would agree with your sentiment that he'd only leave Evergreen in a pine box, but with his advancing age and his son Michael (the heir-apparent to Evergreen) deceased, he has apparently decided to sell his beloved company in order for it survive intact after his departure. One of the company presidents told me that none of the senior management members own any stock in the company and that Del's second wife would inherit just about all of the stock upon his death (a small portion would also go to his disinterested younger son).

Like I said, consider this a good rumor for now, but don't be surprised if a press release comes out in the not too distant future confirming it.

I think the uncertain petroleom industry may have hand in Del's decision above all. Better to get out while the getting is still good.

 

[Classicdriver]

Maybe Atlas will buy them so they can destroy another good company.

Only big differance is, Evergreen is ACTUALLY making money to begin with. The purchase price tells you what Polar was worth, less that a well used -200?

 

[cfire]

Only big differance is, Evergreen is ACTUALLY making money to begin with. The purchase price tells you what Polar was worth, less that a well used -200?

I almost swallowed my gum on that one! Ha - hah - ha.

I think it cost around 37 million that was earmarked for the Pilot profit sharing program. That obviously couldn't happen by management, so the Atlas Air Management Team upstreamed the money to AAWW Holdings to buy Polar. Can't say what all the other details were at this time, but I can check my archives. I just remembered it costing Atlas Pilots/FE's a big wad of change from their profit sharing to acquire a company management used against Atlas pilots from day one.

 

[niteflyr]

Evergreen had a similar profit sharing program a few years back, I think the Spruce Goose is parked in it now...

 

[Whale Rider]

Only big differance is, Evergreen is ACTUALLY making money to begin with. The purchase price tells you what Polar was worth, less that a well used -200?

Yeah right, Polar isn't making any money. I guess thats why Atlas is doing alot of Polars flying, because its unprofitable.

 

[Rick1128]

Yeah right, Polar isn't making any money. I guess thats why Atlas is doing alot of Polars flying, because its unprofitable.

Of Course! The Pilots are costing them less and they will get much of that money in the form of management fees and the like. Just like Larenzo did to Eastern. Besides it allows them to stick it to their own pilots.

 

[Whale Rider]

Of Course! The Pilots are costing them less and they will get much of that money in the form of management fees and the like. Just like Larenzo did to Eastern. Besides it allows them to stick it to their own pilots.

Wow Rick, You're a smart guy! Thanks for telling us something we couldn't figure out on our own.