ExpressJet Being Sold Off

[NEDude]

CAL announced today that they are selling the remaining shares in ExpressJet. Is this news or not. When CAL spun off ExpressJet last year they said they did not intend to be a long-term stockholder. However it is interesting now that Continental is cozying up to other feeders (ie Commutair and possibly Skywest).

Yahoo : Continental to sell off ExpressJet

 

[Britpilot]

They always were going to sell the rest of their interests in XJT. It is only now that they are allowed to, that is what the press release is about. They are hurting for cash and XJT is a quick way to get it to return CAL to profitabilty, that is how they re-funded the pilot pension plan with the IPO profits.

 

[ATRCA]

BTW,

The press release did not say that XJT is being sold. It mearly states that the company is laying the ground work to do so. If they were to sell of their remaining stake at our current trading price (about $10) that would be at a substantial loss when compard to the price at the IPO intriduction ($16).

I doubt that the sale of their remaining interest is just around the corner. Who knows.

 

[NEDude]

Interesting that the original article from Reuters said that Continental informed ExpressJet that it INTENDS to sell off the rest of its shares. That has since been changed to say that Continental COULD sell off the rest of its shares.

You will notice that my original post which included the release was made at 10:52 am today. The article the link now takes you to shows it being made at 12:01 PM today.

 

[ATRCA]

This new filing simply allows CAL to sell shares as it sees fit. It makes it easier to sell, some, all or none if they choose.

It is not a prelude yet for the total sale of XJT. Anyway, I'm not so fure folks over here (XJT) would be all that upset if we were finally sold completely.

I think our MEC will soon split and that will be just one split in a long line of "cooling" events between our groups. I think the marriage (term used very loosely) is about over. Time will tell.

 

[TEXAN AVIATOR]

Say it isn't true!

 

[ATRCA]

you lost me dude??

 

[TEXAN AVIATOR]

you lost me dude??

No. But this would put an end to the flowback process, and they would be two different companies completely correct? What does this mean for prospective and current CoEx pilots?

 

[ATRCA]

If you are a furloughed or former XJT pilot look at the 3 page thread on Calforums. The dabate is fierce. The implications regarding our FTA and the sale of XJT depend on who you ask.

The company says the FTA officially ends when the company is sold. The union(ALPA) says otherwise. It does not appear by my reading however that the "flowbacks" would be required to leave if and when CAL sells XJT or when the FTA otherwise expires.

You must also remember there was an MOU when CAL began furloughing folks and that MOU "clarified" how the flow back would take place. The "clarification" is also under fire because some think it was clarified to benefit the CAL pilots.

Its a sh##t sandwich here right now. Still taking 3 A/C a month (204 RJ's on property) but with 147 fresh new flowbacks, that precludes any real growth. See yah.

 

[nimtz]

No. But this would put an end to the flowback process, and they would be two different companies completely correct? What does this mean for prospective and current CoEx pilots?

Nope, afraid not. Forget the debate, we are bent over and have to take it from poorly hung CALALPA. I don't think you will see any hiring at XJET until CAL recalls at least 50 pilots. That ought to be sometime in 2009! Hindsight is 20/20, but I sure wish any other jet regional (except Eagle and Mesa) would of hired me first back in the good old days.

 

[I.P. Freley]

Yow.

Operating under the assumption that "2009" is an exaggeration, I will wonder aloud if simple attrition wouldn't have everyone back at CAL in the next two or three years? Assuming, of course, that there aren't any further furloughs...

And what has or will happen/ed to the recent recalls at XJT? Wasn't there a recall of something like 50 ppl for april?

 

[ATRCA]

Yeah, we recalled 48 and they are in class now. They slowed our deliveries for the rest of the year from 5 A/C a month to 3, so the other classes were canceled.

Its difficult to say where things will go from here. There are still a lot of aircraft coming so maybee the numbers will be revised provided the economic news improves.

 

[NEDude]

The last two times I jumpseated on CAL mainline I asked the crews about future hiring. Both crews stated that with age 60 retirements as well, their current furloughs, and their current projected fleet plan, CAL will have to begin hiring within the next two years. One captain stated if they didn't have this latest round of 175 furloughs he thought they would be hiring by the middle of 2004. And this was with just age 60 retirements, it didn't include other retirements that may happen due to medical problems and/or early retirements. CAL has a very old pilot group with 50% of their pilot group to reach age 60 within something like the next ten years.

As for splitting the MECs, I don't think the XJT guys would benefit. Remember that all codesharing is done with Continental, not XJT. If the split were to happen, the XJT guys would have no say in any future codeshares and thus no props for jobs like they got with Commutair and may get with Skywest.

I have heard a lot of guys threatening job action if CAL keeps getting more codeshares while XJT continues to furlough. Frankly I don't see "Dubya" and his administration allowing you guys to strike, or perform any other job action, as he is very pro-management. Also it would hurt Continental, a homestate airline based at the airport named after his daddy. Not gonna happen.

 

[Hoghunter]

Nope, afraid not. Forget the debate, we are bent over and have to take it from poorly hung CALALPA. I don't think you will see any hiring at XJET until CAL recalls at least 50 pilots. That ought to be sometime in 2009! Hindsight is 20/20, but I sure wish any other jet regional (except Eagle and Mesa) would of hired me first back in the good old days.

2009 LMFAO!

 

[Quillpig]

Hog,

Just because you spend your Saturday nights searching for year-old threads that mention ExpressJet doesn't mean that the rest of us want to read them again.

QP

 

[Anais Nin]

What?!?!

That ought to be sometime in 2009!

Wow! To quote skootertrash......You guys really suck a$$!!!!!

 

[Sam Fisher]

Re: What?!?!

Wow! To quote skootertrash......You guys really suck a$$!!!!!

Why do we suck a$$? Over 100 CAL pilots have already been recalled back to CAL and another 100 will go by July. We've hired over 200 pilots already and of those 140 or so are already in training. We'll hire 500 this year. So why do we suck a$$ again?

Sam

 

[nimtz]

Man whose the tool that dragged this up since this thread is almost a year old. Trying doing something more constructive with your life like---internet porn---. Keep in mind when this was brought up CAL was furloughing another 160+ guys and we were still knee deep in sh!t over in Iraq (well somethings haven't changed).

A year later it's pretty obvious that CAL f*cked up big time with the furlough since most of that round of furloughees spent less then a year at Express. Hopefully Princess Scab in Flight Ops will lose her job for this stupidity. Yeah things have gotten better over the last year, but it was pretty freaking hard to be an optimist at this time last year.

 

[Nova]

You guessed 2009, well it sure is nice to be wrong isn't it.