ExpressJet (XJT) Stock UP almost 1000%!!!!!!

[Turtlesfly]

But back to the first 2 posts.....XJT will need concessions from all labor groups in order to see their stock go up. The reverse split was a procedural move. Nothing in the current business plan has changed (i.e. their new CPA with Continental).
I think most of the XJT pilots (and the company as well), would have been better off in the long run, if SkyW would have made the deal with them. Just my point of view and I think Andy's as well.

Yeah, let's get whipsawed out of existence in a non-union carrier. We made the right choice, thanks.

 

[dnkt]

I calculated that at the "new" pay rate I would only have to work an extra 2 hours a month to recoup that lost money. Plus I would still have my great vacation clause and work rules that give me a better QOL.

And if anyone has any real questions, please don't ask the pipe, ask a rep. Get the facts. Get educated.

This is the mind set at XJT right now. This is a quote from our pilots at expressjetpilots.com. Grow some balls and vote NO. This is the the mindset that has brought this industry to nothing.

 

[11thHour]

Yep. ALPA: Giving it back.

 

[dojetdriver]

...and it's still less than half of what SKYW offered back in April (less than 5% of its equivalent value)....but at least the XJT pilots still have their pride. Sleep well.

It amazes me how much ignorance STILL permeates on this subject.

 

[joe_pilot]

This is actually false as well. While the MEC was consulted by Mr. Atkin, they were NOT the reason the deal between SKYW/XJT/CAL fell through. The Board of Directors of XJT Holdings turned down to offer from SKYW not the XJT MEC. While the XJT MEC was briefed by SKYW on multiple items of interest they had no part in the decision making process of the XJT BOD.... There was no rank and file vote among the pilots because the MEC never had a hand in the deal between the 3 companies.

Yup, I can see how my post implied that the MEC was responsible for the deal not happening - my bad. That is wrong. Poor wording on my part, thanks for clarifying.

While the now public record does shows (in hindsight) that the board turned down the offer, at least half a dozen friends there do tell me that the MEC had been gearing up to oppose the buyout. Everyone I personally know at XJT was hoping for the deal to go through with the contract mod.

While the information on how the MEC handled things is certainly secod-hand and could be considered hearsay, the opinions on hoping for the deal to go through were first-hand accounts from several personal friends.

My $.02

BTW, i wish nothing but the best for everyone there.

-JP

 

[Uncle Bunkle]

Take a look, it's up almost 1000%!!!!!!!!!!!!!!!!!!!!!!! Bet it had mostly to do with the Reverse Stock Split and the concessionary talks.

Yasir1212, you friggin' genius. Can I hire you for my financial advisor. You and Warren Buffett are icons in the financial world. Please grace us with more of your knowledge.....

you 22-year-old dork.

And take those stupid cowboy boots off, don't ya know your company doesn't allow them in the cockpit?

 

[Nevets]

...and it's still less than half of what SKYW offered back in April (less than 5% of its equivalent value)....but at least the XJT pilots still have their pride. Sleep well.

What does it matter to the XJT pilots what SKW was offering, in the form of stock price, to buy XJT? The actual price did NOT matter to anyone other than the BOD.

Do I have to spell out again how $h!ty the deal was that JA wanted to shove down the XJT pilots' throat? I be you are proud of that. But I'm sure you sleep well not knowing the truth.

 

[Nevets]

Andy,

You and I see eye to eye on a lot of things, but (possibly) not this.

Your implication (if if I understand it correctly, though I may not) that the pilots had a choice in the matter is nowhere near the truth. My friends at XJT tell me that the rank and file had exactly ZERO input on whether or not the offer was accepted. The MEC made the decision without even consulting the members.

BTW, what are you up tp now?

-JP

This is not true. Many MEC members were told by rank and file members to vote the deal down if it required getting rid of scope and the Holding letter.

 

[Nevets]

This is actually false as well. While the MEC was consulted by Mr. Atkin, they were NOT the reason the deal between SKYW/XJT/CAL fell through. The Board of Directors of XJT Holdings turned down to offer from SKYW not the XJT MEC. While the XJT MEC was briefed by SKYW on multiple items of interest they had no part in the decision making process of the XJT BOD.... There was no rank and file vote among the pilots because the MEC never had a hand in the deal between the 3 companies.

Actually, this is not correct. The XJT BOD rejected the initial offer BUT they continued to negotiate with the XJT BOD on the terms. The negotiations then reached a point where it involved SKW to engage the XJT MEC in negotiations to get the scope and Holding Letter removed. The XJT MEC and SKW were eventually unable to come to terms. And this is why there was never a rank and file vote and the deal was never consummated.

 

[Nevets]

What I was saying specifically was that there was connsiderable discussion here at the time from XJT pilots strongly opposed to the idea of a deal with SKYW with its odious strings attached. I recognize it was not a matter of MEC consideration. When the deal was turned down by XJT's BOD, the pilot group seemed very supportive of that idea. Now, I know, the pilots can rest well knowing that a decision in line with their thinking was made.

The XJT pilots strongly opposed to the idea of a deal with Skywest BECAUSE of its "odious" strings attached. The pilot group seemed very supportive of that idea because of those "odious" strings. And because the deal with the "odious" strings was turned down, specifically by the XJT MEC, the pilots are resting well knowing that a decision was made in line with their thinking.

At least you understand that much.

 

[Ben Dover]

In hindsight I really don't think Jerry intended on buying Expressjet. To me it looks like he just wanted to weaken a competitor. A bold/brilliant move we see from time to time in our market economy where survival of the fittest is the mantra.

Oh wait I forgot, pilots aren't supposed to cheer for their own corporate fitness/survival, they're supposed to be having one giant pilot group hug across the nation looking out for each other.... (what was I thinking).

 

[dojetdriver]

In hindsight I really don't think Jerry intended on buying Expressjet. To me it looks like he just wanted to weaken a competitor. A bold/brilliant move we see from time to time in our market economy where survival of the fittest is the mantra.

True, besides he got a multi million dollar pay out from CAL when all was said and done because the deal didn't go through.

 

[Nevets]

In hindsight I really don't think Jerry intended on buying Expressjet. To me it looks like he just wanted to weaken a competitor. A bold/brilliant move we see from time to time in our market economy where survival of the fittest is the mantra.

Oh wait I forgot, pilots aren't supposed to cheer for their own corporate fitness/survival, they're supposed to be having one giant pilot group hug across the nation looking out for each other.... (what was I thinking).

I think the offer was legit. SKW had nothing to lose from it and so they attached all these strings to the deal. If it went through, great for them. If it didn't, they still get $6M.

By the way, I have no problems with people cheering for their own corporate fitness but not at the expense of others like this deal was set up to be. This deal could have been good for everyone involved but the insistence on those strings would not let that happen.

 

[Ben Dover]

By the way, I have no problems with people cheering for their own corporate fitness but not at the expense of others like this deal was set up to be.

I hate to see other people hurt as well. But the fact is in a market economy there are winners and losers. I just wish the folks teaching high school economics would spend a little more time on the chapter about the LOSERS, instead of just cheering about all of the upside to a market system. Then maybe people would be more prepared for the layoff/furlough and the probability that at some point in their lifetime they will need to retrain for a new career or at the very least a new job.