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Former Hawaiian trustee getting shelled

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HAL

Well-known member
Joined
Nov 26, 2001
Posts
733
In an effort to keep the previous HA thread from becoming bigger than the Titanic, I'm starting this new one.

And it's also because I'm sitting in a warm glow of satisfaction after reading this article:

http://msnbc.msn.com/id/9487766/

I know we've been saying 'told-you-so' for a couple years, but it is nice to finally see it in print.

Among the gems here are,

In documents filed with a bankruptcy judge last week, Gotbaum is described as greedy, arrogant and unpleasant, a showboat who took credit for the work of others and inflated the cost of the bankruptcy by dragging it out.
These descriptions don't just come from the unions and the creditors with whom Gotbaum tangled. Some of the harshest criticism comes from the federal trustee who appointed him and from Hawaiian Airlines employees, including CEO Mark Dunkerley, who worked closely with him.

and;

Katzman is among those who say that Gotbaum benefited greatly from the work done by the coterie of top-drawer experts and consultants he hired. These professionals, 18 firms total, charged the airline more than $30 million for their expertise. "In fact, much of the credit for the list of accomplishments cited by [Gotbaum] in his application should go to those professionals," Katzman said. "In determining a reasonable fee for the trustee, the court should consider the magnitude of high-priced assistance the trustee enjoyed." Also, most of the business decisions regarding the airline's operations were made by then-Chief Operating Officer Dunkerley and the airline's management team with little or no input from Gotbaum, according to the airline's court filings.

and finally, a little dose of Gotbaum's 'business sense';

The airline, which for years had struggled with inefficiencies because it had to operate separate interisland and domestic terminals, wanted the state's help in consolidating its operations under one roof. In July 2004, Gotbaum wrote a strongly worded letter to this effect, adding that the state wasn't recognizing Hawaiian's economic contributions and ending with a citing of a clause that would allow Hawaiian to terminate its lease at Honolulu International Airport. In a terse reply, the state said it considered the letter the 60-day notice that the airline was breaking its lease. Dunkerley and Norman Davies Jr., executive vice president of operations, rushed in to control the damage. They said they scrambled to meet with Rod Haraga, state director of transportation, and Davis Yogi, the airports administrator, and explained the episode as a misunderstanding. In his statement, Davies said: "In my opinion, Gotbaum's meetings with government officials did not improve relations with the state of Hawaii or with the [Federal Aviation Administration]; if anything, his meetings actually harmed Hawaiian Airlines' relationships with regulatory agencies."

Hello McFly! You're called Hawaiian airlines. Where else other than HNL do you really think you'll be operating?

I truly hope Gotbaum gets zilch from the courts. He was already overpaid to begin with. He doesn't deserve a penny more.

HAL
 
That guy's an A$$hole, and I hope he steps in front of a bus.
 
Far Cry from $8 million...

Gotbaum should get $250,000, Judge says
Advertiser Staff
Josh Gotbaum, Hawaiian Airlines former bankruptcy trustee, should receive a $250,000 bonus instead of the $8 million he requested, according to a tentative ruling issued today by U.S. Bankruptcy Judge Robert Faris.
Faris is scheduled to hold a hearing tomorrow on Gotbaum's request.
In a filing today, Faris said that Gotbaum should receive the $1.153 million in salary that he has already been paid; $276,000 in housing, automobile and other expenses; and a $250,000 bonus. Several parties in Hawaiian's bankruptcy case have argued that Gotbaum should receive no bonus.
http://the.honoluluadvertiser.com/article/2005/Oct/26/br/br17p.html
 
It's still too much if you ask me, but it sure as hell beats 8 million. I still hope the guy meets with an unfortunate accident.
 
Now the next step is for the unions and the company to band together and sue HIM for damages he caused by dragging out the BK and interfering with the negoitiations with the unions.
 
Now the next step is for the unions and the company to band together and sue HIM for damages he caused by dragging out the BK and interfering with the negoitiations with the unions.

Dan,
Correct me if I'm wrong, but I remember him saying that our stock would be worthless at the time.
Not long after that HAL's stock soared to new hieghts.
Can you sue him for misleading us? I personally dumped all my stock because of this only to get shafted later.
 
mdanno808 said:
It's still too much if you ask me, but it sure as hell beats 8 million. I still hope the guy meets with an unfortunate accident.

I hope he takes the money, goes on a nice vacation to Indonesia and contracts malaria, then while in his hospital bed maybe he can choke on the food. Yeah im with you guys. This asshole deserves no less!

Hey were walking today down on Restaurant Row. Drive by and honk your horn! http://starbulletin.com/2005/10/27/business/story01.html
 
Erndogg said:
Can you sue him for misleading us?

I would love to see it happen although I doubt there's a legal leg to stand on. I too dumped my entire load of HA stock at about 90 cents per share because Gotbaum said it would be worthless. A few months later it was approaching $8 a share. If it was just Guttbum spouting off, I don't think there's a chance we'll go anywhere with it. However if any of the company officials (or anyone involved with Guttbum) made a big profit by hanging on to the shares and selling them after he said they were worthless, then there's a big SEC violation coming up for him.

HAL

"Lets light this candle!" - Alan Shepard
 

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