I know who is buying Comair

[dav8or]

Republic Sells Delta Bankruptcy Claim for $44.6 MILLION

Mon Apr 9, 2007 10:03 PM BST19


NEW YORK (Reuters) - Republic Airways Holdings Inc. (RJET.O: Quote, Profile , Research) said on Monday it has sold a $91 million unsecured creditor claim in Delta Air Lines Inc.'s (DALRQ.PK: Quote, Profile , Research) bankruptcy case to an unidentified buyer for $44.59 million.

Indianapolis-based Republic said it expects the transaction to close on April 11.

On March 13, Republic had said its Chautauqua Airlines and Shuttle America operating units obtained the $91 million pre-petition claim in exchange for Delta's surrender of warrants on about 3.4 million Republic shares.

© Reuters 2007. All Rights Reserved. | Learn more about Reuters

Republic Airways to purchase 2 Million shares for $41 Million
Mon Mar 19, 2007 4:39PM EDT


March 19 (Reuters) - Airline holding company Republic Airways Holdings Inc. (RJET.O: Quote, Profile, Research) said it would purchase 2 million of its common shares from WexAir LLC, a former majority shareholder, for $41 million.

The shares will be purchased at $20.50 a share and the transaction will be completed on or before March 21, the company said in a statement.

(Reporting by Anant Vijay Kala in Bangalore

Wexford looks like they are positioning themselves for a purchase of Comair. With the 91 million note and Delta comming out of bankruptcy in a few months it could be an interesting summer.

 

[BoilerUP]

How exactly would buying back stock help position RAH to buy Comair? Seems that that'd just run though liquid cash...

 

[dav8or]

How exactly would buying back stock help position RAH to buy Comair? Seems that that'd just run though liquid cash...

Follow the money. RAH buys back stock from Wexford to the tune of 41 mil. Then an unnamed company/person buys the Delta debt for 44 mil a couple of weeks later (read Wexford). Now Wexford has a 91 mil debt credit to use against Delta comming out of bankruptcy and Delta has said that Comair might be on the block.

If RAH bought Comair they would fall under the RAH CBA and scope. If Wexford buys Comair they are a seperate company (controlled by the same people). They tried the same thing with CHQ and Shuttle before they were forced to merge.

 

[Avi8tor2000]

Looks like Comair may get those 170s/175s yet. Will be weird when Comair turns in an alter-ego of RAH.

I need to get the he!l out of the regionals. Hello, Southwest, you can call me any day now...

 

[saab fixr]

comair 170"s not a chance Rah has plenty of certificates to operate them for whomever wants them Dream on!!! Rah needs people for the CRJ's not the ERJ's

 

[Avi8tor2000]

It would be for a whipsaw, not to attain another operating certificate.

 

[StaySeated]

RAH SOLD a claim for $44.59 million. They now have $44.59 million more in their pocket.

Then RAH BOUGHT back common stock for $41 million. They now have $3.59 million more than when they started.

Not sure what wexford has to do with the first transaction, but RAH basically broke even.

 

[John Pennekamp]

All untrue.

Jerry Atkin is in backroom negotiations to buy Comair's Assets and gates. Delta will be keeping the operating certificate. He will be trading a ton of cash, ASA's 80% in ATL, our pass benefits, and the pilot group's left nut for it.

 

[dav8or]

RAH SOLD a claim for $44.59 million. They now have $44.59 million more in their pocket.

Then RAH BOUGHT back common stock for $41 million. They now have $3.59 million more than when they started.

Not sure what wexford has to do with the first transaction, but RAH basically broke even.

RAH bought back the stock from Wexford first, then an unidentified buyer bought the debt for roughly the same amount. I believe this unidentified buyer is Wexford.

If it is Wexford they have 91 mil in Delta debt to ply against a Comair purchase.

RAH and Wexford are two seperate companies controlled by the same people.

 

[homerjdispatch]

All untrue.

Jerry Atkin is in backroom negotiations to buy Comair's Assets and gates. Delta will be keeping the operating certificate. He will be trading a ton of cash, ASA's 80% in ATL, our pass benefits, and the pilot group's left nut for it.

So the pilots will be nutless?

 

[pilotsh]

No, no, they will still have the right one. They'll just be half the man that they were, thats all

 

[John Pennekamp]

So the pilots will be nutless?

No, we'll be borrowing one from the dispatchers, who are also in negotiations.

 

[homerjdispatch]

Ohhh, ok.... Dont know if the dispatchers have one to spare though....

 

[XPOO]

I'll gladly sponser a poor pilot for a little as one left nut. Do I get monthly letters and photos of my pilot to show me exactly how he is benefiting from my charitable contribution?

 

[John Pennekamp]

I'll gladly sponser a poor pilot for a little as one left nut. Do I get monthly letters and photos of my pilot to show me exactly how he is benefiting from my charitable contribution?

Yes. Isn't your avitar one of them? You know, the result of a nut donation from you?

 

[jaybird]

It would be for a whipsaw, not to attain another operating certificate.

It can't be a whipsaw. It's two seperate companies. Wexford can do whatever it wants with comair, buy a ton of 170's or sell off the assets. The CHQ C.B.A. has a scope clause not allowing alter ego's. All flying will done by the pilots on the CHQ (RAH) seniority list

RJET is publicly traded and has a responbasility to its shareholders.

I've said it before, the best thing the CHQ pilots barganed for was scope. All you comair and expressjet chest thumpers should've barganed for scope instead of a few extra dollars an hour.

I bet the RAH pilots will be dusting off the staplers, again.

Discuss.

 

[Superpilot92]

It can't be a whipsaw. It's two seperate companies. Wexford can do whatever it wants with comair, buy a ton of 170's or sell off the assets. The CHQ C.B.A. has a scope clause not allowing alter ego's. All flying will done by the pilots on the CHQ (RAH) seniority list

RJET is publicly traded and has a responbasility to its shareholders.

I've said it before, the best thing the CHQ pilots barganed for was scope. All you comair and expressjet chest thumpers should've barganed for scope instead of a few extra dollars an hour.

I bet the RAH pilots will be dusting off the staplers, again.

Discuss.

News Flash,

XJT has a scope clause (anything w/19 seats or more is on our list)and the as you say "few extra" dollars. Why do you think its 1 list for the charter guys we have, who by the way get $18 dollar an hour override on top of their current rate. Just wanted to clarify.

 

[Speedtape]

Wexford has plenty of money. If Comair was on their drawing board, they could make an ATM withdrawal any day of the week. Wexford does not need the pocket change that Republic just gave them to aquire anybody. It was simply a good return on one of their many investements.

If you want to really start a good rumor, the Comair pilot group just sold their note for more money, and they are considering buying Republic or maybe even Delta at the current capitalization value. By the way, that is less than they got for ASA.

 

[tyler24]

In reality how much is comair worth? Would 91 million be a down payment?

 

[XPOO]

Yes. Isn't your avitar one of them? You know, the result of a nut donation from you?

Touche'! You comical bastard!