Latest with XJet

[Erlanger]

I think the only thing keeping the Branded flying from being successful is the fuel prices even though XJT is some hedges.

That's a contradictory statement! The branded flying was a loosing proposition from the start.

BTW, Uncle Jerry when asked at the start, what he thought of the success of XJT's branded flying. He said it wouldn't fly and gave them 2 years. I was there, I heard him say it.

 

[Erlanger]

From what I heard this week, the deal is dead. The XJT board came back to Skywest to negotiate, and were told that Skywest is no longer interested. They've gone to plan B, whatever that is.

I heard the deal is dead too but who knows.

The XJT MEC and Skywest could not reach an agreement on two points,
1) Job security
2) Flying protection

The MEC sent Skywest walking, no further talks are scheduled.

 

[BigShotXJTdrvr]

Don't know if JA and XJT board are still talking, but after listening to a second round of proposals directly from SKW , the XJT MEC has decided the request for relief from certain pages of our contract (and the refusal of SKW to work on creating any similar protections if those sections were deleted) will not benefit XJT pilots enough to warrant continued discussions.

It's over for now folks, at least as far as XJT pilot reps listening to the SKW snake oil pitch.

 

[Digger Dude]

Training depatment is saying first 2 emb145's coming in next week.

 

[Whydoitry]

Training depatment is saying first 2 emb145's coming in next week.

And what will they be used for?

 

[TOOL CRIB]

And what will they be used for?

Giant Kool-Aid dispensers!!

 

[gr8dane]

CAL flying, of course. Just wait. The wheels are turning.

 

[Erlanger]

No it wouldn't. SkyWest Airlines is a product of SkyWest Inc. ASA is also a product of SkyWest Inc. If things go down as it has been discussed, SkyWest Airlines will have never furloughed a pilot due to the wise business decisions of SkyWest Airlines management. Xjet may furlough, but it will ultimately be due to the poor business decisions of Xjet management. Those decisions may be made by SkyWest Inc., but Inc. may make those decisions only because Xjet management is too stupid to do it. They would rather dig their own graves than admit they made poor business decisions.

That's incorrect. Skywest Inc. did not exist until just before ASA was bought. It was with Skywest Airlines money that ASA was bought. Skywest, Inc. has only two employees. The CEO, Jerry Atkin and the CFO, Brad Rich are the only two. Skywest pays 60% of their salaries, ASA pays 40%. Skywest, Inc. uses the Skywest and ASA employees to do work for Skywest, Inc. This info I have provided came from a newsletter to Skywest Airlines employees about a year ago on the structure of the whole organization.

 

[imisscorplife]

LOL :laugh:

 

[Nevets]

That's a contradictory statement! The branded flying was a loosing proposition from the start.

BTW, Uncle Jerry when asked at the start, what he thought of the success of XJT's branded flying. He said it wouldn't fly and gave them 2 years. I was there, I heard him say it.

The price of fuel is the main thing keeping Branded from working. Is that better for you?

 

[Nevets]

Press Releases

http://investor.expressjet.com/phoenix.zhtml?c=130007&p=irol-newsArticle&ID=1161551&highlight=#ExpressJet Continues Review of Strategic Alternatives and Enters Into Negotiations with Continental for a New Capacity Purchase Agreement

HOUSTON, June 2 /PRNewswire-FirstCall/ -- ExpressJet Holdings, Inc. (NYSE: XJT) ("ExpressJet" or the "Company") today announced that it is continuing to explore a full range of strategic and operational alternatives in response to the unsolicited merger proposal from SkyWest, Inc. (Nasdaq: SKYW) ("SkyWest"), as announced by the Company on April 25, 2008. ExpressJet also announced today that the Company has entered into negotiations with Continental Airlines, Inc. (NYSE: CAL) ("Continental") for a new capacity purchase agreement.

On April 25, 2008, ExpressJet announced that it had received from SkyWest a proposal to acquire the Company for $3.50 per share in cash. The offer was non-binding and conditioned upon the completion of due diligence by both SkyWest and Continental, as well as an amendment, satisfactory to SkyWest, to the collective bargaining agreement between ExpressJet and its pilots. Since the delivery of the SkyWest merger proposal, the Company and the Special Committee, composed of independent outside members of ExpressJet's Board of Directors, along with the Special Committee's financial advisors from Goldman, Sachs & Co. and its legal advisors from Abrams & Laster LLP, have devoted considerable time and effort to assist SkyWest and Continental, as well as their financial and legal advisors, in performing their due diligence and to address the other conditions to the SkyWest merger proposal. To date, the conditions set forth in SkyWest's proposal have not been satisfied.

George R. Bravante, Jr., Chairman of the Board of Directors, noted: "The ExpressJet Board and management continue to evaluate all appropriate and necessary actions to enhance value for ExpressJet stockholders in this difficult operating environment. The Board has authorized management to negotiate a new capacity purchase agreement with Continental, as well as to evaluate measures to reposition the current operating plan to address the challenging macroeconomic headwinds that all airlines are facing. We have confidence in management's ability to execute on these directives and in our employees' continuing commitment to provide exceptional service to our customers."

ExpressJet also announced today that, in conjunction with the Company's continuing effort to secure new terms from certain holders of its 4.25% Convertible Notes due 2023, it intends to call a special meeting of stockholders to approve a potential issuance of additional shares of ExpressJet common stock and an amendment to ExpressJet's certificate of incorporation increasing the authorized number of shares of common stock. In connection with the anticipated special meeting of stockholders, ExpressJet filed today a preliminary proxy statement with the Securities and Exchange Commission pursuant to Section 14(a) of the Securities Exchange Act of 1934.

In making today's announcement, ExpressJet cautions its stockholders and others considering trading in its securities that there can be no assurance that any agreement will be executed with Continental, SkyWest or the holders of the ExpressJet convertible notes. The Company does not intend to disclose developments relating to these negotiations unless and until the Board of Directors has approved a specific agreement.