General Lee
Well-known member
- Joined
- Aug 24, 2002
- Posts
- 20,442
Transportation
Pilot Union Chief: Delta Won't Deal
By Ted Reed
TheStreet.com Staff Reporter
1/18/2007 3:01 PM EST
URL: http://www.thestreet.com/newsanalysis/transportation/10333310.html
The hostile bid to take over Delta (DALRQ) has triggered a battle between Wall Street and Congress, says Lee Moak, the head of the carrier's pilot union.
Delta pilots have joined with the airline's management to resist the offer by US Airways (LCC) , which has said it will pay $10.2 billion in cash and stock for the Atlanta-based carrier.
"Wall Street types say it is simply a financial transaction and it is the American way," Moak said in an interview. "But in the Senate, what comes out of there is 'Are we going to let Wall Street set public policy on airlines?' They think they should have more control and Wall Street thinks they should have less control."
Moak, the chairman of Delta's Air Line Pilots Association chapter, has been lobbying senators on his opposition to the merger.
Delta pilots picketed Thursday at 520 Madison Ave. in New York, site of the offices of Jefferies & Co., an investment banking firm that advises a group of creditors who have urged consideration of the hostile bid.
"We're sending a message to Jefferies & Co. that Wall Street may be blinded by the money being thrown around in this merger, but we are going to kill [it] and emerge as a standalone carrier," Moak said.
Moak denied rumors that he intends to meet with US Airways CEO Doug Parker, although he said he may run into Parker on Jan. 24, when the Senate Commerce Committee has scheduled a hearing on the potential impact of airline mergers and industry consolidation. Moak noted that Parker, like him, has been meeting with senators.
I guess you have to work all of the angles for safety sake. And, it doesn't look like Moak wants to do any negotiating with Parker. Interesting!
Bye Bye--General Lee
Pilot Union Chief: Delta Won't Deal
By Ted Reed
TheStreet.com Staff Reporter
1/18/2007 3:01 PM EST
URL: http://www.thestreet.com/newsanalysis/transportation/10333310.html
The hostile bid to take over Delta (DALRQ) has triggered a battle between Wall Street and Congress, says Lee Moak, the head of the carrier's pilot union.
Delta pilots have joined with the airline's management to resist the offer by US Airways (LCC) , which has said it will pay $10.2 billion in cash and stock for the Atlanta-based carrier.
"Wall Street types say it is simply a financial transaction and it is the American way," Moak said in an interview. "But in the Senate, what comes out of there is 'Are we going to let Wall Street set public policy on airlines?' They think they should have more control and Wall Street thinks they should have less control."
Moak, the chairman of Delta's Air Line Pilots Association chapter, has been lobbying senators on his opposition to the merger.
Delta pilots picketed Thursday at 520 Madison Ave. in New York, site of the offices of Jefferies & Co., an investment banking firm that advises a group of creditors who have urged consideration of the hostile bid.
"We're sending a message to Jefferies & Co. that Wall Street may be blinded by the money being thrown around in this merger, but we are going to kill [it] and emerge as a standalone carrier," Moak said.
Moak denied rumors that he intends to meet with US Airways CEO Doug Parker, although he said he may run into Parker on Jan. 24, when the Senate Commerce Committee has scheduled a hearing on the potential impact of airline mergers and industry consolidation. Moak noted that Parker, like him, has been meeting with senators.
I guess you have to work all of the angles for safety sake. And, it doesn't look like Moak wants to do any negotiating with Parker. Interesting!
Bye Bye--General Lee
