Pay raise for Hawaiian Airlines CEO

[AQ PILOT]

Hey you HAL guys....apparently someone else is interested in AQ (Why, I have no idea) This is from part of a filing I read, how was this guy, Bruce Nobles?


<<
6. Perseus is a merchant bank and private equity fund management
company with offices located in Washington, D.C., New York City, and San
Francisco that, together with its affiliates, manages investment funds with over $2
billion of total commitments. Since its inception in 1995, Perseus has
demonstrated its ability to consummate acquisition transactions on an expedited
basis. Perseus has extensive experience in acquiring and recapitalizing companies
as part of the bankruptcy process. Specific examples of transactions that Perseus
has completed by Section 363 sales include the acquisitions of Converse, Inc. and
Raleigh Cycle Corp. Perseus is working with Bruce Nobles, former Chief
Executive and President of Hawaiian Airlines, whom it anticipates would serve as
Chief Executive Officer of the reorganized company.

 

[Dan Roman]

You could do worse. He was responable for our initial turn around in the 90's and got us to the point were Adam's stepped in and retro fitted the airline (and lined his pockets). He has a lot of airline expeirence, good at getting done what needs to be done, but people skills are not his strong suit. I think his strong suit was dealing with Hawaiian when it was at a critical point in it's BK. Like I say, he was good at getting things done under dificult circumstances. He wasn't a "union buster". He was working for one of the parties intersted in us this last time. A fair amount wanted him back and some didn't based on his past performance.
Personally I think he would be good for AQ.
Good Luck. How is this current group looking?

 

[Erndogg]

Hey you HAL guys....apparently someone else is interested in AQ (Why, I have no idea) This is from part of a filing I read, how was this guy, Bruce Nobles?

New bid emerges for Aloha

[font=Times New Roman,Times,Serif]A competing bid for Aloha Airlines, led by former Hawaiian Airlines CEO and president Bruce Nobles, has been filed in U.S. Bankruptcy Court.


Perseus LLC, a New York-based private equity fund manager with $2 billion in assets, is offering $120 million for the airline in what it claims is a better deal than the current plan proposed by The Yucaipa Companies LLC of Aloha Airlines' management and Aloha Aviation Investment Group LLC.

Last week, Aloha Airlines announced it had found investors to put $100 million in the airline as a step to its exit from bankruptcy. However, the deal with the investors is at best conditional and includes an exclusivity clause for Yucaipa and Aviation Investment Group as investors, a $3 million break-up fee and reimbursement of expenses.

The uncertainity seems to offer other potential investors another chance at bidding for the airline and it is likely that the offer price may rise if the competition heats up. The airline has been in bankruptcy since last Dec. 30.

Perseus, in its letter to Aloha CEO David Banmiller dated Sept. 1, said it was drawn to Aloha Airlines because of discussions with Nobles, who recently led an unsuccessful bid to buy Hawaiian Airlines.

Perseus's proposal includes the following terms:

It would acquire all or a majority of the airline's assets, including its cargo division, under a new entity named "Newco."

The company would pay $50 million -- $41 million toward working capital and $9 million to go toward paying off creditors.

Newco would also pay off the airline's $65-million bridge financing.

Nobles would be named CEO and run the business. The rest of the current management team would be retained. Newco would be managed by a board of directors controlled by Perseus.

Newco said it would rehire a "specific number" but not all of Aloha's existing employees.

Perseus added that it couldn't proceed with its offer because of a lack of response from the company and that's why it is seeking the intervention of the bankruptcy court. The company wants Judge Robert Faris to direct Aloha executives to meet with Perseus representatives and provide information.

"If [Perseus] were provided with certain minimal information, it believes that it is likely that it could propose a transaction that would provide more value to the estate than the transaction currently before the court," the company said in its filing.

Perseus LLC is a fund manager whose senior management includes former ambassador Richard Holbrooke, and James Johnson, former chairman and CEO of Fannie Mae. The company has offices in Washington, D.C., and San Francisco.


I dont know what Nobles is up to? Hire only a specific number of it's employee's? Anybody have an idea?[/font]

 

[Dan Roman]

Funny thing... if the merger went through, Brenneman was going to keep the coupons and cheap interisland travel for the kama'aina at least for a few years. Right after the merger fell apart, the prices went up, the coupons went away, and the rules changed to advance purchase/fees to change flights... LOVE IT! Serves the People's Republic of Hawaii right.

They wanted it - they got it!

I recall Brenneman saying one of the first things he would do is eliminate the coupons. He was pretty adamant that they (coupons) were one of the things hurting both carriers. He also said that inter-island fares would be comprable to SWA fares. Which is really what they are at now.

 

[CWASaab]

New bid emerges for Aloha

I dont know what Nobles is up to? Hire only a specific number of it's employee's? Anybody have an idea?

We were told there were investors out there looking to drop trans-pac and only go forward with the inter-island operations. This sounds like one of those groups. Banmiller's stated preference was to find someone willing to stay the current course, hence the not responding to these folks and choosing Yucaipa, et al.

 

[Erndogg]

We were told there were investors out there looking to drop trans-pac and only go forward with the inter-island operations. This sounds like one of those groups. Banmiller's stated preference was to find someone willing to stay the current course, hence the not responding to these folks and choosing Yucaipa, et al.

Looks like Nobles wants to downsize and furlough in addition to some more concessions. looks like a raw deal for the Aloha employees.

Hopefully somebody will put in a serious bid that doesn't screw the workers and is committed to making Aloha a strong presence in both the transpac and inter-isle market.

 

[AQ PILOT]

Mdanno, let's just say I'm not impressed....At least Yucaipa isn't after the 363 plan of attack. My guess is we will survive, probably even end up doing well sometime in the future, but it aint gonna be like it was...that's for sure.

Personally I think our temporary and soon to be permanent CEO is a scheister. He is trying to work us over for no other reason than he can and he has a huge ego. From what I've seen, he's just taking advantage of the situation. I've lost faith in this whole industry....

 

[islandhopper]

Looks like Nobles wants to downsize and furlough in addition to some more concessions. looks like a raw deal for the Aloha employees.

Hopefully somebody will put in a serious bid that doesn't screw the workers and is committed to making Aloha a strong presence in both the transpac and inter-isle market.

PBN downloaded and printed the OLD nobles offer. Their story was only partially accurate. What a suprise! The new one they got today was a carbon copy of Yucaipas offer, only $20M more. Looks like Faris shut em all out anyway.

 

[islandhopper]

As of tonight is is obvious who all four of our potential investors were. This Newco being the last of them to play their hand. My suspicion is this (newco) is the plan that would have stapled our list to the bottom of Hawaiians and dumped our 737NG etops fleet. (just a suspicion, no offense guys)

The other group was made up of local investors, I never got their name, but as I understand it they some of them announced startup carrier "Blue Hawaii" last year. Blue Hawaii was a dead idea shortly after it was announced.

Mesa was the bottom feeder, they tried to frighten off gault and them with the straw airline announcement.

Of course Yucaipa and AAIG have now shut out everybody else.

Theres all four of em...

 

[mdanno808]

So what is the concensus among the pilot group at AQ? Have they told you guys what to expect? Hope it works out. Chapter 11's like a roller coaster ride huh?