Pay raise for Hawaiian Airlines CEO

[mdanno808]

Gonna be a lot more guys on the streets in the coming weeks and months.

 

[FlickerFade]

I didn't write this, but it's LOL funny!



WASHINGTON.
Wednesday September 14, 8:50 pm ET
By Cousin Vin E, “BS” Writer

Breaking news.

Gotballs had to be taken to the hospital today when he fell off his second story lanai after hearing that both Delta and Northwest Airlines filed for Chapter 11.

Sources close to the situation say he is suffering from DOLLARSIGNTINNITUS a rare disorder that only effects “greedy ex-trustees”.

DOLLARSIGNTINNITUS is a horrible condition that causes greedy ex-trustees to temporality loose all sight whenever they hear that an airline has claimed bankruptcy. During this time, all they are able to see are “large dollar signs” in front of their eyes.

Upon arrival, EMTs found Gotballs semi-conscience and muttering something about how he believes he is worth “at least” 9.4 million!

He is expected to make a full recovery and be just as greedy as he was before the accident.

 

[Erndogg]

40-42% @ $1.60. I forget for how many years it lasted, Earndog?

Dan-Those are the figures I was told. That money was from the 2 Qt. profits that they cooked, so as to make our balance sheet look even.

Gotbomb has his hearing on the 25th- I think for his bonus-so the numbers will look good for the company.

I say Faris gives him somewhere in the range of 1-2 mill-which is alot for not doing much.

Well Aloha pilots are looking at some more serious concessions. Not only does their pay suck, the company is asking them for their pensions and work rules. The beatings never, ever end.

So what is Banmiller asking the Aloha pilots for this time?
Is it tied to getting another investor to buy AQ?

 

[FlickerFade]

Official good news, Even his bosses think Gutbom is a money-grubbing jerk:

Gotbaum's fee request challenged

Thursday September 15, 5:36 pm ET

The Office of the United States Trustee, the federal agency that appointed Joshua Gotbaum to oversee Hawaiian Airlines during its bankruptcy, is objecting to his request for an $8 million success fee.

It's recommending a $1.15 million bonus instead.

In a filing with the U.S. Bankruptcy Court Wednesday, the agency called Gotbaum's proposed compensation "unreasonable" and supported only a "100 percent lodestar bonus" of $1.15 million or less.

In a August filing, Gotbaum sought $9.15 million in fees, which includes an $8 million success fee and $1.15 million in interim compensation.

Gotbaum showed how he spent 4,995 hours on the bankruptcy case -- including time spent at dinners, award ceremonies and 120 hours in preparing the application for compensation -- and wants $1,832.50 per hour.

After expressing initial shock and outrage at the amount, the airline's pilots and flight attendants filed their opposition to the claim. The airline and its parent company, Hawaiian Holdings, are expected to file their protest to the Gotbaum claim on Thursday.

Meanwhile, in the Office of the Trustee's filing, U.S. Trustee Steve Jay Katzman laid the groundwork to establish Gotbaum's tendencies toward seeking high compensation and Katzman's efforts in curbing the compensation.

For instance, Gotbaum negotiated $70,000-per-month pay plus reasonable expenses without any cap on the latter amount.

"The U.S. Trustee informed [Gotbaum] of its objection to the proposed interim compensation," the filing stated. "The U.S. Trustee again discussed compensation with the trustee and emphasized the fiduciary role that the trustee played."

At the end of the day, the court approved a $50,000 monthly compensation and $10,000 in expenses. This was in addition to his health and free flight benefits as an employee of the airline.

The filing adds that Gotbaum surrounded himself with a coterie of experts, consultants and lawyers, many of whom billed several hundred dollars per hour and large bonuses.

According to the filing, the total fees incurred by all the trustee's professionals -- 18 firms -- from June 2003 until the airline exited bankruptcy June 2, onward adds up to $30.2 million.

Katzman argued that Judge Robert Faris, who will hear the case on Sept. 29, should consider not only the trustee's achievement in getting the airline out of bankruptcy but should temper his proposed claim for compensation given his use of consultants and the fact that he didn't have any overhead expenses.

"With the trustee charging the estate even for small personal items such as cold medicines, it is clear that he has not hesitated to claim all possible expenses for reimbursement," the filing said. "In fact, much of the credit for the list of accomplishments cited by [Gotbaum] in his application should go to those professionals. In determining a reasonable fee for the trustee, the court should consider the magnitude of high-priced assistance the trustee enjoyed."

Published September 15, 2005 by Pacific Business News

 

[Erndogg]

The Office of the United States Trustee, the federal agency that appointed Joshua Gotbaum to oversee Hawaiian Airlines during its bankruptcy, is objecting to his request for an $8 million success fee.

It's recommending a $1.15 million bonus instead.

That's great that the Govt even thought GB was a scam. Now lets see if Faris agrees.

 

[FlickerFade]

What is great is that they said 1.5M or LESS! 1.5M is way too much.

 

[Dan Roman]

This is a trustee that caused a lot more harm than good. Initially all parties thought the BK would be a quick in and out. Gotbaum managed to piss off everyone involved and drag out the BK much longer than needed all the while paying out $1-2mil a month of HAL's money.
Kinda makes you loss faith in the system if he is rewarded even $1mil.

 

[mdanno808]

I say we call Larry Mehau, and have his boys meet Gotbaum at the court house with a little present.

PS 1.5m is waaaaaaaay too much.

Dan, Earndogg, haven't we been hedging for a long time now? Do you know what are price/gallon was prior to the new arrangement?

 

[Erndogg]

Dan, Earndogg, haven't we been hedging for a long time now? Do you know what are price/gallon was prior to the new arrangement?

We were hedging before-but I dont know the exact timeframe. We just started again in June/July after we exited BK. We had the $$$ to spare and the timing seemed pretty good considering what has transpired recently.

$1.60 a gallon. I dont know what the current price for wholesale jetfuel is right now but I would guess a little over $2.00

 

[mdanno808]

Saw an interview with Gordon Bethune the other day, and fuel hedging came up. He was asked about why SWA was the only carrier who chose to do it, and why it ended up so good for them in the long run. His response was that fuel hedging is gambling. None of the legacy carriers had the cash to risk at the time that SWA started hedging, and Southwest did. Worked out well for them. HAL will be between a rock and a hard place now. Do you hope that the cost of jet fuel drops drastically, or remains well above the price we hedged at?

 

[Dan Roman]

I don't know Dan, I can't see fuel going down more than $.40 a gal anytime soon if ever, in the meantime, Hawaiian will have been reaping the benefits of the lower cost.
The silence of late from the rumor mill is deafening.

 

[mdanno808]

How much you figure Gottbaum will walk with?

 

[Dan Roman]

We know he should get nothing but even the agency that appointed him said he "only" deserved a million or so. Not sure if they think his collected salary is included in that figure. It appears he even digusted them with his greed. I can't imagine the Judge giving him more than what Gotbaums boss's said he should get, which means a million max.

 

[Erndogg]

None of the legacy carriers had the cash to risk at the time that SWA started hedging, and Southwest did. Worked out well for them. HAL will be between a rock and a hard place now. Do you hope that the cost of jet fuel drops drastically, or remains well above the price we hedged at?

At 1.60 a gallon with 40% of our fuel for 2005 is a pretty good bet right now if you ask me.

As for next year-time will tell. I bet other carriers would like to have 40% of their fuel hedged right now.

 

[HAL]

The silence of late from the rumor mill is deafening.

The calm before the storm? Or merely more of the same?

HAL

 

[mdanno808]

At 1.60 a gallon with 40% of our fuel for 2005 is a pretty good bet right now if you ask me.

As for next year-time will tell. I bet other carriers would like to have 40% of their fuel hedged right now.

I'm thinkinig about hedging for my honda. My wife said it cost her 50 bucks to fill it up last week. I bet the 135 operators/flight schools are feeling the pinch. Wonder what avgas is up to.

 

[HAL]

Wonder what avgas is up to.

My next door neighbor is one of my former students - and is now looking to buy a new Cirrus. He said the flight school (in the Seattle area) he's currently at charges $4.35 for a gallon of 100LL. He said it is making him consider not making the purchase.

Ouch.

HAL

 

[mdanno808]

http://cgi.ebay.com/Airbus-Hawaiian...63628252QQcategoryZ108948QQrdZ1QQcmdZViewItem

WTF?

 

[dash8driver]

his excuse is that he has the word "fantasy" in the description. ::





.

 

[av8tortype]

My next door neighbor is one of my former students - and is now looking to buy a new Cirrus. He said the flight school (in the Seattle area) he's currently at charges $4.35 for a gallon of 100LL. He said it is making him consider not making the purchase.

Ouch.

HAL

Paid $5.00/gal for 100LL last month in LAS and today it's $5.55. When it hits $6.00 I'll siphon my tanks, sell the fuel and park my plane permanently.