Pinnacoloba bankruptcy this week

[Ridgeback]

Yup you heard it here first...

Time to short the stock

 

[altimaklr]

stupid

 

[CoATP]

NOt while the stock is at $2.00. Wait for it to go below .80 and then start doom and gloom. Nabobs of Wall Street know much more than Nabobs of FI.

 

[i fly boxes]

But I thought we were going to buy jetblue?

 

[Stifler's Mom]

Yup you heard it here first...

Time to short the stock

More stock advice from FI. Hope yours turns out better than all the people that piled into AMR last month when it dipped down to $2.00 a share. That didn't turn out so well for many.

Just for fun, PNCL closed at $2.00 yesterday. Good luck.

 

[RJLoser]

Care to make a wager?

 

[Smarta$$]

If it were true, it would be entirely based on Trenary and his idiots legacy. YOU WOULD NOT BELIEVE HOW MANY PINNACLE PILOTS RAVED ABOUT HOW SMART AND SUCCESSFUL A BUSINESS MAN TRENARY WAS. I tried for years to tell them otherwise, but they couldn't be convinced that he didn't have a clue what he was doing.

Classically, those pilots will deny it now... See the posts that follow, filled with denials.

 

[mesaba13]

How can the only regional with a cost Plus % profit be filing bankrupcty? Especially before Daddy D reimburses us for the one time training cost.

 

[Inconceivable]

Facts:

TW meeting with SM.
Closed door meeting with the entire MEC and SM tomorrow.
Closed door meeting of the MEC alone after that meeting.
Next day is the end of the week - the standard day for pronouncements.
Only one week left in the year for (legal and financial) business.

Hotel changes due to unpaid invoices.
Corporate vendor changes.
Expenses due to move and training not yet realized.
DL desire to further reduce 50 seat fleet.
Extensive pre-merger liabilities and "commitments"

 

[altimaklr]

PNCL lost $3.5M this quarter but will be getting a big refund from DAL in Q2-2012 for the bulk of those costs. +$70M cash in the bank. Still a long way from Ch11. Corporate meeting with the MEC is nothing new, there are a lot of small details that need to be worked out. Hotels are paid via a third party vendor, switching hotels wouldn't make any difference unless they want to get rid of API (that's not happening).

 

[bri5150]

I have had about 11 jobs throughout my life. All but 3 have either shut down, been sold off, store closed, or bankruptcy. I am glad to bring my good luck to 9E. Heck, 2 days before my wedding, Mesaba declared bankruptcy, and the day we got back from our honeymoon I lost my other 2 jobs.

As far as our bankruptcy this time...I'll believe it when I see it. By declaring it opens our 200 ASA which would be more of a problem than paying our bills at this point.

 

[bri5150]

Talked with union rep, and he is at meetings but nothing secret about them. They were planned a while back.

 

[RJLoser]

Facts:

TW meeting with SM.
Closed door meeting with the entire MEC and SM tomorrow.
Closed door meeting of the MEC alone after that meeting.
Next day is the end of the week - the standard day for pronouncements.
Only one week left in the year for (legal and financial) business.

Hotel changes due to unpaid invoices.
Corporate vendor changes.
Expenses due to move and training not yet realized.
DL desire to further reduce 50 seat fleet.
Extensive pre-merger liabilities and "commitments"

Q400 flying out of DEN.

 

[suupah]

Q400 flying out of DEN.

you know this is coming. They are super stupid redonkulouslly over staffing IAH with Q pilots. IAH is becoming a bullpen. Dunno if Denver(though seems teh most likely) but there will be more Q flying soon.

I wouldn't be too too surprised if they kept it based in IAH but operated out of denver.

 

[gator_hater]

I have no dog in this fight but, You can have $$ owed to you and still be bankrupt if your creditors won't wait to get paid. See Frontier as a recent example.

 

[suupah]

I have no dog in this fight but, You can have $$ owed to you and still be bankrupt if your creditors won't wait to get paid. See Frontier as a recent example.

didn't that have to do with cash on hand vs debt owed? their cash dwindled to the point where it triggered immediate payment required because if it went much lower it woudn't be enough to cover debts to the credit cards frequent flyer miles programs. i dont' think pncl has any of those types of arrangements with credit cards but holy crap they owe alot of money. 800mil according to biz yahoo

 

[e=mc2]

TW has a list of give backs to make the contract more corporate friendly.

 

[gator_hater]

Doesn't have to be cc pmts just $$ owed to creditors on day x. Don't have the cash that day your bankrupt unless those vendors choose to change your terms of repayment. In AA's case they are projecting shortfalls that will prevent them meeting future obligations. Therefore asking the court to assist in that renegotiation. I'm sure it is more technical than that but it is Pretty simple.

 

[www.]

http://finance.yahoo.com/news/Pinnacle-Airlines-Corp-Take-prnews-2443335052.html?x=0

 

[bri5150]

Don't come knockin' on this door to subsidize ex-9E officer severances. Also, isn't Delta paying for our contract improvements for a year or so?

 

[Inconceivable]

Let's see what Tom is eager to give back THIS time...

Pinnacle Airlines Corp. to Take Steps to Improve Liquidity and Profitability


MEMPHIS, Tenn., Dec. 8, 2011 /PRNewswire/ -- Pinnacle Airlines Corp.

(NASDAQ: PNCL) announced today that it has commenced a comprehensive program to reduce short- and long-term costs and enhance liquidity.
(Logo: http://photos.prnewswire.com/prnh/20110112/CL29411LOGO)

Planned initiatives include seeking modifications to the company's agreements with its mainline airline partners, equipment lessors, debt holders, real property lessors and vendors. The company will also seek to work with its pilots and other employees (both union and non-union) to reduce labor costs. As part of its efforts, the company will examine and further rationalize its business lines, organizational structure and executive and director level functions. (translation: some dead weight is getting laid off!)

Pinnacle Airlines Corp. has engaged the services of Seabury Group LLC's consulting division (the architect's of the NWA labor screwjob in 2005-7 and the Frontier BK and sale), Barclays Capital, and the law firm of Davis Polk & Wardwell LLP (bankruptcy and liquidation their specialty) to assist with these efforts.

"Pinnacle Airlines Corp. is facing a convergence of events that, if left unaddressed, will make 2012 an extremely challenging year," said Sean Menke, the company's President and Chief Executive Officer. "We have a great deal of hard work ahead of us, but these efforts are necessary to ensure we can operate as a profitable business for our shareholders, mainline flying partners, employees and other stakeholders."

About Pinnacle Airlines Corp.
Pinnacle Airlines Corp. (NASDAQ: PNCL), a $1 billion airline holding company with 7,800 employees, is the parent company of Pinnacle Airlines, Inc.; Mesaba Aviation, Inc.; and Colgan Air, Inc. Flying as Delta Connection, United Express and US Airways Express, Pinnacle Airlines Corp. operating subsidiaries operate 199 regional jets and 80 turboprops on more than 1,540 daily flights to 188 cities and towns in the United States, Canada, Mexico and Belize. Corporate offices are located in Memphis, Tenn., and hub operations are located at 11 major U.S. airports. Visit www.pncl.com for more information.
This press release contains various forward-looking statements based on management's beliefs, as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including those set forth in our filings with the Securities and Exchange Commission, which are available to investors at our web site or online from the Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove erroneous, actual results may vary materially from results that were anticipated or projected. The Company does not intend to update these forward-looking statements before its next required filing with the Securities and Exchange Commission.
Media Contact: Joe Williams (901-346-6162 / [email protected])
SOURCE Pinnacle Airlines Corp.
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RELATED LINKS
http://www.pncl.com




Find this article at:
http://www.prnewswire.com/news-rele...ve-liquidity-and-profitability-135241693.html

 

[Inconceivable]

As part of its efforts, the company will examine and further rationalize its business lines, organizational structure and executive and director level functions.

Goodbye PinnPro, goodbye three levels of management, GOODBYE SANTICHRIST, hello single certificate consolidation.

Probable: goodbye 10-15% of 200 flying PER YEAR as allowed under the ASA. Hello voiding of the mega training and award bid as junior pilots are "rationalized" to the street.

Hey legacy 9E FOs: seniority really is everything! You may have felt slighted by the last upgrades, likely to be cancelled, but you won't be the one on the street in 2012. You get to be a Q pilot after all, just likely in the right seat.

Begin bashing away...but remember, I have yet to be proven wrong in the past twelve years with this company. Sometimes I wish I would be.

The stock is down 9% since opening...the market knows where this is heading.

 

[bri5150]

Inconceivable,

Do you have any idea what you are talking about? Tom spent a LOT of time fighting every little concession from the Mesaba bankruptcy. Not only that, we snapped back to our original rates with a big chunk-o-change in our 401k's. If that is what he is "eager to give back THIS time", then I'll take it.

Also, is there a provision in our crj 200 ASA to lose 10-15% of our fleet every year without a bankruptcy? I honestly don't know, but it seems unlikely because it hasn't been reduced yet and we know Delta is taking any and all means to getting rid of them.

 

[i fly boxes]

I always thought it was the stupidest idea to have two different airlines it makes no sense at all. Let's get rid of the pinnacle name (yes I work there) get out of that stupid downtown building and head up north to msp

 

[CptMurf]

Inconceivable,

Do you have any idea what you are talking about? Tom spent a LOT of time fighting every little concession from the Mesaba bankruptcy. Not only that, we snapped back to our original rates with a big chunk-o-change in our 401k's. If that is what he is "eager to give back THIS time", then I'll take it.

Also, is there a provision in our crj 200 ASA to lose 10-15% of our fleet every year without a bankruptcy? I honestly don't know, but it seems unlikely because it hasn't been reduced yet and we know Delta is taking any and all means to getting rid of them.

Only problem is now all of labor is fragmented. In 2006 TW was instrumental in forming a coalition between the Pilots/FAs/Mechs. We worked together, shared information, and put up a unified front against mgmt. strong arm tactics. Right now USW is screwing AFA (with litigation coming), the pilot group is fragmented, with groups of untrusting members and committee members wandering off on tangents. I doubt we could organize ourselves, more or less a unified employee front the likes of 2006.

 

[bri5150]

Only problem is now all of labor is fragmented. In 2006 TW was instrumental in forming a coalition between the Pilots/FAs/Mechs. We worked together, shared information, and put up a unified front against mgmt. strong arm tactics. Right now USW is screwing AFA (with litigation coming), the pilot group is fragmented, with groups of untrusting members and committee members wandering off on tangents. I doubt we could organize ourselves, more or less a unified employee front the likes of 2006.

This also isn't bankruptcy either...yet. It sounds dang close, but there is no "b" word in the article.

 

[XJohXJ]

If anyone can unify the labor groups for a fight, it's TW. Getting people to join together towards a common cause is what he most excels at.

 

[bri5150]

I always thought it was the stupidest idea to have two different airlines it makes no sense at all. Let's get rid of the pinnacle name (yes I work there) get out of that stupid downtown building and head up north to msp

:beer: That would be the best way to unify the company for sure. No Mesaba, no Colgan, no Pinnacle. All one airline with one headquarters/training area (I would prefer MSP because I live here, but whatever). I think we already lost most of our digs up here.

 

[jynxyjericho]

Let's call it SureJet!

Also Inconceivable, as the (concessionary) contract TW and MN got Mesaba was still better than Pinnacle's, maybe you ought to turn that critical eye on your past reps.

In any case, love him or hate him, it's TW show right now.

 

[General Lee]

I wanna know what the Mesaba flow ups to Delta WHO TURNED IT DOWN think now? Delta made $952 million in bag fees alone last year.


Bye Bye---General Lee