Don't worry about it Animal Tail. There are a lot of people who didn't buy the sack of $hit FAPA was selling. Now it is smeared all over their feet and where is FAPA to wipe it off you ask? In their Airbuses (left seat) for now.....
P.S
You got that right!
Why dont you follow, you know who, to Westjet. Im sure they can use a company man over there too.
I am trying to concentrate on RAH. And more importantly, I am trying to concentrate on why? Last I heard is that you are trying to get out yourself.
We can go back and forth all day long. In the end you are too arrogant to admit that YOU MESSED UP. Your decision and sales job/coverup has ruined, in the long run, a beautiful airline.
You are smart and working on another career. You will bolt, guys like me are stuck working for a commuter airline.
Thanks,
CYA
Maybe you two can start your own thread. You can title it "Really Angry, but even more clueless".
I am not sure what you could possibly be implying with your "sales job" comment. Your reference to a single "decision" is also incomprehensible.
Frontier Holdings was in Chapter 11 restructuring. There were more than 4,580 unsecured claims, ranging from $0 to over $100,000,000. Are you implying that FAPA conspired with thousands of people that were owed money, along with the Unsecured Creditor's Committee, to somehow harm you? Do you have any knowledge base or understanding of how the Ch. 11 process works, who makes the decisions on behalf of the debtor, and the primary motivator for those decisions?
All of the BK documents are available online. Maybe you should take a moment to educate yourself before you listen to a "buddy" that was supposedly "in the know".
Animal Tail is rambling about a "decision". To what are you referring? I can only assume it is SWA/SWAPA. Or are you talking about Perseus? You do remember the first DIP offer, don't you? Where would we be today if that PE firm purchased Frontier Holdings before the "Group DIP" was approved by the UCC? Wait, if FAPA had unilateral control of the BK outcome, surely they should receive total and complete credit for avoiding the Perseus offer. Unfortunately, that logic doesn't add up to support your conspiracy theories.
What about the Perseus DIP loan? The Group DIP? The Amended DIP? The Exit DIP? Did FAPA "decide" the outcome of those events? If so, how?
Persues has zero airline management experience, and Frontier was not going to be their first attempt at running an airline. They were going to provide a short term $40 MM loan in exchange for more than $100 million in remaining equity in parts, spare engines, and aircraft. Simply put, it was going to be a fire sale, and we all would have been out of a job.
The Unsecured Creditors Committee recognized this and looked for DIP financing elsewhere. The UCC realized that they would get more money on their claims if a different party stepped up and actually operated the airline instead of liquidated the assets. Their goal was an auction of a viable airline, not the firesale of a few assets. If there was going to be a firesale, they were going to hold it, not Perseus. Bedford and RAH also saw an opportunity. RAH was the largest Unsecured Creditor (this could be debated, and was by UBS due to the $300MM in debt instruments that disappeared). As the largest unsecured creditor they had the most to lose from the Perseus deal.
Shortly after the Perseus offer, the "Group DIP" was put on the table. RAH, Credit Suisse, AQR, CNH, and a few other small players provided an alternative to Perseus. The UCC opted for door number two, and we had enough cash to survive the winter. Is this "the decision"?
The initial DIP was only a bandaid, as it required repayment in full by April 2009.
We did survive the winter, but found ourselves in the exact same position entering the spring.
With default on the initial loan looming, RAH stepped up and offered an "Amended DIP" package. The UCC accepted this loan as it "extended the runway" (just threw up a little typing that, in fact if I ever hear it again I will break something), increasing the chance that someone would provide the needed and looming next step, exit financing to the tune of $150 MM or more. Maybe this is "the decision"? The Amended DIP also immediately put RAH in a position to acquire the entire operation.
All of these financing packages were approved by the Unsecured Creditors Committees. The UCC also hired their own legal representation Davis Polk and Wardell. The UCC also hired their own financial analyst, Seabury. Both of these third parties billed Frontier Holdings over $20 MM, and this $20MM further diluted the UCC's share of the final repayment. However, following your logic, the UCC willingly paid expert third parties over $20MM in fees, but they disregarded their advice, wasted the money, and listened solely to FAPA, and their "decision"?
All of this occurred over an incredibly busy 18 month period. Literally thousands of pages of transcripts capture the facts. Unfortunately you choose to focus on four hours of discussion between FAPA and SWAPA.
My point here should be rather obvious (but then again, maybe not considering the folks involved in this thread). There were much larger players involved than FAPA. Thankfully, FAPA was successful in achieving a seat at the UCC table, something the other two Frontier Airlines labor groups (IBT and UTU) tried to do but were denied. We thankfully did have a first hand account of the proceedings and a limited say in some UCC decisions, but there was much more to our journey through BK then you seem willing to admit or capable to understand.
I am not sure if either one of you actually work here, but I am pretty sure that neither of you have exerted one minute of your time working towards the solution of several very serious and difficult problems.
Did either one of you volunteer on any of the committees that worked thousands of hours for the benefit of the membership?
There have been three FAPA elections since 2008. Have either one of you stepped up, been nominated, accepted the nomination, and then laid it all on the line in an effort to improve things for the pilot group?
I am pretty sure the answer to all of the above is "No".
You can continue to criticize if you are unhappy with the result of the BK auction, but you should probably identify what exactly transpired before you start slandering the very folks that are working tirelessly on your behalf, and have been for quite some time.
