TMA News?

[climbhappy]

I work for Pace and we did have all their flying added to our routing sheet as of this morning. Their boss called our office last night and told us.

I offer regrets for all the guy/gals affected. TMA underbid the VE contract at a rate of $2000.00 per flight hour last fall. We had been losing money on the deal all along. These package deals are underpriced by about $300.00 dollars per in my view. How do these geniuses in MGT get to where they are. We should absorb all their flying as we did today.

To the guy who asked about BK. The court appoints a trustee who oversees all the goings on. Their are two kinds of creditors. UNSECURED AND SECURED. Companies that own planes and lease them to airlines are secured. Billy bob's in flight catering is not. Nor is the city of Sanford. Southeast stuck the SFB airport for about 600,000 in fees last fall.

Creditors or parties can file "Motions" stating their intent or "offer" to the trustee. This is reviewed by the BK judge. If the trustee signs off, the judge usually does . That's BK basics.

 

[magrs]

Thanks for the info. I'm curious what an operating certificate will fetch these days? I know EOS and Maxjet both spent roughly $16 million to get theirs. If they had only wited a few weeks!

 

[climbhappy]

Trustees are eager to reign in any money they can. if there aren't many assets, the cert could be worth something. Look at what Mesa did on the Midway BK. If ,of course, nobody steps forward, the Fed could and would most likely reclaim their property.

 

[b757driver]

Alcatraz:
Of course it's always sad when an airline goes down but that is a fact of life for the past decade or more. Two layoffs in a year? I've had SIX in almost as many years, so you can imagine how I felt. Luckily, I had a way out and now fly for an overseas carrier which is stable than than the top 5 US carriers put together. Aviation in the US sucks the big wang, no doubt about it. Job security, what's that?

 

[singlespeed]

TMA guys/gals. For what it's worth, Allegiant may hire more before the end of the year. It's not everything for everyone but if you live in the Orlando area it may work for you. Good luck.

 

[Sonny Crockett]

That really sucks! Good luck to all the TMA guys and gals...I know they had a lot of ex-TWA, UAL and Southeast furloughed bubba's

 

[Lear70]

To all my Express One friends over at TMA and everyone else, sad to hear about this, it really sucks. Let me know if there's anything I can do to help, rec letters for those of you I flew with, whatever. Wish we were hiring instead of parking 15 aircraft too...

Two years ago they offered a 727 CA slot, boy am I glad I didn't take it... *whew*

 

[Sonny Crockett]

The CEO wrote this two days ago..

THIS IS FROM A FURLOUGHED BUBBA....IT IS WRITTEN BY THE TMA CEO A FEW DAYS BEFORE THE CHAP7 SHUTDOWN. ANOTHER FRANK LORENZO!


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I want to report to you that your senior management team, working as a team, is on the verge of successfully consummating such a partnership. Within a few days we expect to sign a Letter of Intent with a new investor with wherewithal and vision. The result will be the infusion of much need capital. Equally important, the new team member will compliment our present team with new energy, new ideas and a renewed commitment to excellence.

If, as we believe, our negotiations are headed for success, our new partnership will transform TMA into a vital competitor with an expanded business model and the financial backing to transform our vision of being the dominant U.S. charter airline into reality.

I know the cutbacks in personnel and services these past months have left many of you feeling anxious. Fundamental changes in the travel habits of passengers, in the business models of our traditional customers, in competitive responses of other airlines and in the price of fuel have combined to our recent cost cutting measures necessary.

These forces, as I has outlined above, have been building for several decades, and they have come to a head necessitating that we refine the Company’s capital structure and expand the business model. Frankly, the changes we are now making are a good thing and will make TMA fundamentally stronger.

I ask all of you to continue giving your tremendous talents to the cause of our enterprise, and I promise that your senior management team and I will continue to do everything possible to grow, develop and enrich our enterprise and every team member.

But remember! Our new lease on life is not a panacea. We will have a tremendous new partner, almost unimaginable new opportunities, and we will have the financial resources to regain our footing. However, success will continue to require everyone’s creativity and dedication. We will be muscular, but we must remain lean.

My heartfelt thanks to all of you for your service and your loyalty during the tough times. Your hard work is about to pay off.

John Affeltranger .

 

[magrs]

Well it sounds like the CEO was even blindsided!

 

[b757driver]

Boy, does that CEO spiel sound familiar. I've heard it at least twice in my career and it is ALWAYS a death knell!
When they exude so much confidence of a turnaround after the troops have already sacrificed a lot in terms of furloughs/layoffs/sizeable pay cuts, all to "save" the company, isn't it amazing that you don't really save the company and the inevitable happens - you lose your job, you never get back the money you sacrificed and you may lose a whole lot more.
If I ever hear those kinds of words again, I'd run a mile.
Moral of the story: don't believe a word, it's all spin and what it really means is that you will shortly be out on the streets!!!