XJT and Skywest in talks again?

[ATRCA]

I'm hearing that now that the VP and CFO is being forced out, the fact that the renegotiated CPA with CAL isn't as good as first thought and the stock is still tanking, XJT has put out feelers to Skywest on starting up talks again. Anybody else hearing this?

.................No.................

 

[bmpilot2003]

tell you what - no one has a crystal ball. Go ahead, open this up in 1 yr. Start your timer. I'm not going to watch my colleagues give jobs up for some non-union group who is licking their fingers and jacking off for quick upgrades. The contingency from SKW has spoken... and I'm not referring to those on this forum. Their blatant bashing of us, even in our jumpseats prove them otherwise - that they are selfish enough.

Maybe it will get bad. - that is, worse than already. You're probably right. However, we didn't cave on scope.

Go enjoy some kool-aid.

Are you bitter because you didn't get a quick upgrade? waaaaaaaahhhhhhhhhhh

 

[Caspian27]

tell you what - no one has a crystal ball. Go ahead, open this up in 1 yr. Start your timer. I'm not going to watch my colleagues give jobs up for some non-union group who is licking their fingers and jacking off for quick upgrades. The contingency from SKW has spoken... and I'm not referring to those on this forum. Their blatant bashing of us, even in our jumpseats prove them otherwise - that they are selfish enough.

Maybe it will get bad. - that is, worse than already. You're probably right. However, we didn't cave on scope.

Go enjoy some kool-aid.

I'd like to specifically know who is "blatantly bashing" you in your jumpseats? Even if you actually experienced this yourself (which frankly I doubt VERY much) It would be a minuscule minority of SKW pilots. Every time I talk to another SKW pilot they're glad that it turned out this way. We're glad that you're independent...

Now maybe you could stop the childish insults. It's over!!!!

 

[Nevets]

I'm hearing that now that the VP and CFO is being forced out, the fact that the renegotiated CPA with CAL isn't as good as first thought and the stock is still tanking, XJT has put out feelers to Skywest on starting up talks again. Anybody else hearing this?

Anything is for sale for the right price. As for the VP/CFO being "forced out," he accepted a job at better paying company. "Cromer will join International Lease Finance Corp., an ExpressJet spokeswoman said."
http://www.chron.com/disp/story.mpl/business/5845392.html


I'm sure he wasn't happy with the 5% pay cut. I don't think the the BOD all of a sudden realized what deal they struck with CAL. I'm sure they signed off on it with eyes wide open considering the alternatives. Personally I don't think its great but at the same time it is infinitely better than what SKW was offering. Anyways, I haven't heard anything. Not that that means anything.

 

[Nevets]

No. SkyWest has said the opposite. "There done looking at XJT". They only do 15-20 year deals. The 7 year deal that XJT got with CO is not as good as SkyWest would like. "Management has said we are now focusing on other growth strategies".

Probably because the CPA that XJT now has with CAL would not let SKW whipsaw the pilots like they originally set up with CAL.

 

[Nevets]

I don't think it is good for XJT that SkyWest chose to leave them alone.

I think that the deal SKW had with CAL for XJT is far worse than what XJT got with CAL.

 

[Erlanger]

Don't mean to highjack this thread (can I use that word on here?) but while I was reading this SKywest/XJT thread, I was also reading a good story about chimps. It seems like they have something in common with flight attendants. Check it out.

http://news.yahoo.com/s/afp/20080618/ts_afp/britainugandaanimalssex

 

[mtsupilot376]

thats hillarious!

 

[XPOO]

I think that the deal SKW had with CAL for XJT is far worse than what XJT got with CAL.

Really? According to the 8k that XJT filed, it said they called SkyWest asking for one final offer (which JA lowballed even further from the original offer) after CAL stuck a gun to XJT's head and said sign this new agreement or else. XJT really had no other option as CAL said the deal had to be done within a day or their flying was going bye-bye. You spin it your way, I'll spin it mine.

During the week of June 2, 2008, the Special Committee, through its financial advisors at Goldman Sachs, twice requested that SkyWest clarify the status and terms of SkyWest’s merger proposal. SkyWest responded by reaffirming that its merger proposal continued to be conditioned on completion of due diligence, the finalization of a CPA between itself and Continental, and acceptance by our pilots of new employment terms.

On the evening of June 4, 2008, SkyWest forwarded a letter to the Special Committee expressing SkyWest’s continued interest in acquiring ExpressJet and reaffirming that SkyWest’s merger proposal remained conditioned on the completion of due diligence by SkyWest, the finalization of a CPA between SkyWest and Continental, and the acceptance by our pilots of new employment terms. That night, following receipt of SkyWest’s letter, the Special Committee asked SkyWest to respond with its best and final offer to acquire ExpressJet and to remove as many conditions as possible to its merger proposal. We also secured a one-day extension to June 5, 2008, of Continental’s request for our board to decide on a new CPA between Continental and ExpressJet. Shortly after midnight on June 5, 2008, SkyWest offered a “floor price” of $2.75 per share in cash, conditioned on our pilots approving new employment terms, completion of negotiations between SkyWest and Continental on a new CPA, and the completion of SkyWest’s due diligence.

Based on the consideration by the Special Committee and the board, at meetings on June 4 and 5, 2008, of all relevant factors, including the serious concern that Continental would immediately terminate our existing CPA unless we approved on June 5 a new agreement with Continental, and taking into account the multiple benefits to ExpressJet resulting from the new CPA with Continental, the Board determined on June 5 to authorize the new CPA. We signed the new CPA with Continental on June 5, 2008, and, on June 6, SkyWest announced that it had determined not to pursue the acquisition of ExpressJet.

 

[nimtz]

No. SkyWest has said the opposite. "There done looking at XJT". They only do 15-20 year deals. The 7 year deal that XJT got with CO is not as good as SkyWest would like. "Management has said we are now focusing on other growth strategies".

You sure Jerry can get 15-20 years out of those POS airframes he has?