Originally Posted by
longtime lurker
As I read what you posted, there's no NW Change of Control, since no Major Carrier will own 25% or more of the Capital Stock or Voting Power of NW after it emerges from bankruptcy. If there is no change in control, the golden share can't go away, correct?
I don't think the full NW Change of Control provision in the linked post changes anything - essentially, there is only a NW Change of Control if NW is bought by (or in some cases buys) another airline, or sells its Trans-Pacific routes.
The same point crossed my mind too and here's what I thought of it.
NW is in the process of reorganization - I don't think there's any disagreement on that part.
When NW emerges from BK the current stock will be invalidated and new shares issued. As such a new "Major Carrier" (or whatever incarnation NW takes after BK) will acquire "beneficial Ownership of 25% or more of the Capital Stock or Voting Power of a Northwest Affected Company". And while the new company is still "Northwest" it is not the same NW, with the same owners, that went into BK.
As always, most of what I say should be taken with a grain of salt...and in this case a pound maybe required.
Neat stuff.