Survey - Milton, In or Out?
Jun 24, 2003, 12:29 pm
#17
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by msn:
Sure, good business - don't try to make it seem like they have much faith in his skills, though. I suppose you have heard that GE wants to take back its aircraft from Air Canada?</font>
Sure, good business - don't try to make it seem like they have much faith in his skills, though. I suppose you have heard that GE wants to take back its aircraft from Air Canada?</font>
Jun 24, 2003, 12:50 pm
#18
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business is negotiating and negotiating is business--let it sit awhile and it will work out. GE has no virtually no choice but to renegotiate with AC or the other lenders will want to retract their deals.
Milton is doing the right thing for the market he's in, a buyers market, and he's a buyer with power to negotiate a deal favourable to his company.
Milton is doing the right thing for the market he's in, a buyers market, and he's a buyer with power to negotiate a deal favourable to his company.
Jun 24, 2003, 2:38 pm
#19
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by LeSabre74:
Is this an example of the left hand not knowing what the right is doing, or has GE lost faith in Milton?</font>
Is this an example of the left hand not knowing what the right is doing, or has GE lost faith in Milton?</font>
By the way, parnel, Air Canada could not have gone into CCAA if it was not for the debtor in possession financing package that GE set up. Just for signing the letter, GE got $5 million, and there is a further $30 million, if I recall correctly, once they draw it down.
The $5 million was cash in advance by the way, GE demanded that it was in their account before the April 1 filing.
[This message has been edited by msn (edited 06-24-2003).]
Jun 24, 2003, 2:57 pm
#20
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by msn:
GATX was the first leasor to fall in line - apparently, Air Canada's game plan entailed getting all the other leasing companies to eat the outstanding charges and agree to new rates, then go to GE with a done deal for the rest. GE, I think, is at least a partial "owner" of about a hundred aircraft, and they didn't take kindly to being put at the end of the line and being given a choice of "take it or leave it."
By the way, parnel, Air Canada could not have gone into CCAA if it was not for the debtor in possession financing package that GE set up. Just for signing the letter, GE got $5 million, and there is a further $30 million, if I recall correctly, once they draw it down.
The $5 million was cash in advance by the way, GE demanded that it was in their account before the April 1 filing.
[This message has been edited by msn (edited 06-24-2003).]</font>
GATX was the first leasor to fall in line - apparently, Air Canada's game plan entailed getting all the other leasing companies to eat the outstanding charges and agree to new rates, then go to GE with a done deal for the rest. GE, I think, is at least a partial "owner" of about a hundred aircraft, and they didn't take kindly to being put at the end of the line and being given a choice of "take it or leave it."
By the way, parnel, Air Canada could not have gone into CCAA if it was not for the debtor in possession financing package that GE set up. Just for signing the letter, GE got $5 million, and there is a further $30 million, if I recall correctly, once they draw it down.
The $5 million was cash in advance by the way, GE demanded that it was in their account before the April 1 filing.
[This message has been edited by msn (edited 06-24-2003).]</font>
GE leasing and GE Finance are parts of a very large company and sometimes each division works to its own drummer.Ge finance made money on the CCAA and possibly knew they would take a leasing haircut as AC came out of CCAA. So its not a total loss for GE and their planes keep flying.
Jun 25, 2003, 7:31 am
#21
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You made it sound as if somehow GE was endorsing Robert Milton's continued management of the company, "GE was wise to ensure he and his team stayed on through it all." when all they were interested in having was a nice, neat packaged reorganization. Now they find out that Air Canada has tried to skip them in the lease negotiations!