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Investors emerge for US Airways — sort of
http://www.usatoday.com/travel/flights/today/sky.htm
A group of former pilots hopes to buy US Airways and fly it out of bankruptcy protection — but that plan depends on a bit of help from friends and families of current and retired staff. The Resource Advantage Group, or RA Group, says it already has more than $200,000 in pledges to help buy US Airways, Melvin Blocker, a 28-year veteran who retired from the airline in 1993, tells The Charlotte Observer (free registration). "The dreams and opportunities that brought us to this industry are being destroyed and our efforts ignored," the group says on its Web site. "The future of this airline appears grim at best and this may be our last chance to stop the downward spiral in which we (are) caught." RA Group partnered with Smith Barney to collect money for the venture. Backers haven't figured out how much they'll need to take over the carrier, but they do say they would install new management. Tantalizingly, the group notes that Gordon Bethune is soon leaving as CEO of Continental. Meanwhile, current pilots at the airline say they expect "minimal" or no layoffs associated with their new contract. There had been fears of a massive cut of cockpit crew. It's just as well: US Airways has canceled about 80 weekend flights, citing temporary crew shortages — mainly pilots, who had maxed out their contract-mandated cap of 85 hours per month. The new contract allows them up to 95 hours a month. Posted 8:15 a.m. ET |
Originally Posted by olde hornet
http://www.usatoday.com/travel/flights/today/sky.htm
A group of former pilots hopes to buy US Airways and fly it out of bankruptcy protection — but that plan depends on a bit of help from friends and families of current and retired staff. The Resource Advantage Group, or RA Group, says it already has more than $200,000 in pledges to help buy US Airways, Melvin Blocker, a 28-year veteran who retired from the airline in 1993, tells The Charlotte Observer (free registration). "The dreams and opportunities that brought us to this industry are being destroyed and our efforts ignored," the group says on its Web site. "The future of this airline appears grim at best and this may be our last chance to stop the downward spiral in which we (are) caught." RA Group partnered with Smith Barney to collect money for the venture. Backers haven't figured out how much they'll need to take over the carrier, but they do say they would install new management. Tantalizingly, the group notes that Gordon Bethune is soon leaving as CEO of Continental. Meanwhile, current pilots at the airline say they expect "minimal" or no layoffs associated with their new contract. There had been fears of a massive cut of cockpit crew. It's just as well: US Airways has canceled about 80 weekend flights, citing temporary crew shortages — mainly pilots, who had maxed out their contract-mandated cap of 85 hours per month. The new contract allows them up to 95 hours a month. Posted 8:15 a.m. ET right...$200K ought to do it |
Bless their hearts. Wait until those former pilots find out management requires more than 60 hours a month.
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Originally Posted by olde hornet
http://www.usatoday.com/travel/flights/today/sky.htm
A group of former pilots hopes to buy US Airways and fly it out of bankruptcy protection — but that plan depends on a bit of help from friends and families of current and retired staff. The Resource Advantage Group, or RA Group, says it already has more than $200,000 in pledges to help buy US Airways. This is further evidence of a serious drug problem in America. :D |
I think the FT boards could raise more than that and purchase an airline. Heck FFOCUS could do it. Once we buy US I nominate Tom Bascom for CEO, Piney Bob for Labor Relations and Clue for COO. Now who wants BBB's job? ;) :cool:
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Originally Posted by NeoOfTheCRS
I think the FT boards could raise more than that and purchase an airline. Heck FFOCUS could do it. Once we buy US I nominate Tom Bascom for CEO, Piney Bob for Labor Relations and Clue for COO. Now who wants BBB's job? ;) :cool:
And we put Alysia in charge of catering. ;) |
Come on now, it worked so well for United...
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We know the airline is in trouble if the amount raised in the equity fundraising effort is referred to as "pledges."
BTW...does that mean that Bluto, Stork and Otter can't invest? |
Originally Posted by NeoOfTheCRS
I think the FT boards could raise more than that and purchase an airline. Heck FFOCUS could do it. Once we buy US I nominate Tom Bascom for CEO, Piney Bob for Labor Relations and Clue for COO. Now who wants BBB's job? ;) :cool:
"Hi. Spiff. Rush Chairman. Damned glad to meet you." |
$200K? Bonner could take a healthy tax deduction for RSA's loss on this investment!
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Originally Posted by olde hornet
http://www.usatoday.com/travel/flights/today/sky.htm
A group of former pilots hopes to buy US Airways and fly it out of bankruptcy protection — but that plan depends on a bit of help from friends and families of current and retired staff. The Resource Advantage Group, or RA Group, says it already has more than $200,000 in pledges to help buy US Airways, Melvin Blocker, a 28-year veteran who retired from the airline in 1993, tells The Charlotte Observer (free registration). "The dreams and opportunities that brought us to this industry are being destroyed and our efforts ignored," the group says on its Web site. "The future of this airline appears grim at best and this may be our last chance to stop the downward spiral in which we (are) caught." RA Group partnered with Smith Barney to collect money for the venture. Backers haven't figured out how much they'll need to take over the carrier, but they do say they would install new management. Tantalizingly, the group notes that Gordon Bethune is soon leaving as CEO of Continental. Meanwhile, current pilots at the airline say they expect "minimal" or no layoffs associated with their new contract. There had been fears of a massive cut of cockpit crew. It's just as well: US Airways has canceled about 80 weekend flights, citing temporary crew shortages — mainly pilots, who had maxed out their contract-mandated cap of 85 hours per month. The new contract allows them up to 95 hours a month. Posted 8:15 a.m. ET Wow! Pass me some of whatever it is they're smoking. |
Originally Posted by Spiff
Me!!
"Hi. Spiff. Rush Chairman. Damned glad to meet you." |
Hey - the bidding has to start somewhere!
Anyone planning to bid $200,001? Otherwise, these guys might win. Laugh of the Day goes to deelmakur though. "Bless their hearts..." ;) |
Buy two Dash-8s for $1.25M or bid $200k for the whole airline... Hmmmm... ;)
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What are the steps of grieving again? Denial, Anger,...
Originally Posted by olde hornet
The dreams and opportunities that brought us to this industry are being destroyed and our efforts ignored," the group says on its Web site. "The future of this airline appears grim at best
The future of US is indeed 'grim at best' because of the deep, deep denial in which the legacy union leadership lives. NOTHING is gonna bring back the halcyon days. Change or die. Sorry. |
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