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Braniff727
Posts: 656
Joined: Sat Sep 23, 2000 2:25 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Thu Sep 15, 2005 10:52 pm

I don't think it's the CEO's fault, nor do I think it's the unions' fault. I blame Wedoff.

The fact of the matter is there have been companies screwing other companies by charging less for their product than it costs them because they have protection under Chapter 11. There is no CEO, Board of Directors, or anyone else for that matter that can compete with that unfair advantage.

Perhaps now it's payback time.
Climbing
 
ejmmsu
Posts: 1647
Joined: Sat Oct 23, 2004 6:05 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 12:03 am

Some things that bother me about the thread.....

People continue to bash Steenland while admitting they have no idea what to do either. The problems at NW are due to market pressures and exisiting labor agreements that were brokered before Steenland arrived. All steenland has done since he got to NW was to try to get labor costs down. Thats why he was chosen, since Anderson was deemed unfit to play hardball with the unions.

So you don't like Steenland, what would you have done differently?


People are complaning that airlines "aren't taking care of their shareholders". Investing in airlines during the current market environment is at best risky, and at worst downright stupid.
"If the facts do not conform to the theory, they will have to be disposed of"
 
MaverickM11
Posts: 18162
Joined: Thu Apr 06, 2000 1:59 pm

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 12:13 am

Quoting LUVRSW (Thread starter):
"amfa Will Not Be Part Of Bankruptcy"

No shit! AMFA wasn't part of the airline the instant they went on strike.
I don't take responsibility at all
 
burnsie28
Posts: 5284
Joined: Mon Aug 02, 2004 1:49 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 12:39 am

Best part about this, is if the judge realizes how crappy of a CEO Steenland is, he will remove him and be replaced, that will be a great day.
 
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mariner
Posts: 19473
Joined: Fri Nov 23, 2001 7:29 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 3:16 am

Quoting Bobnwa (Reply 48):
The board represents the shareholders or in another way of putting it, the board is the shareholders.

I am aware that is how it is supposed to be. Please explain to me how it is possible in the case of, say, United, when Mr. Tilton, on the one hand, is CEO.

And the interests of the CEO and the shareholders may not necessarily converge.

Never mind, the BOD is there to look out for the shareholders.

Ooops! - the same Mr. Tilton is also Chairman of the Board and was handpicked by other board members.

Can you say "conflict of interest"?

cheers

mariner
aeternum nauta
 
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N328KF
Posts: 5962
Joined: Tue May 25, 2004 3:50 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 3:58 am

Quoting Hiflyer (Reply 49):
With that amount of CAL in their senior ranks no one found it strange that on the same day NWAC announced filing CAL announced it was raising a billion dollars? Think that was just a fluke of timing?

Did you look at what that money was for? For example, from The Wall Street Journal, yesterday:

A $255.2 million issue of class-A Continental Airlines Inc. (CAL) enhanced equipment trust certificates due June 1, 2022 is in the market via sole underwriter Citigroup Global Markets. The issue is secured by equipment notes issued in connection with leveraged leases that finance 24 Embraer EMB-145XR regional jets - used for commuter flights. It also includes an enhancement that pays holders interest for 18 months after a default.
“In the age of information, ignorance is a choice.”
-Donny Miller
 
jetdeltamsy
Posts: 2688
Joined: Tue Nov 14, 2000 11:51 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 6:00 am

Northwest has always been extremely shrewd with finances. The company's conservative approach to everything serves the bottom line quite well. They are going to legally not offer a better compensation package to strikers than the package they have already offered.

The AMFA simply priced the services of its members out of the job market. I cannot believe they called the strike. They're finished at Northwest.

Sad day.
Tired of airline bankruptcies....EA/PA/TW and finally DL.
 
legendDC9
Posts: 458
Joined: Sun Nov 21, 2004 9:24 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 6:12 am

Quoting Burnsie28 (Reply 53):
Best part about this, is if the judge realizes how crappy of a CEO Steenland is, he will remove him and be replaced, that will be a great day.

Ya right...

That has to go down as the dumbest post of the day. Definitely showing your age there bud.
 
apodino
Posts: 3921
Joined: Mon Apr 04, 2005 2:11 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 7:44 am

All I have to say is that NWA deserves to lose money when they operate flights like FAR-LAS, FNT-LAS, LAN-LAS which are not high yielding and are money losers. And yet no union official has the balls to suggest this to Steenland.
 
gigneil
Posts: 14133
Joined: Fri Nov 08, 2002 10:25 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 8:01 am

Quoting Mariner (Reply 54):
Can you say "conflict of interest"?

No, I can't. You're a seasoned professional, you know that's how it works.

N
 
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mariner
Posts: 19473
Joined: Fri Nov 23, 2001 7:29 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 9:03 am

Quoting Gigneil (Reply 59):
You're a seasoned professional, you know that's how it works.

Um - not always.

Of the seven US companies (including one airline) in which I presently hold shares, only one has a joint CEO/Chairman.

cheers

mariner
aeternum nauta
 
B744F
Posts: 2927
Joined: Sat Jan 21, 2006 4:52 pm

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 9:31 am

What a great trick by management. Make it seem like the Unions were the problem, and keep the same people who didn't do their jobs in rescuing the airline and give them more outrageous salaries!! And people have the nerve to complain about high Union pay? This is ridiculous.
 
ejmmsu
Posts: 1647
Joined: Sat Oct 23, 2004 6:05 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 1:19 pm

Quoting Ejmmsu (Reply 51):
Some things that bother me about the thread.....

People continue to bash Steenland while admitting they have no idea what to do either. The problems at NW are due to market pressures and exisiting labor agreements that were brokered before Steenland arrived. All steenland has done since he got to NW was to try to get labor costs down. Thats why he was chosen, since Anderson was deemed unfit to play hardball with the unions.

So you don't like Steenland, what would you have done differently?


People are complaning that airlines "aren't taking care of their shareholders". Investing in airlines during the current market environment is at best risky, and at worst downright stupid.

These are the real issues here, and no one cares to talk about them. I guess pointless bashing and skirting the real issues is more "fun", and requires less logical thought. However, when I bring up points like this these days, I don't expect much more.
"If the facts do not conform to the theory, they will have to be disposed of"
 
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mariner
Posts: 19473
Joined: Fri Nov 23, 2001 7:29 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 1:44 pm

Quoting Ejmmsu (Reply 62):
All steenland has done since he got to NW was to try to get labor costs down.

From where I stand, that is the problem - that is all he has done.

Quoting Ejmmsu (Reply 62):
So you don't like Steenland, what would you have done differently?

Sorry, but that is bogus. He is paid a great deal of money to run the airline efficiently.

Like everyone, he gets a report card. Given what happened over the last few days, his grade among airline analysts and financiers is not good.

Ask yourself why the share price of NWAC dropped by over 50% today, while the share price of Delta actually went up.

Quoting Ejmmsu (Reply 62):
People are complaning that airlines "aren't taking care of their shareholders". Investing in airlines during the current market environment is at best risky, and at worst downright stupid.

My complaint is not that the shareholders aren't being taken care of, but that shareholder value has been destroyed.

They are two separate issues. Shareholder value is the lifeblood of any company, public or private. It is currency, like money, and can be used as such.

When shareholder value is diminshed or destroyed, all sorts of things happen, like the cost of borrowing money goes through the roof.

And Northwest will be obliged to borrow money. Chapter 11 may only last a while. The cost of borrowing that money will last a whole lot longer.

cheers

mariner
aeternum nauta
 
ejmmsu
Posts: 1647
Joined: Sat Oct 23, 2004 6:05 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 10:29 pm

Quoting Mariner (Reply 63):
From where I stand, that is the problem - that is all he has done.

So, pray tell, what else should he have done?
"If the facts do not conform to the theory, they will have to be disposed of"
 
airfrnt
Posts: 2174
Joined: Fri Jul 02, 2004 2:05 am

RE: Steenland: "amfa Will Not Be Part Of Bankruptcy"

Fri Sep 16, 2005 11:00 pm

Quoting COSPN (Reply 45):
Can Someone explain the "new" Bankruptcy laws going into effect in october...

AFAIK, the major provisions are actually targeted at personal bankrupcy rather then corporate. The rules restrict which debt can be totally written off, versus which have to be repaid over time.

Quoting N501US (Reply 47):

Has anyone else read that the new laws may be delayed due to the fallout from Katrina?

Yep. There are a lot of personal bk filinings that are going to come out of Katrina.

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