To clarify right off the bat, I'm not at Pinnacle.
Put it this way: Without Pinnacle Holdings, Colgan Air and their owners would never have been able to afford 15 Q400s, for around 250-280 million dollars. The reason these planes could be bought was because of Pinnacle Holdings and their cash.
DO you think any airline would drop 250-280 mil and not expect to see a return? 250 mil wasn't taken, it was invested. Every time that plane flies, pcl gets the full rate for every seat from cal + fuel -crew-mx.
Wouldn't you agree it would be advantageous to merge the seniority lists (kill the chance of whipsaw) or at least get ALPA on your property?
Since you don't work at PCL, you don't know what's happening behind the scenes. IT's already in progress and Capt Prater is being very aggresive with this to set a precedent on his watch.
It is PT you are talking about, and knowing him, he will probably dangle the 70-76 seaters in front of Colgan while pressuring Pinnacle pilots to sign a crappy/substandard contract.
MAybe he will, maybe alpa will take him head on real soon. This was the biggest issue brought up to ALPA by colgan pilots, and they are working it.
Separate entity will still report their own findings, combined under Pinnacle Holdings. After looking at the SEC reports of Pinnacle Holdings, you will see just who made what money.
COlgan estimated profits for 2006 are 190 mil. I'm sure not all of that will be re-invested back into colgan. PT is an opportunist, he will put the money where he thinks it will make him more. IF it's in the Q's, colgan will get it. If it's in 70 seat rj's for united or usair, PCL pilots will see it.
But right off the bat, you're getting planes that would never have been possible had Colgan stayed on their own.
Colgan family (the mangement) are rich, but they aren't "Buy 15 Q400s" rich.
Nope, that's not being disputed. What pcl did, was but a working,profitable airline on the cheap. Our new MX hangar cost more than the cash settlement alone, not to mention the usair routes that we own, the gates at IAD and LGA that we own, and the planes that we own.
That was the work of Pinnalce holdings, from the bankruptcy note sold to gain $283 million, off the backs of Pinnacle Airlines employees.
IT was, not desputing that also. But it's not a total loss of 283 mil, that money is coming back in the form of assets, and cash flow.
I am extremely sympathetic to Pinnacle pilots, and can't imagine how it feels to be told that a new contract cannot be "afforded" while your holding company buys out 15 airplanes to a non-union airline.