Colgan to enter BK?
- Thread starter Inverted25
- Start date
jynxyjoe
Queso King
Silver is Gulfstream right?
Yup. I think a few of our old XJ saabs are flying over there. Come on Joe, you know you miss the saabomatic. Anyway, latest rumor I heard was during negotiations with United, the United people walked out of the room because our management was being unreasonable with some of the stuff they were asking for. If they are gonna file, just get it over with already. I'm almost hoping the Qs get sold off. If I am reading section 1 correctly, doesn't the pilots go with the planes if a certain percentage gets sold to another company? I am sick and tired of flying under the "Pinnacle Corp." banner.
block30
Well-Known Member
What is your source and what kind of jets? Wouldn't we be limited to taking more 200s since the 70 plus seat scope is maxed, right?
pilotlight
Well-Known Member
And thats all that is, not sure who made that one up but things are getting so bad around here that even the rumors suck.
ajdwings
Well-Known Member
Dude why would you want to go drive that POS. Don;t go chasing trains around go for QOL. Stay on the old diesel. Whadya have STS or something.
jynxyjoe
Queso King
miss the saab? Absolutely as a captain, as FO on dying equipment? No thanks, did that dance on the 1900. Give me the 28 hour four days.
I dont know what I would do given the choice of staying with "simple at best" or bailing out for a potenitally better company. Too many variables but it is tempting
v1valarob
Well-Known Member
ClarkGriswold
Non Nutritive Cereal Varnish Engineer
Reading this makes me think it is still not as bad as hes saying it is. Too expensive to get a report done that has already been pushed back and should have been completed? Riiight he just doesnt want everyone to know he intends on screwing people for short term problems.
http://www.bizjournals.com/memphis/news/2012/03/16/pinnacle-airlines-tells-sec-annual.html?ana=yfcpc
http://www.bizjournals.com/memphis/news/2012/03/16/pinnacle-airlines-tells-sec-annual.html?ana=yfcpc
jynxyjoe
Queso King
As the union reps have said, taking a paycut for a company that is poised to start earning a profit in a few quarters makes no sense. It's not like we didn't offer them +10 million in training savings instead of the five or six million in wage savings.
sherpa
Well-Known Member
looks like cjc underbid their eas flying as well.
ClarkGriswold
Non Nutritive Cereal Varnish Engineer
Niiiiceee life must be real tough
Pinnacle Airlines Corp. has approved hefty raises for its CEO and his right-hand man in the midst of a struggle to stave off bankruptcy.
Pinnacle’s board raised CEO Sean Menke’s base salary $250,000 a year, to $675,000, and it gave chief operating officer and executive vice president John Spanjers a $125,000 bump, to $400,000.
The announcement came in a regulatory filing after markets closed today with Pinnacle at $1.32 a share, up 2 cents.
A company statement said the top two executives will shoulder heavier workloads after the March 30 departure of chief financial officer Ted Christie. It said a comprehensive restructuring has increased both men’s duties beyond the scope of previous employment contracts.
Pinnacle, which operates feeder flights for Delta, United and US Airways, launched an effort last December to shed costs, boost revenues and keep its planes flying without going into Chapter 11 bankruptcy reorganization. The company has about 650 employees in its Downtown Memphis headquarters and about 8,000 companywide.
The company previously asked its unions to take 5 percent pay cuts and said non-union employees would also have their pay cut.
Menke, who helped guide Frontier Airlines through bankruptcy, was hired last June to succeed former president and CEO Phil Trenary.
“The challenges facing Pinnacle today are more complex than when Mr. Menke joined the company a year ago,” a Pinnacle statement said.
“Pinnacle’s multifaceted restructuring activities along with the pending departure of the company’s CFO have significantly increased Mr. Menke’s responsibilities. “
Christie is becoming CFO of Spirit Airlines, an up and coming discount carrier.
“In light of the increased responsibilities, our board of directors elected to increase his compensation package,” the statement continued.
“As Mr. Menke’s responsibilities for Pinnacle’s restructuring activities increase with the departure of the company CFO, Mr. Spanjers is being asked to assume additional responsibilities related to leading the ongoing operations of the airline. The board adjusted Mr. Spanjers compensation accordingly.”
Spanjers, formerly president and chief operating officer at Pinnacle’s Mesaba Aviation unit, was named vice president and COO of the parent company last October.
The amended employment agreement says Menke’s base salary for bonus calculation purposes would remain at $425,000 a year, and that he won’t be entitled to long-term incentive plan cash awards based on 2012 results.
Pinnacle spokesman Eric Epperson said the action recognized it will take time to replace Christie.
“We’re still in the thick of this restructuring,” Epperson said.
© 2012 Memphis Commercial Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Pinnacle Airlines Corp. has approved hefty raises for its CEO and his right-hand man in the midst of a struggle to stave off bankruptcy.
Pinnacle’s board raised CEO Sean Menke’s base salary $250,000 a year, to $675,000, and it gave chief operating officer and executive vice president John Spanjers a $125,000 bump, to $400,000.
The announcement came in a regulatory filing after markets closed today with Pinnacle at $1.32 a share, up 2 cents.
A company statement said the top two executives will shoulder heavier workloads after the March 30 departure of chief financial officer Ted Christie. It said a comprehensive restructuring has increased both men’s duties beyond the scope of previous employment contracts.
Pinnacle, which operates feeder flights for Delta, United and US Airways, launched an effort last December to shed costs, boost revenues and keep its planes flying without going into Chapter 11 bankruptcy reorganization. The company has about 650 employees in its Downtown Memphis headquarters and about 8,000 companywide.
The company previously asked its unions to take 5 percent pay cuts and said non-union employees would also have their pay cut.
Menke, who helped guide Frontier Airlines through bankruptcy, was hired last June to succeed former president and CEO Phil Trenary.
“The challenges facing Pinnacle today are more complex than when Mr. Menke joined the company a year ago,” a Pinnacle statement said.
“Pinnacle’s multifaceted restructuring activities along with the pending departure of the company’s CFO have significantly increased Mr. Menke’s responsibilities. “
Christie is becoming CFO of Spirit Airlines, an up and coming discount carrier.
“In light of the increased responsibilities, our board of directors elected to increase his compensation package,” the statement continued.
“As Mr. Menke’s responsibilities for Pinnacle’s restructuring activities increase with the departure of the company CFO, Mr. Spanjers is being asked to assume additional responsibilities related to leading the ongoing operations of the airline. The board adjusted Mr. Spanjers compensation accordingly.”
Spanjers, formerly president and chief operating officer at Pinnacle’s Mesaba Aviation unit, was named vice president and COO of the parent company last October.
The amended employment agreement says Menke’s base salary for bonus calculation purposes would remain at $425,000 a year, and that he won’t be entitled to long-term incentive plan cash awards based on 2012 results.
Pinnacle spokesman Eric Epperson said the action recognized it will take time to replace Christie.
“We’re still in the thick of this restructuring,” Epperson said.
© 2012 Memphis Commercial Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.