sweefraapp Posted December 4, 2002 Report Share Posted December 4, 2002 Maybe they'll get more from the employees. Do they owe GE money? ATSB rejects UAL $1.8 bln guarantee By August Cole, CBS.MarketWatch.com Last Update: 5:41 PM ET Dec. 4, 2002 CHICAGO (CBS.MW) -- The Air Transportation Stabilization Board on Wednesday rejected UAL Corp.'s application for a $1.8 billion loan guarantee that would have helped the No. 2 carrier stave off bankruptcy. CBS MARKETWATCH TOP NEWS Stocks end down as Dow rally attempt fails Disney shares drop 6% on overstatement, SEC probe H-P shares slip after financial update US productivity rising at fastest pace in 29 years The three-member board said the company's business plan was not "financially sound." The ATSB said UAL's (UAL: news, chart, profile) application was based on unreasonable revenue projections. Ahead of the announcement, shares rose 7 cents to $3.12 "This is the end," said Prof. Sam Peltzman of the University of Chicago Graduate School of Business. Link to comment Share on other sites More sharing options...
Fartpolio Manager Posted December 4, 2002 Report Share Posted December 4, 2002 Too bad they aren't based in TX, AMR would get that cash lickety-split.... Link to comment Share on other sites More sharing options...
BAREister Posted December 4, 2002 Report Share Posted December 4, 2002 How embarrassing for this once mighty entity. HRFF knows one of its plane purchasers. Cocky fellow he is...or, maybe was. Link to comment Share on other sites More sharing options...
sweefraapp Posted December 4, 2002 Author Report Share Posted December 4, 2002 I suppose there may be a pop for the airlines that most closely compete with UAL on their routes. Link to comment Share on other sites More sharing options...
Jorma Posted December 5, 2002 Report Share Posted December 5, 2002 It's chapter 11. They keep flying. You can bet your sweet bippy GE is directly and indirectly involved, to the hilt. They rule the aircraft leasing world. Airlines are the world worst bussiness. As an investment just as bad. Staggering fixed costs and unlimited liability plus brutal competition equal loss. Cripes they could never make money before there was competition. Back when there was all that moaning about airport overcrowding and delays I used to laugh and laugh. If ever a cycle was at an end flying was it. Those days are gone, for a long long time. Link to comment Share on other sites More sharing options...
DogBoy Posted December 5, 2002 Report Share Posted December 5, 2002 "was based on unreasonable revenue projections." Where have we heard that before ? The machinists are the only ones wit a half an ounce of brain here. They were correct in voting against the agreement. It would have led to just another failure not very far down the line. UAL needs bankruptcy court and being based in Chicago they can file in FED court in Chicago which is know as "corporate debtors heaven". Any possible ruling that can go against creditors in this court does. These are judges that like burning creditors at the stake. That's where K-Mart filed. As soon as you here your debtor is going to court in Chicago you might as well give up. The airline biz was never very good and there are no signs of it getting better. Chap 11 is the only thing that makes sense for UAL. Link to comment Share on other sites More sharing options...
Guest sigmoidoscope Posted December 5, 2002 Report Share Posted December 5, 2002 FAA May Fine United Air Over Tape Used To Fix Wings - WP Wednesday December 4, 12:57 am ET NEW YORK -(Dow Jones)- The Federal Aviation Administration said it proposed an $805,000 civil penalty against United Airlines for making improper wing repairs with tape on three Boeing 727s, The Washington Post reports in its Wednesday edition. United said it will dispute the fine, the Post reported. At a maximum $11,000 per violation, United would be subject to a fine of $2.1 million, the Post said. But the FAA said that "having considered all the circumstances in this case, we would be willing to accept an offer in compromise in the amount of $805,000 in full settlement of this matter." United spokesman Joseph Hopkins said the airline will contest the fine because "this is not an airworthiness issue." The planes were not unsafe and no passengers were ever in danger, he said, according to the Post. Link to comment Share on other sites More sharing options...
GregFokker Posted December 5, 2002 Report Share Posted December 5, 2002 Tape? As in, duct tape? Link to comment Share on other sites More sharing options...
BAREister Posted December 5, 2002 Report Share Posted December 5, 2002 Yes, tape as in a kind of souped up duct tape over holes, allegedly, that were over 2.5" in diameter near the edges of wing flaps, allegedly allegedly allegedly there oughtta be some great cartoons coming out of this one Seattle paper's headline this mawnin' say that UAL has one aircraft order w Boeing, presumably a FURm order. Gosh. Not like the old DAZE. UAL on da ropes. Boeing pickin' up and headin' FUR da Midwest, trimmin' its workFURce and factory production here 'n whatSNOT Nosiree, ain't like the 80's and early 90's no mo' round these here partz. The times they r a changin'. Link to comment Share on other sites More sharing options...
Goldmember Posted December 5, 2002 Report Share Posted December 5, 2002 NYSE conveniantly dumped UAL out of their Dow Jones Transportation Index today while the stock was halted. Can't have CRAP soiling their precious index now can we? Just like the original Dow 30 has only one survivor left! Next year's Survivor reality [??????] TV show should be Survivor Wall Street! Link to comment Share on other sites More sharing options...
sweefraapp Posted December 5, 2002 Author Report Share Posted December 5, 2002 They are putting in United Parcel Service. Link to comment Share on other sites More sharing options...
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