Stickle Posted July 4, 2003 Share Posted July 4, 2003 In all his wonderful talk of taking a hit for the airline, I see the execs didn't change any of this. http://www.nationalpost.com/financialpost/story.html?id=E8DD6DA7-3592-49F4-AA7D-23C1AFEEF5CD Link to comment Share on other sites More sharing options...
ChicoChico Posted July 4, 2003 Share Posted July 4, 2003 Its like the joke "Why is a divorce so expensive? - Because its worth it!" Link to comment Share on other sites More sharing options...
Guest Airmail Posted July 4, 2003 Share Posted July 4, 2003 Before knickers get into too much of a knot, here are some facts: - the so-called "Parachutes" were first put in place during the Onex hostile takeover bid - the agreements in the Form 28 OSC filing were in the management proxy circular of March 2002 and made available publicly at that time -- long, long before the current circumstances or any - the parachutes can only be used under very specific circumstances involving a change in control of the corporation and dismissal without cause - the individuals subject to these parachutes therefore cannot exercise them as freely as the media would like you to believe - with the company now under CCAA, these parachutes are also subject to court approval so you can imagine what happens in such a case So this is a wholelottanuthin that Keith McArhur and Paul Viera would just love for you to get excited about so they can next write about your excitement and put that on the front page too! Link to comment Share on other sites More sharing options...
Super 80 Posted July 4, 2003 Share Posted July 4, 2003 why the hell are the very same losers who destroy companies with their incompetance walk away with millions of dollars when they leave their reign of terror? When I got laid off from my last job, I didn't get a penny of sevrence (even that I was legally entitiled to) and they stiffed me on my last pay cheque. The hosebag who ran the company into the ground got fired in January and he is getting so much sevrence he will never need to work again... as if anyone would hire the &%$@!. Robert Milton should be fired and thrown out by security, not kicking back millions when all he did was destroy Air Canada. Link to comment Share on other sites More sharing options...
Mitch Cronin Posted July 4, 2003 Share Posted July 4, 2003 I was pleased to see this at least: "Mr. Milton agreed to take a 15% pay cut" Link to comment Share on other sites More sharing options...
Guest Marion Vanderlubbe Posted July 4, 2003 Share Posted July 4, 2003 It's quite simple: Milton is answerable to the Board of Directors, the BoD is responsible to the shareholders. Air Canada has never had a shareholder bloc strong enough to challenge the BoD, which has run the airline as its private fiefdom, answerable only to themselves. Sean Hennessey, prof at the School of Business Administration, U of PEI, wrote an interesting paper on the subject two years ago. Link to comment Share on other sites More sharing options...
Guest MDA Posted July 5, 2003 Share Posted July 5, 2003 You wouldn't know where I could come up with a copy of that would you? (Short of the UPEI library:) Sounds like it could be interesting reading and coincides with something I've been saying over beers for the last few years. Thanks Link to comment Share on other sites More sharing options...
Guest Marion Vanderlubbe Posted July 5, 2003 Share Posted July 5, 2003 'Fraid not, mine's a hard copy. Try his email, Hennessey@upei.com. The paper is called "Financial Theories in Practise: the Surprising Case of the Air Canada, Canadian Airlines, Onex Affair." Link to comment Share on other sites More sharing options...
Stickle Posted July 5, 2003 Author Share Posted July 5, 2003 It's not a wholelottanuthin to the employees. Calin was brought in to enhance shareholder value. OK, enough said about that. Brotto is supposed to control costs. They were spinning wildly out of control. Even RM acknowledged that several times in letters to the employees. RM is repsonsible for everything. And you expect the employees to sit idle and say "Aw gee that's ok, they really do deserve it." Don't give me any crap about Iraq, SARS, etc. This airline was in alot of trouble before Sept 11. I know that these clauses were put in during the ONEX battle, that's over now, so remove them. PS - How's that YOW commute going Link to comment Share on other sites More sharing options...
Guest JakeYYZ Posted July 5, 2003 Share Posted July 5, 2003 You can download the 'abstract' from this link: Link to comment Share on other sites More sharing options...
Guest JakeYYZ Posted July 5, 2003 Share Posted July 5, 2003 Link did not appear correctly. Try this copy and paste: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=282129#Paper%20Download Link to comment Share on other sites More sharing options...
Guest MDA Posted July 5, 2003 Share Posted July 5, 2003 Thanks, naturally I spent two hours looking for it on my own only to come back and find it here(Grrr) Now to digest it. Link to comment Share on other sites More sharing options...
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