tag:blogger.com,1999:blog-6321089372587128676.post8178200429858405066..comments2023-10-17T10:01:00.917-04:00Comments on Distressed Debt Investing: Pinnacle Airlines Bankruptcy: Equity Objects to the DIPUnknownnoreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6321089372587128676.post-3195059242244767822012-06-11T21:34:20.139-04:002012-06-11T21:34:20.139-04:00where is ted wechsler when you need him? The Berks...where is ted wechsler when you need him? The Berkshire rescap/ally call for an examiner makes an almost perfect template for Pinnacle management's giveaways to Delta.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-26474304908695403772012-04-19T22:30:42.142-04:002012-04-19T22:30:42.142-04:00Great so Akin can show up to not sue Delta later i...Great so Akin can show up to not sue Delta later in the case because Davis Polk/management already negotiated away any prepetition claims against Delta as part of the DIP agreement.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-61531473640685798822012-04-19T20:40:37.722-04:002012-04-19T20:40:37.722-04:00Davis Polk is not representing Pinnacle in it'...Davis Polk is not representing Pinnacle in it's dealings with Delta. Akin Gump is serving as conflicts counsel for the reasons mentioned above.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-74756890907830698812012-04-19T14:47:58.646-04:002012-04-19T14:47:58.646-04:00The fact that Davis Polk represented Delta through...The fact that Davis Polk represented Delta through its bankrupcy and now represents Pinnacle is an absolute joke...in fact, its the same lead attorney, Marshall Huebner. what incentive does the Davis Polk oppose any request by Delta to control the bankruptcy process? Once Pinnacle is swallowed back up by Delta (no doubt because its TBD unsecured claim will consume all the equity value), Davis Polk can go back to representing its larger and certainly more lucrative client (Davis Polk earned nearly $40 million in fees from Delta BK). Between this and the lack of management incentive, it doesn't appear anyone is around to champion the interests of shareholders.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-68483726322462285782012-04-19T09:22:08.126-04:002012-04-19T09:22:08.126-04:00Update: Pinnacle Airlines Corp. (OTCMarkets.com: P...Update: Pinnacle Airlines Corp. (OTCMarkets.com: PNCLQ) today announced a leadership transition under which John Spanjers, currently chief operating officer of the company, will succeed Sean Menke as chief executive officer, effective June 1, 2012. - Spanjers moving up in the world! Wonder if he's been the hand moving the pieces in the background given his relationship with Delta/NWA (formerly worked there)Hunterhttp://www.distressed-debt-investing.comnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-10417614430015829582012-04-19T03:14:51.615-04:002012-04-19T03:14:51.615-04:00Quick as usual Hunter.Quick as usual Hunter.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-26513517386876775422012-04-19T02:02:09.373-04:002012-04-19T02:02:09.373-04:00This sounds like a safer way to play it is to wait...This sounds like a safer way to play it is to wait for it to emerge from bankruptcy and buy stocks on the market. Then, the management's incentive will be better aligned. Am I right?Johnhttps://www.blogger.com/profile/14682393043392310140noreply@blogger.com